Chapter 13: Wage Earner Plan.
This form of bankruptcy allows individuals with regular income to develop a repayment plan for all or some of their outstanding debt. It is especially attractive to Debtors wanting to hang onto major assets (e.g., a house or a car) that are in danger of foreclosure or repossession. There are also attractive features allowing for the recharacterizing of under-secured debt, like cramdowns on older vehicles and stripping of second mortgages. The filing fee for a Chapter 13 is $310; attorney fees are separate.