Chapter 13 is also known as “reorganization” or “wage-earners payment plan”, or “consolidation.” This is not a standard liquidation bankruptcy, which is Chapter 7. If your income is determined to be too high for a Chapter 7 procedure, but you are facing foreclosure on your home, auto repossessions or tax debts, Chapter 13 can help give you some breathing room. Nearly all debtors who file Chapter 13 keep their assets. This may also be the best option for joint husband/wife filings. Chapter 13 is a reduced repayment plan that allows you to pay all, or some, or hardly any of your bills and stops all attempts to foreclose on your property or garnish any of your wages. Chapter 13 even stops the I.R.S. and other State Tax Agencies from taking your money.