Do I qualify for Chapter 13?
To qualify for Chapter 13 bankruptcy, a debtor must:
- Have a regular source of income;
- Have enough income left over after covering current necessary living expenses to make regular payments to the trustee; and
- Fall within pre-set limits for secured and unsecured debts. The limits are updated periodically, and a local bankruptcy attorney can tell you the exact current limits.
- For those who do not qualify for Chapter 13 bankruptcy, you may want to consider filing in the form of Chapter 7 bankruptcy.