Rauser & Associates Legal Clinic LLP
Call Now For A Free Consultation! 888-843-5787

Qualifying for Chapter 13 bankruptcy

Accumulation of debt is a major problem for people in the United States. There comes a point when it becomes impossible to pay it off. Filing for bankruptcy is a way to deal with large debts. Chapter 13 bankruptcy provides you with the opportunity to restructure your repayment plans and pay off the debt within a period of three to five years. Within that time, you can organize your finances and make alternate arrangements to pay off the debt.

 

To qualify for Chapter 13 bankruptcy, your earnings must exceed the limit for Chapter 7 bankruptcy. Businesses are not eligible to apply, but if you are an individual or a married couple, you may file for Chapter 13 bankruptcy.

When filing for Chapter 13 bankruptcy, you have to file a petition with a bankruptcy court. Once the proceedings start, you will have the option of selecting a repayment plan for your debt. If your gross income is less than the median income for your state, a 36-month plan is proposed. By contrast, if your gross income is more than the median income for you state, a 60-month plan may be approved for you. A Chapter 13 plan is filed which contains all the details of the loans that have to be repaid, a summary of assets and liabilities owned by the filer, as well as any other relevant information.

Chapter 13 bankruptcy protects you from foreclosure and allows you to keep your assets. It is a great option for people who want a fresh start but want to keep their assets as well. If you are in a similar situation, consider consulting with an attorney who specializes in bankruptcy. The experience of an attorney can be crucial in determining whether your application for Chapter 13 bankruptcy gets approved.

 

No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact Us For Your Free Legal Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Rauser & Associates Legal Clinic LLP

Akron Office
1 Cascade Plaza
Suite 1410
Akron, OH 44308

Toll Free: 888-843-5787
Map & Directions

Canton Office
401 W. Tuscarawas
Suite 400
Canton, OH 44702

Toll Free: 888-843-5787
Map & Directions

Cleveland Office
614 West Superior Avenue
Suite 950
Cleveland, OH 44113

Toll Free: 888-843-5787
Map & Directions

Columbus Office
5 East Long Street
Suite 300
Columbus, OH 43215

Toll Free: 888-843-5787
Map & Directions

Elyria Office
347 Midway Mall Blvd
Suite 201
Elyria, OH 44035

Toll Free: 888-843-5787
Map & Directions

Toledo Office
316 North Michigan Street
Suite 420
Toledo, OH 43604

Toll Free: 888-843-5787
Map & Directions

Youngstown Office
26 Market Street
Suite 1001
Youngstown, OH 44503

Toll Free: 888-843-5787
Map & Directions