Financial hardship can be one of the most stressful and frustrating situations to experience. While there are many options for overcoming this hardship, such as filing for bankruptcy, it can be difficult to know how to begin the process of overcoming your debt. Chapter 13 bankruptcies serve to assist those who have found themselves struggling under massive debt. If this is your current situation, you may want to check your eligibility for Chapter 13 bankruptcy.
If you are an individual considering filing for bankruptcy it is important you check for eligibility requirements that pertain to the specific form of bankruptcy you plan to file. For Chapter 13, applicants must meet the following requirements:
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You must be an individual filing for this form of bankruptcy. Chapter 13 bankruptcy is not available for corporations or partnerships. It can be applied to groups for emergency situations. Your unsecured debts, which are those where your lender does not have rights to the collateral of the debt, must total less than $360,475. Your secured debts, which are those that are tied to an asset which can be considered collateral and taken as the result of non-payment to lenders, cannot total more than $1,081,400. You have not filed for bankruptcy in the past 180 days and had it dismissed voluntarily, through failure of compliance, or through failure to appear in court. You must received credit counseling within 180 days before your filing for bankruptcy.
These terms can fluctuate depending on when you file for bankruptcy and the current market. If you are considering filing it is important you seek the assistance of an experienced legal professional.
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