In a Chapter 13 bankruptcy your debt is restructured in a way that makes it more reasonable to pay the debt back. If you find yourself facing foreclosure or repossession, Chapter 13 may be your solution. Based on your circumstances, Chapter 13 allows you to pay back a portion or all of your debt over a period of 3-5 years. You can try working with each lender you owe money to on your own or even with a debt consolidation company, but they have no legal obligation to work with you to create a payment plan.
Once you file for Chapter 13 bankruptcy, the creditors you owe money to have to be reasonable and agree to a plan of repayment. While the debt is still yours, this makes it easier to deal with over time.