Bankruptcy Attorneys: Belleville, IL | Glen Carbon, IL | Highland, IL

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Qualifications for Chapter 13 Bankruptcy

The qualifications for filing any type of bankruptcy are established by the United States Bankruptcy Code. No one can override these requirements, not even a judge or attorney. Chapter 13 Bankruptcy refers to the section of the United States Bankruptcy Code that explains the repayment, and often reduction, of consumer debt with an affordable repayment plan. Chapter 13 Bankruptcy has very specific qualifications that must be met in order to file a Chapter 13 Bankruptcy.

In short, the primary qualification for Chapter 13 Bankruptcy is to have regular monthly income to support repayment over a 3 - 5 year period.  Other factors play a role in qualifying for Chapter 13 Bankruptcy, which your bankruptcy attorney can review with you at your free consultation.

There are a number of variables that factor into this simplified qualification summary, such as an analysis of your assets, and how income and expenses play a part in the Chapter 13 Bankruptcy Means Test.  Chapter 13 Bankruptcy offers significant advantages and disadvantages that should be considered before deciding to file Chapter 13 Bankruptcy.  An experienced bankruptcy lawyer can explain all your options and help you understand how the law applies to your specific situation so you can make an informed decision.

We offer a FREE Consultation with a bankruptcy lawyer so you can make an informed decision about what type of bankruptcy is right for you.