Do you qualify to file for Chapter 13 bankruptcy?
If you are considering bankruptcy, you may be feeling a little overwhelmed. There are different forms to choose from, and it can be a tough decision to make alone, especially when you are already suffering the stresses that go hand in hand with unmanageable debt. It is something that more and more families in Florida go through every year, but it is important to remember that however challenging it may seem at the time, there is a light at the end of the tunnel.
The type of bankruptcy filing you go for will depend on a number of factors, such as the amount you owe, your income and whether you are filing as a business or an individual. However, one of the more popular choices is Chapter 13, as this works by allowing you to figure out a more realistic repayment plan, spanning a period of three or five years. This plan has to be approved by the bankruptcy court, but once this is done, you are on your way to a more financially stable future.
As this article on Chapter 13 mentions, to determine whether this form of bankruptcy is for you, it is important to consider whether you meet the relevant criteria. For example, you need to have evidence of filing your tax returns throughout the preceding four years. You also need to have a total unsecured debt of under $336,900. Similarly, your secured debt must be less than $1,010,650 in total.
Another important consideration is whether you have discharged debt via bankruptcy in recent years. If so, you may have to wait for a designated span of time before you can make a new filing. This can seem like a lot to figure out on your own, but a lawyer may be able to help. He or she can explain your options and may be able to assist you in pursuing the debt solution you need.