Chapter 13 bankruptcy is not what most people usually think of when they hear the term "going bankrupt." For most, the idea of bankruptcy is actually a Chapter 7 bankruptcy, which results in the liquidation of at least some assets.
Chapter 13 bankruptcy is completely different, and it's a type of bankruptcy you may be able to qualify for even if you have an income that is too high to qualify for Chapter 7 bankruptcy. Known as a wage-earner's plan, Chapter 13 bankruptcy allows you to pay a single payment each month to cover your debts. After three to five years of on-time payments, any remaining debts are then discharged.