Individuals, as well as those filing tax returns jointly as spouses, have the option of filing for Chapter 13 bankruptcy. Under this, you are allowed to keep your property and repay creditors over a 3-5 year time period as approved by the court. Businesses are not entitled to file under Chapter 13. Also, those with Chapter 13 proceedings within the past two years, or Chapter 7 proceedings within the last four, are not eligible to file Chapter 13. Finally, the debt limit for filing Chapter 13 bankruptcy is $336,900 in unsecured debt, and $1,010,650 in secured debt. Those with more debt are not eligible.
Filing for bankruptcy
is a complicated and often intimidating process wrought with heavy decisions. However, you don't have to go through it on your own. Whether you need a consultation or are facing legal action, our team of trusted bankruptcy lawyers
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