Chapter 13 Bankruptcy
In Chapter 13 bankruptcy, or "wage earner" bankruptcy, you must have a reliable source of income to repay some portion of your debt.
Repayment. You’ll propose a repayment plan that details how you are going to pay back your debts over three to five years. The minimum amount you'll have to repay depends on how much you earn, how much you owe, and the value of your nonexempt property.
Debt limits. You cannot have more than $1,257,850 in secured debt and $419,275 in unsecured debt (as of April 2019).
Mortgage and car payment arrearages. Many people use the Chapter 13 bankruptcy repayment plan to catch up on past due house and car payments and avoid repossession or foreclosure.