North Carolina Chapter 13 Plan is a repayment plan for individuals with regular income who are unable to pay their debts. It allows debtors to keep their property and pay creditors over a three to five-year period. The plan is designed to help individuals who have a steady income, but need assistance in managing their debt. Under the North Carolina Chapter 13 Plan, debtors must submit a repayment plan to the court outlining how they will pay off their debt in a set period of time. This plan is reviewed by the court and must be approved for it to be put into effect. Creditors are then paid a percentage of the debt through monthly payments made by the debtor to the court-appointed trustee. The North Carolina Chapter 13 Plan has two types: Traditional Plan and Modification Plan. The Traditional Plan requires debtors to repay all of their debt in full, while the Modification Plan allows debtors to modify some of their debt, such as interest rates and payment terms, to make it more affordable. By filing under a North Carolina Chapter 13 Plan, debtors can keep their property and assets and protect them from creditors. It also allows debtors to make payments they can afford while establishing a more manageable budget.