Vance P. Truman, Attorney at Law
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What are the requirements for Chapter 13 bankruptcy eligibility?

Before deciding to commit to a bankruptcy filing, you will need to go through the process of choosing which bankruptcy Chapter to file for. This is not always simple, because you will need to decide which bankruptcy Chapter would work best for you, and figure out whether you are eligible.

Chapter 13 bankruptcy is a common option for many private individuals because it allows them to pay off their debts using income. It is often more informally known as a wage earner's plan because it is possible for individuals to pay off the bulk of their debts by using their earnings over time. This has the bonus of meaning that debtors do not necessarily need to liquidate any of their existing assets.

What are the eligibility requirements for Chapter 13 bankruptcy?

The main requirement when filing for Chapter 13 bankruptcy is that your debts are not too high. You can only file for bankruptcy if you have less than $1,010,650 in secured debt and less than $336,00 in unsecured debt. If you have more than this amount, you will have to consider other options for filing bankruptcy.

In addition, you must have four years state and federal tax returns to your name. You will also be unable to file for Chapter 13 bankruptcy if you had a bankruptcy petition dismissed in the last 180 days because of a court order violation or a request to dismiss after the lifting of an automatic stay.

If you are worried about the debts that you have and want to get a fresh start without these financial burdens, you should consider all bankruptcy Chapters that you are eligible to use.

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