If you are stressing out because you are having trouble paying off all your debt, you might want to consider filing for Chapter 13 bankruptcy. With a Chapter 13 bankruptcy, you can reorganize your debt so that it is easier to manage and repay. Under Chapter 13, you will repay your creditors using a 3 to 5-year repayment plan. One of the major benefits of Chapter 13 bankruptcy is that it will protect important assets, like your car and home.
Eligibility for Chapter 13 Bankruptcy
If you want to file for Chapter 13, you will need to fill out and submit the official bankruptcy paperwork to see if you qualify. You must make sure your income tax filings are current because you will have to submit proof that you filed your federal and state income tax returns for the 3 tax years before the date you file for bankruptcy. You will also have to prove you have enough disposable income to meet the repayment obligations.
What Qualifies as Disposable Income?
The following types of revenue can count towards your disposable income:
- Pension payments
- Social Security Benefits
- Royalties and rents
- Income from self-employment
- Welfare payments
- Regular wages or salary
We Can Get You Started on Your Bankruptcy Case Today!
At The Buchalter Law Group, we know that filing for bankruptcy is a stressful time, which is why our lawyers are here to provide you with the legal guidance you need to protect your interests. We will walk you through the entire bankruptcy process to ensure you eliminate your debt without losing your assets.
Contact our experienced team of attorneys today to discuss your situation so we can determine if you are qualified to file for Chapter 13 bankruptcy.