The Employee Plan, also called Chapter 13 bankruptcy, allows individuals with a stable income from work to pay off the debts and obligations associated with personal bankruptcy.
While Chapter 7 bankruptcy is the most common form of bankruptcy, one of the biggest advantages of Chapter 13 bankruptcy over Chapter 7 bankruptcy is that it offers individuals the opportunity to save their homes from foreclosure.
By filing for Chapter 13 bankruptcy, individuals may terminate any foreclosure proceedings and submit a plan to pay off any delinquent debts, including mortgage payments, within a period of three to five years, effectively consolidating all their debts into one monthly amount.