Can You File for Chapter 13 Bankruptcy While Unemployed?

A person considering filing for Chapter 13 bankruptcy may run into some serious issues if they aren’t employed or receiving a considerable amount of income. This form of bankruptcy is meant to help those who have some sort of income, thus allowing them to realistically work through a repayment plan. A person may run into a number of financial difficulties if they are unemployed at the time of filing or become unemployed before their repayment plan is complete.

If you’re considering filing for bankruptcy, we may be able to help you to navigate some of the difficult decisions a debtor may need to make during bankruptcy. For more information about your full range of options when filing, contact Florida chapter 13 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, today at (239) 237-0675.

Bankruptcy Options for the Unemployed or Underemployed

There are some situations in which a debtor may simply not make enough money to be able to successfully complete a Chapter 13 bankruptcy repayment plan. Whether a person is unemployed or doesn’t receive enough income to pay for their living costs, while also addressing a repayment plan, they may want to consider Chapter 7 bankruptcy instead. The benefits of Chapter 7 protection include the following:

  • Lack of repayment plan
  • Geared towards debtors with limited assets and high amounts of debt
  • Useful in getting rid of debt quickly, preventing interest from piling up

In many cases, Chapter 7 bankruptcy can be a more viable option for a debtor if the financial expectations of Chapter 13 bankruptcy are unrealistic.

Contact Us

If you’re trying to deal with your debt and need help, our experienced bankruptcy advisors may be able to assist you throughout the bankruptcy process. To learn more about how to take the first steps towards financial freedom, contact Florida chapter 13 bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.