Chapter 13 Eligibility
Before a debtor is allowed to enjoy the benefits of Chapter 13 bankruptcy’s repayment plan and debtor protections, they need to make sure they qualify for this type of bankruptcy. Whereas Chapter 7 bankruptcy has a somewhat rigid eligibility process, Chapter 13 bankruptcy is much easier to qualify for. As a result, many debtors unable to access Chapter 7 bankruptcy may find themselves easily qualified for Chapter 13 bankruptcy.
If you’re considering filing for bankruptcy, you may want to discuss your next steps with an experienced legal professional. To learn more about how we may be able to answer your questions and concerns regarding bankruptcy, contact Florida Chapter 13 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, today by calling (239) 237-0675.
Requirements for Filing Chapter 13 Bankruptcy
If a debtor wants to file under Chapter 13, they need to meet a few important eligibility requirements. In order to qualify, a person must:
- Fulfill their credit counseling requirement within 180 days of filing
- Not have a previous claim dismissed by the courts within 180 days of filing
- Have an unsecured debt amount of less than $360,475
- Have a secured debt amount of less than $1,081,400
If a requirement is failed, a debtor may be able to turn to other debt reduction strategies. For some, Chapter 7 bankruptcy may still be available. For others, there may be other options to help them reduce their overall debt.
Bankruptcy can prove a confusing, frustrating process for a debtor to go through without someone to help them. For more information about how we may be able to work with you during your bankruptcy and get you set on the right track for a freer financial future, contact Florida Chapter 13 bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.