Chapter 13 Bankruptcy
The chapter 13 bankruptcy is the second most common type of bankruptcy in the United States. When you file chapter 13 bankruptcy you are essentially asking the courts to setup a repayment plan for them in order to save their credit and prevent creditors from continuing to harass them about their debts.
In most cases the court sets up a payment plan where the filer pays a certain monthly payment to the court and the court then pays the money out to the filers creditors. Generally creditors or happy with a chapter 13 bankruptcy because it allows them to get at least part of the debt back that they are owed.
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