Filing bankruptcy chapter 13: Getting information about the eligibility & process further

Author: Amit Kumar
by Amit Kumar
Posted: May 17, 2017

Financial situation is not in your favor and time just show you the only path of the chapter 13 bankruptcy, then it is highly needed that before filling the bankruptcy chapter 13, you should be sure that it gives you the relaxation that you are opting for. Always remember detail information is something that helps you in this moment. You may hire experts, then also you should sit with them, bag the information about all and then take your decision.

This is true that if you qualify under this, then you get the time from bank for repaying the amount, this is not something you have to sell all your belongings and pay that immediately. But, for qualifying yourself for applying the bankruptcy chapter 13, you have to fulfill the below mentioned criteria.

You should not be a business entity. If you are the individuals or just go for the same jointly as husband and wife, then you can be eligible for filling the bankruptcy chapter 13. No way to think that the businesses that are corporations and limited liability companies are eligible for Chapter 13 and you can go for the Chapter 11 bankruptcy. So, take care of the thing before applying the same. At the same time if you have applied for chapter 13 bankruptcy or the chapter 7 one, then immediately, your case will be rejected. So, be sure about these terms and then go for it.

You need to be Fulfilled the credit counseling requirement while applying for the bankruptcy chapter 13. A debtor must submit the certificate of proof from the approved credit counseling agency at the time of applying and it should be at least 180 days prior to filing for Chapter 13. So, get the documents ready as per the time requirements and then go for it.

You should have the proof of the state and federal income tax returns for the previous four years when you want to apply for the same. Surely, you have all these with you and if anything is missing then you are not eligible for the same. And at the same time the amount should not be more. So, make a check list and when you find everything is just awesome, you can take your step ahead and you can be hopeful for the better outcome.

Regardless, these are the things when you meet up with the same, you can apply for the same.

About the Author

Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength.

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Author: Amit Kumar

Amit Kumar

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United States

Member since: Feb 17, 2017
Total live articles: 159

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