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Those who have too much disposable income to file chapter 7 or have assets they want to protect may want to consider chapter 13. With chapter 13, the debtor reaffirms their commitment to repay all or a part of their debts. This code allows the debtor to restructure their payments and set up a new payment schedule (usually 3-5 years) that is more manageable. 

This form of bankruptcy is used when the petitioner has property they want to keep like a mortgage that is about to be foreclosed on and other non-exempt assets that would be liquidated under chapter 7. Filing under this code will halt all collection and foreclosure proceedings and allow the debtor to catch up on their payments and reinstate their original agreement.

Your payments will be made to a Trustee who will disburse them in a manner called for in the court approved plan. During this time the Trustee will have control over your finances and any credit related matters will have to be cleared through him. . . .

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