Are there Qualifications Required for me to File for Chapter 13 Bankruptcy?
Are there Qualifications Required for me to File for Chapter 13 Bankruptcy?
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Home Page > Law > Bankruptcy > Are there Qualifications Required for me to File for Chapter 13 Bankruptcy?
Are there Qualifications Required for me to File for Chapter 13 Bankruptcy?
Posted: Feb 08, 2012 |Comments: 0
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Having experienced Arizona bankruptcy lawyers assist you in your financial decision-making allows you to be more informed when considering to file for bankruptcy. In most cases, there are bankruptcy laws you might not be aware of that can be brought into light by a lawyer.
Not everyone can file for Chapter 13 since there is a set of limitations as to who may file for this type of bankruptcy. Generally, an individual consumer or an unincorporated business is able to file for bankruptcy. But there is a limit as to the amount of debt you owe. The total amount of unsecured debts credit cards and doctor and hospital bills should not exceed $360,475. While the total amount of secured debts such as mortgages, auto loans and student loans should be less than $1,081,400. This is a mandated Chapter 13 debt limits in Arizona.
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You should be able to prove that you have the income to make monthly payments to your creditors in order to pursue a Chapter 13 bankruptcy. You do not need to have a stable job to qualify for this. Other considerations are income you get from rent or regular benefit payments.
Furthermore, you may not file for Chapter 13 when you have filed for one in the past 180 days. The debtor is also required to take credit counselling from any of the agencies approved by the US Trustee’s Office six months before filing for bankruptcy.
Should I really file for Chapter 13?
The financial situation of each person is different. What works for one may be detrimental to another. Nonetheless these are some of the signs that would suggest bankruptcy might be the route to take.
Your debts are mostly unsecured.
Your medical bills are more than what your insurance covers.
You have few assets.
You have minimal or no savings.
You are behind in your payments for more than one bill.
There are income taxes you cannot afford to pay.
Some of your properties have already been repossessed.
Lawsuits have been or are being filed against you.
Creditors are aggressively taking action to demand payment from you through phone calls, letters and personal contact.
These are not strictly set in stone however. Perhaps there are a few more financial details that you are worried about that can only be adequately addressed by Arizona bankruptcy lawyers. They have comprehensive experience that works to your advantage. In due course, you may very well get the financial freedom that has been avoiding you for so long.
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About the Author:
Steve Anderson is one of the lawyers of Pew Law Center. Arizona bankruptcy help people get the protection and debt relief they need under federal bankruptcy law.
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