One of the main criteria that determines whether you are eligible to file Chapter 13 bankruptcy is the amount of debt you currently have. To be eligible to file Chapter 13 bankruptcy, you must have less than $336,900 in unsecured debt and less than $1,010,650 in secured debt.
In order to file for Chapter 13 bankruptcy, you must also reside in the United States and have a regular income. Specifically, you must be able to show the court that you have sufficient income to meet your repayment obligations. Additionally, you must have received credit counseling within the preceding 180 days.
Other criteria that must be met in order to file for Chapter 13 bankruptcy are:
- You must not have been granted a Chapter 7 bankruptcy discharge in the past 4 years.
- You must not have been granted a Chapter 13 bankruptcy discharge in the past 2 years.
- You cannot have had a bankruptcy petition dismissed within the past 180 days because of failure to appear before the court, failure to comply with a court order or a voluntary dismissal after your creditors tried to recover property through the bankruptcy court.
- You must have filed both your federal and state income tax returns for the four years preceding your bankruptcy filing date.
To find out if you are eligible to file for Chapter 13 bankruptcy, contact the bankruptcy attorneys of Fears | Nachawati today. To receive free legal advice on bankruptcy, email us or phone us toll free at 1.866.705.7584.