Bankruptcy Qualifications

Do I qualify for Chapter 13?

To qualify for Chapter 13 bankruptcy, a debtor must:

1. Have a regular source of income;

1. Have enough income left over after covering current necessary living expenses to make regular payments to the trustee; and

1. 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.

1. For those who do not qualify for Chapter 13 bankruptcy, you may want to consider filing in the form of Chapter 7 bankruptcy.