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Do I qualify for Chapter 13 bankruptcy?

Before you can move forward with the personal bankruptcy process, you must first decide whether you should file for Chapter 7 or Chapter 13 bankruptcy. In order to qualify for Chapter 13 debt relief, you must meet several requirements. Provided below are some of the most common factors that are taken into consideration when determining if Chapter 13 is the right form of debt relief for you.

According to the United States Courts, there are a number of initial requirements that you must meet before you can be considered eligible to file for Chapter 13 bankruptcy. For instance, you cannot file for Chapter 13 if the amount of unsecured debts that you have accumulated exceeds $383,175. Similarly, your secured debts must not be over $1,149,525. You have to have also participated in credit counseling within 180 days of submitting a bankruptcy petition.

Once you are approved to file for Chapter 13, you are responsible for providing the bankruptcy court with a number of documents and statements before your case can move forward. You are obligated to disclose several types of information to the court, including your current income and living expenses, a list of your assets and debts, and a list of your personal finances. And given that you are supposed to continue complying with the terms of legally binding financial obligations like child support and alimony during bankruptcy, you are also expected to provide documentation of financial transcripts and tax returns. It is important to keep in mind that bankruptcy filing fees are typically due at the time of filing too.

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