Officially referred to as adjustment of debts of an individual with regular income, Chapter 13 is a court supervised debt repayment and restructuring plan. Chapter 13 offers the full protection of the U.S. Bankruptcy Court while allowing debtors to repay creditors over a period of three to five years. Unlike Chapter 7, a debtor is able to keep both exempt and nonexempt property while catching up on payments without the threat of foreclosure or repossession. However, debtors also do not receive an immediate discharge of debts—all payments must be completed. The types of debts that can be eliminated are greater with Chapter 13. You should always consult with an expert before beginning a Chapter 13 plan.