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How do I know if I qualify to file a Chapter 13 Bankruptcy?

Posted by Melinda Dionne | Oct 07, 2011 | 0 Comments

To file a Chapter 13 bankruptcy case, you must be an individual. In addition, you must have sufficient regular and stable income to allow you to make the payments called for under your plan. The applicable code section in the bankruptcy code is 11 U.S.C. Section 109(e). Section 109(e) provides that:

Only an individual with regular income that owes, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts of less than $360,475 and noncontingent, liquidated, secured debts of less than $1,081,400, or an individual with regular income and such individual's spouse, except a stockbroker or a commodity broker, that owe, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts that aggregate less than $360,475 and noncontingent, liquidated, secured debts of less than $1,081,400 may be a debtor under chapter 13 of this title.

11 U.S.C. Section 109(e) (2011). The debt limits are adjusted each April 1st. The debt limits shown above became effective on April 1, 2011.

About the Author

Melinda Dionne

My name is Melinda Dionne.  For over 35 years, I have been helping people find a way to deal with overwhelming debt.  I have never represented a deadbeat because the vast majority of people having financial problems are anything but deadbeats.

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