Filing for Chapter 13 bankruptcy means that you are going to have to make regular payments to a bankruptcy trustee who will divide those between your creditors. The payments will last three to five years. For the duration of the case, you will have to live off only the remaining income you have because you can't take on new credit while you are in the midst of a bankruptcy.
When a repayment plan is determined, there are several factors that are considered. One of these is your income. Your necessary expenses, such as utilities and housing costs, are also factored in. The amount of your debts and the value of certain assets will also come into the picture.
Once the plan is created, it is sent to the court. At this point, your creditors will be able to challenge the plan, as can the judge. If it is approved, you will follow the plan until the last payment is made. Any debt balances that remain after the final payment will be forgiven so you won't be responsible for them.
It is important to ensure that your priority debts are covered fully in the repayment plan. These have to be paid off by the final payment. Other debts might not have to be paid completely. Sometimes, debts like mortgages will have to be current when the bankruptcy finishes but those payments will continue after the case is discharged.
You have to ensure that you are prepared for the repayment process. You aren't going to have much money left after bills and trustee payments are made, so things will be limited for a while.