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Filing a Chapter 13 bankruptcy can alleviate stress and eliminate debt for not only a corporation but an individual as well. Chapter 13 bankruptcy is essentially a repayment plan proposed by a debtor to his or her creditors in order to catch up and pay off debts that have fallen behind. Chapter 13 also can save your assets such as car and home and allow you to keep these assets and maintain payments on them, but at the same time, stretch the payments that have fallen behind over a period of three to five years. Do your research thoroughly when considering filing any type of bankruptcy to make sure that what you decide is the best plan of action for you or your business.