Determining Eligibility for Chapter 13 Bankruptcy
In the face of overwhelming debt, many debtors turn to bankruptcy for relief. Successfully filing for Chapter 13 bankruptcy has many benefits, and can rearrange your debt into a single manageable payment that allows you to consistently pay back a large portion of the money that you owe without forcing you to forfeit any property.
Chapter 13 filings are not appropriate for every debt situation however, and you must meet several requirements in order to be eligible to proceed. With the help of an experienced Arizona bankruptcy attorney from the Harmon Law Office, LLC, you can be confident that your bankruptcy filing is in safe, experienced hands.
Chapter 13 Requirements
There are several requirements that you must meet before a court will approve a Chapter 13 bankruptcy filing, including the following:
- You must file as an individual, not a business.
- Your secured debts cannot exceed $1,081,400, a number which may change based on inflation.
- Your income tax filings must be up to date.
- You must have sufficient income to repay your debts over the period of your repayment plan.
If you cannot meet all of these requirements, it is not likely that a judge will approve your filing.
Contact Us
If you have questions about the intricacies of filing for Chapter 13 Bankruptcy, the Harmon Law Office, LLC, has the answers you are looking for. Call our experienced Arizona bankruptcy lawyers today at 480-829-0494 to schedule an initial consultation to discuss the details of your case.