Our Columbus bankruptcy lawyers may be able tell you if you qualify for a Chapter 13 case.
Many people ask our Columbus bankruptcy lawyers about filing a Chapter 13 case because they have heard that it may give the opportunity to liquidate the majority of their debts, set up a reasonable repayment plan, and get a fresh financial start. While this may be true for most cases, our Columbus bankruptcy lawyers should ask a great many questions before they can make any type of recommendation.
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Our Columbus bankruptcy lawyers at times may have to explain that not all debtors qualify for a Chapter 13 case. They are careful to point out that you may qualify for a Chapter 13 only if you are able to satisfy the following three requirements:
You must have a regular source of income. Our Columbus bankruptcy lawyers explain that since you must be able to meet the terms of your repayment plan, the Bankruptcy Code requires that your income be "stable and regular".
You should have enough disposable income. The law requires you not only to have a "regular" source of income, but also to have sufficient "disposable income." In other words, you must have income left over after your expenses for basic human needs each month to allow you to make your monthly payments in a timely fashion under your repayment plan. There is no set formula for determining how much income may be enough, and the courts should be flexible in determining this. Our attorneys may be able to help you to prepare a proposed budget to the court to see if you satisfy these requirements.
Your debts must not be too high. If your secured debts (which include loans you have secured by liens on your property, such as your home and auto loans, and even IRS tax liens) exceed $922,975, you may not be eligible for a Chapter 13. Also, your unsecured debts may not exceed $307,675 (unsecured debts are debts for which you have not pledged any of your property as collateral-such as most credit card debt, personal loans, and utility bills).
If you do not qualify for a Chapter 13 bankruptcy, you may be able to qualify for a Chapter 7
Chapter 7 of the U.S. Code should be your lifeline and a huge step toward rebuilding a more secure financial future. Filing a Chapter 7 is your legal right and a courageous step that may obliterate the crushing stress of enormous debt. The beauty of a Chapter 7 is that certain types of your property may be untouchable by creditors. Depending on the state in which you live, this can include:
Your primary residence
Certain items of personal property
Tools
Work equipment
Your vehicle
Numerous other categories of property
More often than not, your exemptions may protect many of your assets.
If you would like to know more about your Chapter 7 and Chapter 13 options, you should simply dial our toll free number, 1-877-349-1309. All information will be kept strictly confidential. One of our experienced professionals should contact you at the convenient time you schedule to provide a free, no-obligation consultation.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.