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When Congress first enacted chapter 13 bankruptcy, it was in the hopes that it would maintain the self-respect of the debtor as well as provide the best reward to the lenders.
Chapter 13 bankruptcy begins by laying out a plan in detail on how the debtor will pay off their debts in the course of a three- or five-year time. The trustee can help them in paying off their obligations.
Chapter 13 bankruptcy grants debtors more liberty. Even though the debtor has to adhere to specific laws and negotiate with creditors over final payments but they are still able to decide what amount they will pay.
Chapter 13 bankruptcy also allows those who are in debt to hold ownership of the assets they own while paying off the debts. In contrast, chapter 7, in which debtors are required to surrender their assets.
For additional information about Chapter 13 bankruptcy law and how they can help you, go to the above video.