CHAPTER 13 Bankruptcy Protections and Benefits When filing for bankruptcy, you should choose the kind of bankruptcy that best suits your needs. It is important you understand that the names by which a bankruptcy case is called such as Chapter 7, Chapter 11, Chapter 12, and Chapter 13 refer to the chapter in which the type or method of bankruptcy is found within the United States Bankruptcy Code. A Chapter 13 bankruptcy is often called a “Wage Earner's Plan," Reorganization Bankruptcy," or "Repayment Plan." However, you need not be a wages but are must to have regular income from other sources of income such as self employment. The requirement of a regular income is to allow you to develop a plan to repay all or only small part as little of their debts over a period of three (3) to five (5) years. A Chapter 13 bankruptcy case is often used by individuals to stop foreclosure and stop repossession. The plan will allow you to cure the payments that you have fallen behind on such as mortgage, vehicle and furniture payments over time. You still be required to make subsequent mortgage timely under the plan. A Chapter 13 plan also allows you to reschedule secured debts meaning spread the payment over a longer period of time or even reducing the payment based on the value of the property you are buying on time. Your Chapter 13 case begins with the filing a Chapter 13 petition with the Bankruptcy Court.  Filing the petition under Chapter 13 starts the "Automatically Stay" protection for you and provides protection for your co-debtors.  As with a Chapter 7 bankruptcy case an impartial trustee is appointed to administer your case and will conduct a first meeting of creditors (341 hearing). However, in a Chapter 13 case unlike a Chapter 7 case the Trustee will collect your monthly payment payments from you, make payment to your creditors, and make sure that both you and your creditors live up to the terms of their repayment plan. The Court in a Chapter 13 Court hearing must approve your repayment plan and the budget.  Upon successful completion of your Chapter 13 plan, you will receive a discharge (release) from all his dischargeable debt, to the extent allowed by your proposed and confirmed plan.  Generally the initial retainer for attorney’s fees for this type of bankruptcy is $995.00 and the filing fee is $274.00. We are a debt relief agency. We help people file for relief under the Bankruptcy Code.