A Chapter 13 bankruptcy case is a payment plan. You will propose a plan, and the Bankruptcy Court will confirm (approve) it. You will make monthly payments to a standing Chapter 13 trustee, who will in turn pay your creditors in proportion to the claims they file with the Court.
Only individuals (people) with regular income may file under Chapter 13. In addition, the total of your non contingent, liquidated debts must be less than certain amounts.
The rules for deciding whether debts are non-contingent, or liquidated, or secured can be tricky. Plus, the maximum dollar amounts for Chapter 13 keep changing. You should seek the advice of a chapter 13 bankruptcy attorney if the total amount you owe to all your creditors exceeds the debt limits.
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