A Chapter 13 bankruptcy involves making payments to the bankruptcy
trustee for a period of three to five years. A Chapter 13 bankruptcy
allows debtors to catch-up on debts if they have fallen behind and
can't catch-up on your own. Filing a chapter 13 also allows debtors
to retain more belongings than in Chapter 7. This is the reward for
making payments to creditors. Other advantages of Chapter 13 include:
The ability to reinstate a home mortgage that is in default
The ability to stop Internal Revenue Service (IRS) collection
efforts and satisfy non-dischargeable tax liabilities free from interest
and penalties
The ability to retain non-exempt real estate and personal
assets
