Chapter 13 Bankruptcy Payments
When a person files for Chapter 13 bankruptcy, they may be required to prove that they will have sufficient income to meet the payments mandated by the repayment plan. If a person’s income is inadequate to make this feasible, they may instead be directed to file for Chapter 7 bankruptcy. It is important for filers to be aware that there are many different forms of income which may be used to support one’s position regarding a proposed repayment plan.
If you are considering filing for bankruptcy under Chapter 13, we can help you to ensure that you understand the process and pertinent requirements. Contact Florida Chapter 13 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.
Chapter 13 Bankruptcy Repayment Income
When filing for Chapter 13 bankruptcy it is essential for a debtor to have a complete and accurate awareness and accounting of all sources of regular income. If this income will not allow them to pay for food and housing while working through a repayment plan, a Chapter 13 case may be rejected. The following are representative of the types of income that could be used to validate your ability to pay pursuant to the terms of a repayment plan:
- Retirement benefits
- Workers’ compensation payments
- Pension funds
- Social Security Disability payments
- Received child support or alimony
- Received rent payments
If you are overwhelmed by debt, do not allow the situation to deteriorate further. Contact Florida Chapter 13 bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.