Are you Eligible to File for Chapter 13 Bankruptcy?
Do you often find yourself in a financial crisis, not able to pay for simple things like your home mortgage or car payment? Are you unemployed or under employed and worried about how you’re going to make ends meet? Do you have a family to care for or a business to run and no idea as to where your next paycheck will come from? Then you may want to consider filing for bankruptcy.
It happens more frequently than many of us would like to think. According to reports, in 2012 there were approximately 1.1 million bankruptcy filings in the United States, most of those were from consumer debt. But filing for chapter 13 bankruptcy doesn’t always have to involve consumer debt. If you’re in a financial crisis and don’t know where to turn, then you may be eligible for a chapter 13 bankruptcy filing. But it’s not an option available to everyone. There are several requirements that you must meet:
- You can only file for chapter 13 bankruptcy as an individual, not as a business.
- If you do own a business, you can file for business-related items pertaining to debt as an individual.
- You cannot be a stockbroker or commodity broker as a professional and file for bankruptcy.
- You are required to prove that you have enough income to make payments on specific debts that need to be paid in full as decided by a judge in a bankruptcy court.
- Your secured debts cannot exceed $1,010,650 and your unsecured debts must not be beyond $336,900.
- You must also be up-to-date on all of your income tax filings, including federal and state. You do have the option to get caught up on your taxes and postpone bankruptcy filings if needed.
Don’t let money problems get you down. You do have choices, and bankruptcy may be the best option to meet your needs. To learn more about acquiring a chapter 13 bankruptcy attorney, contact DeLuca and Associates and get the help you need today.
