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Chapter 13 creates a 3-5 year payment plan that lets you keep assets, but you need steady income and must owe less than $465,275 in unsecured debt. Credit cards, medical bills, and personalloans make up most unsecured debt that bankruptcy can eliminate. These loans do not require collateral, so they are considered unsecured.
If the court grants a judgment in favor of the creditor, they have additional collection options, such as wage garnishment, bank account levies, or placing liens on the debtor’s property. The money earned from these sales then goes to the creditors and any remaining balances on the debts are discharged.
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