In chapter 13, a repayment plan is made for 3 or 5 years depending upon the source of income. A debt amount is ascertained by the trustee after evaluating the financial condition of the debtor. The creditor also has to agree on the amount. The amount is then divided into a monthly installment repayment plan that needs to be completed within 3 or 5 years. The time period cannot extend beyond 5 years. Chapter 13 personal bankruptcy allows you to retain your property and enter into a repayment plan that is set up between creditors and a bankruptcy court trustee. You must have the means to pay back at least some of your debts to qualify for this plan. The client applying for chapter 13 can retain his properties but must arrange regular monthly payment to the creditor. This plan is useful to try to save a home, stop IRS wage garnishment or retain a car.