You may have wondered, “Do I qualify for a Chapter 13 bankruptcy?” There are two types of personal bankruptcy, Chapter 7 and Chapter 13. The Geygan and Geygan bankruptcy attorneys help you determine the best bankruptcy path for you. You must qualify for each.
Not everyone qualifies for Chapter 13 bankruptcy
To qualify for a Chapter 13 bankruptcy, you must have a regular income. The bankruptcy court allows you to repay some or all of your debts over a three or five year period of time (depending on your income level.)
Only individuals can file for a Chapter 13 bankruptcy. Businesses are not eligible for Chapter 13 relief, but owners of the businesses are eligible.
Only individuals with adequate discretionary income who can pay unsecured debts within the mandated time frame qualify. You must be able to pay your taxes, living expenses, and secured debt and still have income left over to make bankruptcy payments.
To qualify, an individual must owe $1,010,650 or less in secured debt and $336,900 in unsecured debt.
The individual must be able to establish that income tax filings (federal and state) were filed and paid for the four years before bankruptcy was filed.
Intricacies of bankruptcy law
The bankruptcy attorneys at Geygan and Geygan fiercely help you navigate the intricacies of bankruptcy law and the legal system. We help you to determine whether a Chapter 13 bankruptcy is right for you.
Then, we fill out all of the paperwork and file your bankruptcy petition with the court. As soon as it is accepted, a stay is issued and all attempts to collect your debt must cease. This means that all creditor phone calls and letters will stop at once.
Our bankruptcy attorneys, then, help you to design a repayment plan that fits your budget meets legal requirements.
Within 30 days of filing you must make monthly payments to the bankruptcy trustee. The trustee then makes payments to the creditors. So long as you regularly make your payments, you never have to deal directly with the creditors again.
Where to get help; Call Geygan & Geygan today
If you are considering filing Chapter 13 bankruptcy, it is important to discuss your situation with a qualified bankruptcy attorney. With the help of a professional, you can better understand your options and rights as well as the laws.
You can also get your own personal bankruptcy questions answered. Ask the attorneys at Geygan & Geygan if you qualify for Chapter 13 bankruptcy. We can help guide you in this technical legal process. Call (513) 793-6555, fill out the form below, or email email@example.com for a confidential consultation. Our office is located in the Kenwood area of Cincinnati.
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