If you currently have a regular source of income but fell behind on payments due to some unfortunate circumstance, then Chapter 13 bankruptcy may be a solution. Chapter 13 bankruptcy will allow you to propose a plan for repaying your debts over the next 3 - 5 years.

The biggest advantages of Chapter 13 is that it can stop foreclosure proceedings in its tracks, giving you a chance to catch up on mortgage payments and thereby keeping you from losing your home. You'll also get to spread out the payments of your other secured debts over the next several years, which will mean lower monthly payments for you.

Find out if you're eligible to file for Chapter 13 bankruptcy, what the benefits are, and how the process works.