Chapter 13 bankruptcy allows a debtor who is in financial trouble cannot pay his creditors to reorganize his debts to a to a manageable level.  A debtor with sufficient income can file for chapter 13 bankruptcy to reorganize his debts and payments to debtors under court approval.

Under this chapter of the bankruptcy code the debtor proposes a plan to the court to repay his/her creditors and is allowed to keep all his property including real estate holdings.  The amounts of the debts can be reduced and the payment plan will call for lower payments than were originally contracted.  During the term of the court approved payment plan the creditors are not allowed to attempt collection of the previous debt except through the court.

Chapter 13 bankruptcy will stay on an individual's credit record for seven years which is three years shorter than if he/she had filed for chapter 7 bankruptcy.  Chapter 13 relief is available to the debtor if the creditors will receive under the eventual plan at least as much as they would under a chapter 7 liquidation of assets.

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Chapter 13 Bankruptcy News
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• Can Bankruptcy Tap Surprise Inheritance CreditCards.com
CreditCards.comCan bankruptcy tap surprise inheritanceCreditCards.comBy Sally Herigstad I filed for Chapter 13 bankruptcy in November 2011. My aunt had passed away in 2005, and I just now found some unclaimed funds from MetLife and Praxair mutual funds. I was the executrix of the estate. The mutual funds state that I am AMR and the return of the bare knuckled bankruptcyThe Deal Pipelineall 4 news articles raquo
• Minnesota Bankruptcies February 04, 2012 InForum
Minnesota Bankruptcies February 04, 2012In ForumBankruptcy filings from the following counties: Becker, Clay, Douglas, Grant, Hubbard, Mahnomen, Norman, Otter Tail, Polk, Traverse, Wadena and Wilkin. Michael Allen and Beth Anne Wilde, Parkers Prairie, Chapter 13, debts of 242474, assets of 217742.and more raquo
• Blacks Face Bias In Bankruptcy, Study Suggests New York Times
New York TimesBlacks Face Bias in Bankruptcy, Study SuggestsNew York TimesThe vast majority of debtors file under Chapter 7 of the bankruptcy code, which typically allows them to erase most debts in a matter of months. It tends to have a higher success rate and is less expensive than the alternative, Chapter 13, Racial Disparities in Bankruptcy FilingsThe RootBlacks Face Bias In Bankruptcy FilingsCare2.com blogBusiness bankruptciesMinneapolis Star TribuneWashington Post Newserall 14 news articles raquo
• Bankruptcy Filings Hit 5year Low Toledo Blade
Bankruptcy filings hit 5 year lowToledo BladeLenders are doing more home loan modifications to avoid foreclosure, which is keeping many homeowners who are behind in their mortgages from filing Chapter 13 bankruptcy repayment plans. Bankruptcy laws were modified in October, 2005, and the waiting South Central Texas bankruptcies fall 25San Antonio Expressall 3 news articles raquo
• Rochester Regionaposs Bankruptcy Filings Flat In January Rochester Business ...
Rochester region39s bankruptcy filings flat in JanuaryRochester Business JournalChapter 13 debtors most often are consumers looking to reorganize their household finances. Chapter 11 petitioners usually are businesses looking to restructure under court protection. The region39s bankruptcy filings have been in steep declines for and more raquo