How Do I Qualify for a Chapter 13 Bankruptcy?
First of all, you need a regular, stable income – enough to make regular payments in the court’s judgment. Your income need not come from a job, but you can also qualify if you receive Social Security or disability benefits, unemployment payment, retirement benefits, or even rental income. However, if you’re a stock or commodity broker, you won’t be eligible for a Chapter 13 bankruptcy. Corporations, too, are ineligible for Chapter 13 relief. Sole proprietors and self-employed persons are also eligible if their debts fall within certain specified boundaries. Also, if your debts span more than three to five years, you will likely qualify, provided you pass a means test to determine your eligibility. Our experienced legal team can review your situation before you file to help you determine if a Chapter 13 bankruptcy is in your best interest. To get started, contact our office as soon as possible.
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