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How To Determine Your Eligibility For A Chapter 13 Bankruptcy Case?

The primary benefit of filing a bankruptcy case under Chapter 13 is that unlike Chapter 7 you do not have to liquidate your non-exempt properties to pay off your debts. Filing a case under Chapter 13 bankruptcy allows you to keep your property and repay the debts in easy repayment plans sanctioned by the court of law. So, are you interested to file an insolvency case under Chapter 13? But, there are certain criteria you have to meet to be considered eligible for filing insolvency under this plan. Given below is a list of criteria you have to meet:

* You are not allowed to file a bankruptcy case on behalf of an entity. Only individuals and at the most spouses together can file for such a case. Remember you cannot file a bankruptcy case in the name of the business but, in the name of the debts you are personally liable for. Nevertheless, commodity brokers and stockbrokers are considered ineligible for filing insolvency under Chapter 13.

* Did you file a bankruptcy case before? Then let an experienced lawyer decide whether you are eligible for filing another case under the same clauses. If it’s not been two years that you have been discharged under a Chapter 13 case or not been four years from a Chapter 7 case, you are not eligible to file insolvency once again.

* Did you try to represent yourself in filing insolvency under Chapter 13 and your case got dismissed at the court of law? You will not be able to place another petition for claiming bankruptcy before 180 days. So, it is advised that you let an experienced lawyer handle such a case from the beginning. S/he knows the proper ways to file a case and will thus, your case will not get complicated.

* Another important criterion is that the debts should not be too high. Chapter 13 bankruptcy imposes limitations on the amount of debts that could be considered under such a legal case.

* There is another thing that you should qualify for – you should have enough income to pay off your debts. The source of income might be – a working spouse, own wages and salary, income from self-employment, unemployment benefits received, and the social security benefits.

In addition to the above mentioned pointers or criteria, there are many other conditions which an attorney will be able to gauge appropriately. That is why, it will be best to consult with an attorney on the different aspects of chapter 13 bankruptcy cases. Are you looking for a suitable attorney who is conversant with the Chapter 13 bankruptcy? Eric Ollason, Attorney at Law, bankruptcy lawyer in Tucson, comprises a couple of lawyers who are expert in handling such cases efficiently and expertly.

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