One of the most common forms of bankruptcy that people often pursue is referred to as a “Chapter 13”. Fundamentally, a Chapter 13 bankruptcy is a three to five year plan wherein you make payments to someone known as the bankruptcy trustee (the federally appointed official responsible for overseeing your bankruptcy). The idea is that these payments will typically pay down a portion of what you owe, and then at the end of your chapter 13 plan you will receive a bankruptcy discharge which will eliminate any remaining obligation that you have towards the debts being resolved through the bankruptcy.
