Qualifying for Chapter 13 Bankruptcy
For those individuals who are struggling to overcome financial hardships alone, Chapter 13 bankruptcy can provide much-needed relief. In this type of personal bankruptcy, debtors are able to restructure their debts so that the terms of repayment may be significantly more realistic and less demanding. This restructuring may take the form of lowered monthly payments or an overall reduction in the amount owed.
While this may sound incredibly appealing to debtors, the process of qualifying for Chapter 13 bankruptcy can present some complications. With this in mind, it may be in your best interest to seek the advice of an experienced bankruptcy attorney in the Dallas or Plano area.
Chapter 13 Eligibility Requirements
Filing for bankruptcy is a very complex and detailed process that involves a great deal of paperwork and documentation. Before you begin this process, you must first verify that you have the following:
- Unsecured or secured debts that are under the allotted limit
- Enough monthly disposable income to make adjusted payments
- Up-to-date income tax filings from the previous four years
Additionally, you cannot have discharged debt through a Chapter 13 bankruptcy in the previous two years, or a Chapter 7 bankruptcy in the previous four years.
If you are considering your options for relieving a significant financial burden, a qualified bankruptcy attorney will be able to answer any questions you may have regarding the process of qualifying and filing for Chapter 13 bankruptcy.
Contact a Chapter 13 Bankruptcy Attorney
The Gagnon, Peacock & Vereeke, P.C., legal team wants you to know that you do not have to struggle against your overwhelming debt alone. If you live in the Dallas or Plano area, contact us by calling (214) 317-4448 today to discuss your options with an attorney.