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

In Delaware, Chapter 13 bankruptcy is available if you meet certain criteria. First, you must have a good source of income from either a job or from other income sources such as social security, disability or pensions. You must also have a good source of funds to use to repay some or all of your debts. You must also show that you have enough disposable income to make payments on a Chapter 13 repayment plan. You also must have a maximum of $394,725 in unsecured debts, such as credit cards and medical bills, and $1,184,200 in secured debts, such as a house or car. You must also have filed all of your previous tax returns and have no more than $1,257,850 in student loan debts. Finally, you must demonstrate that you are unable to repay your creditors in full through a repayment plan within five years, or if you are a business, within three years. You will need to show that you can make the payments for a bankruptcy repayment plan based on your income and expenses. Overall, if you meet the criteria and can show that you cannot pay your creditors back in full, you may qualify for a Chapter 13 bankruptcy. It is important to speak with an attorney experienced in Delaware bankruptcy law if you have any other questions or concerns.

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

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