Why Cant Everyone Avail The Benefits Of Chapter 13 Bankruptcy?
Any Tom, Dick and Harry who is not able to repay the debts cannot file for chapter 13 bankruptcy
. Some of the eligibility criteria to file for chapter 13 are as follows:
Any business even if it is sole proprietorship is not eligible for filing chapter 13 bankruptcy. Only the debts, that are linked to the business and that the owner is personally responsible for, can be included for filing chapter 13 bankruptcy.
The personal bankruptcy of commodity brokers and stockbrokers cannot be included for filing chapter 13 bankruptcies.
If the secured debts are more than $1,010,650, the debtor cannot file for chapter 13. Home loans and the filing of lien by the IRS are the examples of secured debts
If the unsecured debts are more than $336,900, the debtor cannot file for chapter 13. Some prominent examples of unsecured debts are medical bills, back utility bills, card debts, legal bills, and charges of the department store.
To prove ones eligibility for filing chapter 13 bankruptcies, one has to exhibit sufficient income after deducting some expenses and payments to service the secured debts, to do the necessary repayments.
One must submit the proof of filing the state and federal income tax returns for a minimum duration of 4 years before the date of filing the bankruptcy. The filing of chapter 13 can be rejected if the applicant is not current on Income Tax Filings or has not submitted any proof of being regular at tax payment.
Do you fit in the above mentioned eligibility criteria? If yes than file for chapter 13 bankruptcy
The chapter 13 bankruptcy plan can be funded through the following sources of income:
Income through self employment
Benefits through social security
Freelance commissions
Benefits on account of Workers compensation
Public benefits
Alimony in case of divorce
Royalties
Regular salary or wages
Pension payment
Seasonal work wages
Disability benefits
Benefits due to unemployment and strike
Child support benefits
Rent
Profits due to selling of property
A working spouse could also be the source of funds
The best bankruptcy advice can be got from bankruptcy attorneys and bankruptcy lawyers. We take pride in having association with the top most experienced bankruptcy attorneys. The chapter 13 bankruptcy filing can include the personal bankruptcy. The credit card bankruptcy and the medical bankruptcy form the major part of the personal bankruptcy.
If you want still more information about chapter 13 bankruptcy and interested in availing our services, apply now
by: Bankruptcy Attorneys
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