QUESTION
What are the requirements to file chapter 13 bankruptcy?
Asked on Dec 04th, 2011 on Bankruptcy - California
More details to this question:
I would like to know what are the requirements to file a chapter 13 bankruptcy.
11 ANSWERS
Chapter 13 bankruptcy requires that one be a "wage earner" or have some steady source of income from which a repayment of debts, in whole or in part, can be made.
Answered on Dec 14th, 2011 at 4:30 PM
Daniel James Wilson
If you want to file Ch 13 to get discharge, must not have filed a Ch 7 within last four years. Other than that, you need to have a regular income and be able to make plan payments. Don't even think of trying to do a 13 without an attorney.
Answered on Dec 06th, 2011 at 6:27 PM
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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The first requirement is to find a qualified Chapter 13 attorney. If you embark without one, your chances of success are "almost nil," according to a local bankruptcy judge. In the meantime, you should be gathering your last six months of paystubs, your last two years of tax returns and take the first of two counseling courses required under the recent amendments to the bankruptcy code.
Answered on Dec 06th, 2011 at 4:38 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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You are required to tell the truth and give full disclosure of your financial affairs and a plan of repayment.
Answered on Dec 06th, 2011 at 4:38 PM
A Chapter 13 is also considered the "wage earners" plan. This chapter requires repayment of a certain percentage of your debt back to the creditors through a payment plan to the trustee. In order to qualify you need to be able to prove to the court that you have significant income in order to fund the repayment plan for the time period it will go
Answered on Dec 06th, 2011 at 4:22 PM
Chapter 13 Bankruptcy Attorney serving Bloomington, MN
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Gregory J. Wald
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You must be an individual or married couple with a regular source of income that is sufficient to meet your living expenses and make a debt consolidation payment. In order to receive a discharge in the Chapter 13 case, you cannot have received a discharge in a Chapter 7 case filed within the past four years or a previous Chapter 13 filed within the past two years.
Answered on Dec 06th, 2011 at 4:06 PM
Consumer Bankruptcy Attorney serving Worcester, MA
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Law Offices of James Wingfield
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In order to confirm a Chapter 13 plan, the plan must, at the very minimum, propose to pay all secured creditors in the amount of their arrearage, and unsecured creditors must receive as much as they would under a Chapter 7 liquidation scenario. In addition, your income must be sufficient to pay all of your usual and necessary household expenses, along with a confirmable plan payment. There are a number of other factors that go in to determining what your plan payment will be and you should absolutely engage an experienced bankruptcy attorney to guide you through the many pitfalls that await in a Chapter 13 case.
Answered on Dec 06th, 2011 at 3:37 PM
Glen Edward Ashman
There a myriad of requirements as to your income, expenses, assets and debts that would take many pages to list. And even if you qualify to file, you may not be a good candidate. Since it costs almost nothing to find out what you should do, why not simply visit a bankruptcy lawyer to run the numbers and see what you can and should do.
Answered on Dec 06th, 2011 at 1:02 PM
Criminal Defense Attorney serving Summit, NJ
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Stephen P. Dempsey Counselor at Law
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Generally, you need to have a regular income so that you can fund a Chapter 13 plan of repayment which is approved by the trustee and court. However, the payment plan is contigent on your disposable income.
Answered on Dec 06th, 2011 at 10:39 AM
Business Bankruptcy Attorney serving Raleigh, NC
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J.M. Cook, P.A.
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11 USC 109 states the requirements to be a debtor. Generally, a Chapter 13 debtor must meet three tests: 1. Reside in the US, work in the us or own property in the US; 2. Have regular income, and 3. Have no more than $336,900 in unsecured debt and no more than $1,010,650 in secured debt. (these amounts are periodically adjusted for inflation).
Answered on Dec 06th, 2011 at 10:38 AM
Bankruptcy Decision Attorney serving San Diego, CA
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Law Office of Daniel G. Shay
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Look at the debt limits and you need to have sufficient income. Those are the main barriers.
Answered on Dec 06th, 2011 at 10:36 AM