In which type of bankruptcy does the debtor propose a plan of reorganization to keep his or her assets and pay creditors over an extended period of time?

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Chapter 13 bankruptcy allows the debtor to propose a plan of reorganization to keep their assets and pay creditors over an extended period of time, usually three to five years. This type of bankruptcy is available to individuals with regular income who have debts within certain limits. Chapter 7 bankruptcy, on the other hand, involves liquidation of assets to pay off creditors and is not a reorganization plan. Chapter 9 bankruptcy is for municipalities, and Chapter 11 is for businesses or individuals with large amounts of debt.

In Which Type of Bankruptcy Does the Debtor Propose a Plan