Qualifying for Chapter 13 Bankruptcy

Some who file for bankruptcy protection may make too much money to qualify for Chapter 13 bankruptcy.

Chapter 13 cannot be filed in the name of a business, if you run a sole proprietorship, or by stock brokers and commodity brokers.

Chapter 13 bankruptcy is designed for those who have assets that they want to protect from liquidation under a Chapter 7 Bankruptcy filing. It is designed to restructure unsecured debt in order for the consumer to be able to pay it off over a 3 to five year period.

By choosing to file Chapter 13, you can keep both exempt and non-exempt properties and some of the debts that are not dischargeable in a Chapter 7 filing can be reduced. It will also stop wage garnishment, delay foreclosure in order for you to restructure the debt and create affordable payment plans for your secured debt and back taxes.

There are some limits on the amount of debt a person filing for Chapter 13 bankruptcy protection can have. A person must have less than $307,675 in unsecured debt and less than $922,975 in secured debt.

Consulting a Bankruptcy Lawyer is the best way to determine which type of bankruptcy best fits your financial situation.

Need More Information?

Contact a Local Bankruptcy Attorney and get answers to your question for FREE! Complete the form below and a bankruptcy lawyer will contact you to go over your situation and answer your questions. Don't Wait -- Get help today!