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Are you eligible to file for Chapter 13?

If you are familiar with U.S. bankruptcy law, then you probably understand why Chapter 7 cases are the most popular form of personal bankruptcy. They offer the chance to have debts be discharged, allowing one to get back on their feet in Hernando County (financially speaking) that much faster. Yet not everyone qualifies for Chapter 7 bankruptcy. Chapter 13, on the other hand, is viewed as almost being the default option that everyone qualifies for. There are scenarios, however, in which you may not qualify for a Chapter 13 bankruptcy either. 

According to information shared by the Administrative Office of the U.S. Courts, you are only eligible to file under Chapter 13 of the total amount of your secured debts is less than $1,184,200. Your unsecured debts must also be less than $394,725. There are also certain actions that can inhibit you from filing for a Chapter 13 bankruptcy. As is the case with a Chapter 7 bankruptcy, you must complete credit counseling at least 180 days before submitting your bankruptcy petition. The only exception to this rule would be cases where a bankruptcy trustee decides there are no qualified credit counselors in your area to serve you. 

If you have had a bankruptcy petition dismissed within the previous 180 days, you are also not eligible to file for Chapter 13 bankruptcy (at this current time). The reason for the dismissal is unimportant; it could have been due to something you failed to do (like failing to appear for a hearing) or the actions of external parties (such as a creditor trying to recover property that has a lien against it. Either way, you must wait that entire 6-month time period before filing again.  

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Day Law Your Hometown Attorneys

4108 Deltona Boulevard
Spring Hill, FL 34606

Toll Free: 888-326-9553
Phone: 352-200-2382
Fax: 352-684-4529
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