Is Chapter 13 Bankruptcy the Right Decision?
When filing bankruptcy, you may qualify for Chapter 7 or Chapter 13 bankruptcy. Depending on your unique situation, one might be a better choice than the other. Don’t make this crucial decision alone; let one of the expert bankruptcy lawyers at RGG Law help. We can fully analyze your situation and make the correct recommendation to get you the help you need. In some cases, Chapter 13 bankruptcy may be your best option. Today we’ll discuss what circumstances would make Chapter 13 bankruptcy the way to go.
Are You Eligible for Chapter 13 Bankruptcy?
Just like Chapter 7 bankruptcy, Chapter 13 bankruptcy requires you to meet certain requirements to be eligible. First and foremost, you have to be an individual or filing with a spouse. Businesses are not eligible for Chapter 13. Next, your income must be enough to start repaying your debts.
Where Chapter 7 bankruptcy relieves debts that are impossible to pay, Chapter 13 sets up a repayment plan to make paying your debts manageable. If you can’t afford to do this, Chapter 7 would be a better choice. You also can’t have applied for bankruptcy previously, unless the allotted amount of time has passed. You also need to be current on all your income tax filings.
Another nice thing about Chapter 13 is it allows you to keep all your possessions, as long as you’re making your payments. This is a big draw for most people, but you shouldn’t base your entire decision on this factor.
Do You Have a Solid Repayment Plan?
Your repayment plan also needs to be approved. Your repayment plan has to pay back all required debts. You debt also can’t be too high. If your debt exceeds a certain limit, you’ll be ineligible for Chapter 13 bankruptcy.There are a number of other requirements to meet, but hopefully, that gives you a basic idea of the criteria for Chapter 13 bankruptcy. Your bankruptcy lawyer can further help you with this decision.
Contact a Bankruptcy Lawyer at RGG Law
Don’t try to get through Chapter 13 bankruptcy alone. Let a professional bankruptcy lawyer from RGG Law help you navigate the process. We can help guide you on the right path to fixing your finances and building a better financial future. We can help you structure your repayment and help you deal with your creditors. Contact us today to schedule a free consultation with a bankruptcy lawyer. Take back your financial future with RGG Law.