Chapter 13 Bankruptcy Eligibility
Financial crisis can cause people great stress and suffering, especially if they are in danger of losing their home, vehicle, or other essential assets. Filing for Chapter 13 bankruptcy may be the best option for people who are unable to pay their bills and wish to keep their homes from foreclosure. Chapter 13 bankruptcy usually allows individuals to stop bankruptcy proceedings and repay delinquent payments over time, as well as reschedule the payment of other secured debts.
Persons who qualify for Chapter 13 bankruptcy typically discover that the bankruptcy plan is very similar to a consolidation loan in that the person’s payments are made toward the bankruptcy plan and are then distributed to his or her creditors by the bankruptcy trustee. If you are facing serious financial struggles and are considering filing for bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346.
Chapter 13 Eligibility Requirements
The laws and regulations regarding bankruptcy plans may vary from state to state and are subject to change over time. Persons may be able to qualify for Chapter 13 if:
- Unsecured debts are less than $336,900
- Secured debts are less than $1,096,000
- The person has not had a denied application within the past 180 days due to failure to appear before bankruptcy court
- Previous applications have not been denied due to failure to comply with a court order
- The individual has not received credit counseling within 180 days before filing
Contact Us
Serious financial struggles can be very difficult to deal with, and the Boston bankruptcy attorneys of Joshua Spirn & Associates understand what you are going through. For assistance with your bankruptcy case, contact us today at 1-800-975-5346.
