One of the more popular forms of consumer bankruptcy available through the United States federal bankruptcy court system, Chapter 13 bankruptcy allows you to consolidate your debt, create some sort of payment plan with the help of the bankruptcy court itself, and then move forward with your bankruptcy – all without forfeiting any of your property along the way.
While this may seem like a much more reliable and appealing form of bankruptcy, the truth of the matter is that those payments can become quite staggering, especially if you’re already in a bit of financial trouble as it is. Working closely with the very best bankruptcy attorney available is the only way to determine whether chapter 13 bankruptcy is the best option for you, but here is a list of essential details about this specific chapter of bankruptcy.
Who qualifies for Chapter 13 bankruptcy?
All forms of bankruptcy have specific qualifications that deem a person eligible or ineligible, and Chapter 13 is no different.
Some of the requirements include:
- No bankruptcies filed in the preceding 180 days
- Unsecured debt exceeding $360,475 or secured debt exceeding $1,081,400
Working closely with the right bankruptcy professionals will help you to more easily navigate Chapter 13 bankruptcy, file all of the necessary paperwork to move through the Chapter 13 bankruptcy process, and recover once your Chapter 13 bankruptcy has become finalized.
With the help of the bankruptcy court and your legal representation, Chapter 13 bankruptcy allows you to negotiate with your creditors. This is certainly one of the more appealing forms of bankruptcy, especially if you hope to retain your assets along the way.
If you’re wondering if Chapter 13 bankruptcy is the right option for you, contact the legal representatives at Blutter & Blutter and schedule a free consultation. See what the very best Long Island bankruptcy attorneys have to say about your specific situation.