Which bankruptcy option provides a way for individuals to pay a portion of their debts while keeping their property?

Chapter 13 Bankruptcy is designed specifically for individuals who have a regular income and want to keep their property while working towards repaying a portion of their debts. This type of bankruptcy allows individuals to create a repayment plan to pay back all or part of their debts over a period of three to five years. During this time, the individual can maintain ownership of their property, including their home and car, which distinguishes it from other bankruptcy types.

In contrast, Chapter 7 Bankruptcy generally involves liquidating non-exempt assets to pay off creditors, which may result in losing some property. Chapter 11 Bankruptcy is mainly utilized by businesses for reorganization and is not specifically targeted toward individual debtors seeking to keep personal property. Chapter 12 Bankruptcy is tailored for family farmers and fishermen, allowing them to reorganize their debts but does not focus on the broader population of individual debtors. Hence, Chapter 13 stands out as the appropriate option for individuals aiming to manage their debts while retaining ownership of their assets.