In a chapter 13 bankruptcy, a repayment plan is developed by the bankruptcy court and trustee to repay all involved creditors. The chapter 13 repayment plan usually takes between three to five years to complete, and will conclude with the bankruptcy discharge at which point the bankruptcy is complete and the debtors is relived of all debts. The repayment plan will usually involved determining the value of you assets to reduce the principle and interest rates to lower the monthly payments

The main benefit if a chapter 13 bankruptcy is that the debtor will be allowed to keep all personal property while minimizing their monthly payments to something they can easily afford.