Markowitz & O'Donnell, LLP
Local609-482-3138
Toll Free866-437-1189

Call To Schedule A Consultation

Do you qualify for Chapter 13 bankruptcy?

If you're interested in Chapter 13 bankruptcy, it's easy to believe that you can simply move forward with the process. However, this isn't always true. Instead, you must meet a variety of eligibility requirements.

Here are a few of the most important details to keep in mind:

-- Only individuals are permitted to file for Chapter 13 bankruptcy. In other words, businesses are not eligible. Instead, these entities must consider if Chapter 11 bankruptcy suits their needs.

-- Past bankruptcy filings. Did you file for Chapter 7 within the last four years? How about Chapter 13 within the last two years? If so, you will not be able to file for Chapter 13 bankruptcy at this time.

-- You must fulfill the credit counseling requirement. If you want to file for Chapter 13 bankruptcy, you must provide the court with a certificate showing that you have completed credit counseling within 180 days of filing.

-- Your debt is not too high. If you have too much unsecured and/or secured debt, you are not eligible to file.

-- You must be current with all income tax returns.

As you can see, there is a lot to think about as you consider Chapter 13 bankruptcy. Some find that they meet all these eligibility requirements. Others, however, soon learn that one or more of these is stopping them from filing.

If you're on the fence in regards to Chapter 13 bankruptcy, don't hesitate to learn more about the process, including the pros and cons, as well as what it takes to be eligible.

Source: FindLaw, "Who Can File for Chapter 13 Bankruptcy?," accessed Jan. 02, 2017

No Comments

Leave a comment
Comment Information

Markowitz & O'Donnell, LLP
3131 Princeton Pike, Building 3D, Suite 200
Lawrenceville, NJ 08648

Toll Free: 866-437-1189
Phone: 609-482-3138
Fax: 609-896-3184
Map & Directions

Send Us An Email.Get Started Today.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy