Under a Chapter 13 bankruptcy you propose a debt repayment schedule and for the next 36 to 60 months you pay what you can afford. To qualify for Chapter 13 your debts must fall within specific limits. For example, your unsecured debts (debts where nothing can be repossessed if you don't pay) can't be more than $307,675 and your secured debts can't exceed $922,975. 

Chapter 13 is probably your number-one option if you are in any of the following situations:

* You want to catch up on mortgage payments.

* You need time to pay off past-due support obligations.

* You owe tax debts that you want to pay off without interests or penalties.

* You received a discharge in a bankruptcy case filed within the past 8 years .

* You earn enough money to pay monthly expenses with ease and want to do
    your best to repay creditors at least some amount.