Your debts are piling up? You are on the verge of losing your home and other valuable assets? If your answer to both of these questions is yes, you must know, no matter how depressing the situation might seem, there’s a way out. You can get rid of your present debts, save your assets, and live a life with dignity by filing bankruptcy with the help of an experienced and reputed lawyer.
Filing bankruptcy is an important decision and you must not take it lightly. You need to know which chapter is going to serve your needs the most. Many people prefer filing Chapter 13 bankruptcy for the numerous benefits it offers. However, there are certain criteria to file Chapter 13 bankruptcy, let’s take a quick look at them:
If you are not a business owner
Individuals and people who are filing Chapter 13 bankruptcy as husband and wife are eligible. However, business owners or that run corporations and limited liability companies or LLC and sole proprietorships cannot file for this particular chapter of bankruptcy. However, If you own a business as a sole proprietor, you can file for Chapter 13 bankruptcy as an individual by including your business debts which you have to pay on your own. Unincorporated business owners and sole proprietorships can also qualify for Chapter 13 bankruptcy if they are eligible for the debt requirements.
Your debts must not be too high
You would not be able qualify Chapter 13 bankruptcy if your debts are too high. Moreover, if your secured debts are not more than $1,010,650 you will be able to file for Chapter 13 bankruptcy. Apart from that, if the amount of your unsecured debt is more than $336,900 you are eligible for Chapter 13 bankruptcy. If you fail to meet these criteria, you are ineligible to get the benefits of Chapter 13 law. You must get in touch with an efficient and specialized bankruptcy lawyer to know more details.
You must have a steady income
Filing for Chapter 13 bankruptcy is a wise decision for people with a stable income and if they believe their financial crisis is just temporary. In order to qualify you must have a steady source of income after deducting certain allowed expenses and payments on secured debts to meet the repayment obligations. It is essential to pay back some of the debts otherwise the court will not allow you to file for chapter 13 bankruptcy.
So, now you know some of the major qualifications of Chapter 13 bankruptcy law. It is essential to hire a skilled lawyer who has specialized in the field of Chapter 13. Melbourne is a place where you will come across a large number of such legal professionals but do not choose anyone randomly without verifying his qualifications and reputation.
Chapter 13 Melbourne – If you are in search of an expert attorney to file for Chapter 13, Melbourne residents would recommend you the name of Burton Green Attorney At Law for his proven track record.