Chapter 13 Bankruptcy Eligibility
If you are eligible and have significant debt, chapter 13 bankruptcy may be a viable option for repaying your debt and regaining some sense of financial stability. With chapter 13 bankruptcy protection, you can retain your possessions. Chapter 13 bankruptcy allows you to reorganize your debts and repay them over a period of three to five years using the income that is available to you. However, there are some basic requirements that you must meet in order to file for this type of bankruptcy.
If you are experiencing a period of significant financial distress and would like to learn more about the options that are available to help you move forward, you may wish to consult with an experienced Houston bankruptcy attorney. At Russell Van Beustring P.C., we are committed to providing clients with skilled and knowledgeable guidance and representation at each phase of their bankruptcy case. For more information, contact us today at 713-973-6650.
Requirements for Chapter 13 Eligibility
There are several qualifications you must meet before you can file for chapter 13 bankruptcy, including:
- Your secured debt must be below $1,010,650
- Your unsecured debt must be below $336,900
- You must have sources of income which can be used to repay some or all of your debt
- You must have up-to-date tax returns
Individuals can file for Chapter 13 bankruptcy for personal debt (as well as business expenses for which they are personally liable).
The prospect of filing for bankruptcy can be intimidating, but it does not have to be. Working closely with an attorney can help you to avoid making costly errors and will ensure that your rights and interests are vigorously protected. Contact the Houston bankruptcy attorneys of Russell Van Beustring P.C., by calling 713-973-6650 today.