I make too much money to file chapter 7, is chapter 13 an option?

Yes, it does make sense to file for chapter 13 if chapter 7 bankruptcy is not an option. Chapter 13 bankruptcy offers several advantages over a traditional liquidation bankruptcy, including less impact on your credit score (in some cases, your credit score actually goes up during the chapter 13 repayment), it stays on your credit report for 7 years (compared to 10 for chapter 7), it allows you to get caught up on past due mortgage payment and keep your home, and it generally allows you to repay unsecured debts, such as credit cards, for a few pennies on the dollar.

While a chapter 7 bankruptcy is certainly appealing, chapter 13 offers debtors a great option for getting out from under debt when nothing else will do. However, chapter 13 bankruptcies are much more complicated than chapter 7, so it's highly advised that you retain the services of a bankruptcy attorney to handle your case and ensure you pay as little as possible and get rid of your debt as quickly as possible.