How do I know if I qualify for a Chapter 13 bankruptcy?

In Arkansas, Chapter 13 bankruptcy is an option if you have a steady income and are able to pay off some, but not all, of your debts. Generally, you qualify for Chapter 13 if your debts are under certain limits. These limits include the amount of secured debt you owe, such as mortgages and car loans, and the amount of unsecured debt you owe, such as credit card debt and medical expenses. To qualify for Chapter 13 bankruptcy, your total unsecured debt must be less than $419,275 and your total secured debt must be less than $1,256,850. In addition, you must be able to maintain a steady repayment plan. This means that you will need to have sufficient income to make the payments on your repayment plan, and that these payments should be equal to or more than your regular monthly payments. Moreover, you must complete credit counseling before filing for Chapter 13. If you think that you may qualify for Chapter 13 bankruptcy, you should contact a qualified bankruptcy attorney in Arkansas to discuss your options. A qualified attorney can explain the full Chapter 13 process and help you decide if it is the best option for you.

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How do I know if I qualify for a Chapter 13 bankruptcy?

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