The Chapter 13 Bankruptcy plan or sometimes referred to as the proposed plan, repayment plan or reorganization plan is the fundamental basis behind a Chapter 13 Bankruptcy. Unlike a chapter 7 bankruptcy, if you are filing bankruptcy under this chapter the intention is to be able to pay your creditors some or all of what you owe them over time. Filing for bankruptcy using this chapter usually gives the debtor a three to five year period in which to make payments to the creditors.
The bankruptcy attorney and debtor, before they proceed to file for bankruptcy, will generally determine what the debtor