Ernie is facing very hard financial times. He lost his job 8 months ago and he has not been able to make his monthly loan payments until now. He recently got a new job, but his lenders are demanding that he repay his loans. Ernie is thinking of declaring bankruptcy. Ernie wants to repay all of his loans, but he doesn't have enough money to do so. He thinks that he will be able to repay his loans over a 3-year period, if his lenders will be patient with him. Which form of federal bankruptcy is best for Ernie?
A) Chapter 7 bankruptcy
B) Chapter 11 bankruptcy
C) Chapter 13 bankruptcy
D) Chapter 15 bankruptcy