Chapter 13 bankruptcy is a bankruptcy in which you restructure your debts and get put onto a payment plan so you pay back your debts in a way that you can afford. Chapter 13 bankruptcy typically takes three to five years to complete and stays on your credit report for 7 years. Read on for other information about chapter 13 bankruptcy.
What Is Restructuring?
Restructuring your debts is when the bankruptcy trustee looks over your debts and your assets to see what you can sell in order to pay back your debts.