The debt limits for Chapter 13 bankruptcy are $360,475 for unsecured debt and $1,081,400 for secured debt. If you have more in either category of debt, you do not qualify for Chapter 13 bankruptcy and must file Chapter 11 if you want to reorganize your debt.
Otherwise, as long as you are an individual with regular income and can afford to pay your monthly living expenses, secured debt payments for property you want to keep, and an extra amount for the monthly Chapter 13 bankruptcy plan payment, then you qualify for Chapter 13 bankruptcy.
What’s the Big Picture?
The bottom line about Chapter 13 bankruptcy is this: You pay what you can afford after your reasonable expenses for a set period of time, then you emerge from bankruptcy with a clean slate and a fresh start.
Don’t make a costly mistake. For a FREE bankruptcy consultation contact the Crossley Law Offices by filling out the Free Evaluation form below, or call (508) 655-6085 today.