The option of Chapter 13 bankruptcy is offered only to wage earners, self-employed individuals, and sole business owners (one-person businesses).
To qualify to file a Chapter 13 case, you must receive income at regular intervals, you must have filed all required tax returns for the tax periods ending within four years of filing the bankruptcy case, and you must also comply other requirements specified in the bankruptcy code.
With this form of bankruptcy, the person will not be forced to liquidate or lose their assets to pay creditors.
Small businesses can also file Chapter 13 to get the benefit of being able to pay off their debts with future income.