Chapter 13 bankruptcy is for people who can afford to repay some (or all) of their debt. Generally, this is for people with high income, but not always. If you’re currently paying your credit cards’ minimum payments, Chapter 13 bankruptcy is a solution that will freeze interest rates, probably lower what you’re already paying, and get you off the hamster treadmill so that you have an end point to which you can look forward to reaching.

But there are a lot more reasons to file Chapter 13 bankruptcy, including saving a house, catching up on mortgage lates, paying back tax arrearages, avoiding some of the problems of Chapter 7, and stopping lawsuits and wage garnishments. Best of all, you keep all of your assets, even if you would’ve lost something in another chapter.