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Your Chapter 13 Eligibility

Determining Whether Chapter 13 Bankruptcy May Help You Take Control of Your Finances

As filing Chapter 13 bankruptcy may provide you with the tools you need to get back on your feet and overcome your financial challenges, determining your Chapter 13 eligibility is crucial when making a decision on filing bankruptcy.

In making your decision whether or not to file for bankruptcy, you might be interested in knowing the general profiles of those who have already done so:

  • The average age of bankruptcy filers is 38;
  • 44% of filers are couples;
  • Two out of three have suffered a job loss;
  • 50% have experienced some type of health issue; and
  • Fewer than 9% have not suffered a job loss, medical event, or divorce.

It is important that you use all the tools available to you in order to get yourself back on track financially. As you can see from the above statistics, many people have concluded that filing for bankruptcy was the best option for their situation. At Chapter13.Me, we want to help you decide not only if bankruptcy is the right option for you, but also which chapter will best serve you.

That’s why we have built an informative Web site about Chapter 13 bankruptcy and also made it extremely easy for you to connect with a local bankruptcy lawyer who can help you examine what a Chapter 13 repayment plan may do for you. Simply fill out our free bankruptcy case evaluation form or call 1 (888) 632-0504, and we’ll do the rest in connecting you with a nearby Chapter 13 bankruptcy lawyer from our nationwide network of sponsoring bankruptcy attorneys.

Can You File for Chapter 13 Bankruptcy?

The purpose of Chapter 13 debt reorganization is to help you structure a repayment plan with your creditors in exchange for getting to keep those items tied to your secured debts, like your home or car. While Chapter 13 bankruptcy may not be for everybody, it is always good to have an understanding of how this consumer bankruptcy protection works and whether it may be able to help you address your current financial situation.

While going through the checklist of questions below  is a good way to start determining if you are eligible for filing Chapter 13 bankruptcy, take the next step and speak with a local Chapter 13 bankruptcy lawyer who can guide you as you explore these questions.

Wondering about filing bankruptcy via Chapter 13 of the U.S. Bankruptcy Code? Examine these questions:

  • Do you have a regular source of income?
  • Do you have enough disposable income to make regular payments to the trustee after covering your current necessary living expenses?
  • Do your debts fall within pre-set limits for secured and unsecured debts?

If you’ve answered “yes” to these questions, you may be eligible to file Chapter 13 bankruptcy. But how do you know if your answers are right? Examine your Chapter 13 eligibility with someone who would know, a local Chapter 13 bankruptcy attorney.

What Exactly Should You Consider as Income for the Purposes of Filing Chapter 13 Bankruptcy?

When reviewing your financial assets for the purposes of filing Chapter 13 bankruptcy, income is a fundamental component. Sometimes it can be confusing to figure out what exactly constitutes income for the purposes of filing Chapter 13 bankruptcy.

Income can include any of the following items:

  • Your regular wages or salary;
  • Your income from self-employment;
  • Any wages you earn from seasonal work;
  • Your commissions from sales or other work;
  • Your pension payments;
  • Your Social Security benefits;
  • Your disability or workers' compensation benefits;
  • Your unemployment benefits;
  • Your public benefits (welfare payments);
  • Any child support or alimony you receive;
  • Royalties and rents you receive; and
  • Proceeds from property you sold.

Speak with a Bankruptcy Lawyer about Filing Chapter 13 Bankruptcy

You may still have further questions about your eligibility to file bankruptcy under Chapter13. This process is all about assisting you with the help you need in order take control of your financial future.

To receive further assistance, just complete our free bankruptcy case evaluation form or call 1 (888) 632-0504. We’ll connect you with a bankruptcy attorney near you who can help you examine whether Chapter 13 bankruptcy may be able to give you the breathing room you so need and deserve from home foreclosure, vehicle repossession or other collection actions.