Chapter 13 bankruptcy reorganization is one method under the Bankruptcy Code to obtain relief from your creditors while providing a fair means to pay them back as much as you can. It allows you to keep some or all of your property during the time you are paying creditors, and permits you to modify some contract payments and interest rates. Your plan can eliminate late charges and penalties and allow you to extend payments on some of your debts. Chapter 13 has gained widespread acceptance as an attractive alternative to straight bankruptcy (Chapter 7).