New York Chapter 13 Plan is a type of bankruptcy that helps individuals pay off their debts over a period of 3 to 5 years. It is available to individuals who have regular income and whose debts do not exceed a certain amount. The plan allows individuals to reorganize their debts and repay them in full or partially over time. This type of bankruptcy is also known as a "wage earner plan" because the debtor is usually required to have regular employment or some other source of income. The two types of New York Chapter 13 Plan are repayment plan and liquidation plan. The repayment plan allows debtors to reorganize their debts and pay them off over a period of 3 to 5 years. During this period, creditors are prohibited from taking any action against the debtor. The liquidation plan involves selling off non-exempt assets to pay off creditors. After the sale, the remaining debt will be discharged. In both cases, debtors must meet certain requirements to qualify. They must submit financial documents, attend credit counseling, and submit a budget. After the court approves the plan, debtors must make regular payments to the trustee appointed by the court. The trustee will then distribute the payments to creditors according to the plan. At the end of the repayment period, the remaining debt is discharged.