In a Chapter 13 bankruptcy, you use your income to pay some or all of what you owe to your creditors over time -- from three to five years, depending on the size of your debts and income. In return, you may keep your property.
The most important part of a Chapter 13 bankruptcy is the repayment plan, which describes in detail how (and how much) you will pay for each of your debts. In order for your bankruptcy to go forward, the court must approve your repayment plan and also determine that you have enough income to meet your payment obligations under the plan. To learn more about Chapter 13 bankruptcy, see Nolo's article An Overview of Chapter 13 Bankruptcy.