Chapter 13 bankruptcy is the option overwhelmed debtors turn to when they do not qualify for Chapter 7 because their income is over the limits. It is also an option for people who might otherwise lose their home or other assets. In a Chapter 13 some portion of the debts are paid off pursuant to a court-approved plan over a period of 3 to 5 years.
Many of my clients choose Chapter 13 bankruptcy because they:
- Failed to keep up with mortgage payments but want to keep a home.
- Want to keep a home that is in foreclosure.
- Want to eliminate a second mortgage on a home.
- Want to keep non-exempt property that exceeds the exemption limits.
- Have a previous Chapter 7 bankruptcy that occurred less than 8 years ago.
Do I Qualify for Chapter 13 Bankruptcy?
- You must be an individual, as opposed to a business entity.
- You must complete an approved credit counseling course.
- You must have unsecured debt totaling less than $336,900.
- You must have secured debt totaling than $1,010,650.
- You must have filed income tax returns if required.
- You must earn enough to cover living expenses and the Chapter 13 plan payment.
I help my clients choose the right bankruptcy to suit their financial situation. To that end, my advice is simple and candid. The questions I ask are clear and straightforward. Call (718) 544-0500 for a free initial consultation.