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

To qualify for Chapter 13 bankruptcy in Kansas, you must pass a means test. This means test takes into account your income and your assets as well as your debts. First, you must have a consistent source of income – this could be from employment, Social Security, or alimony – in order to be able to make payments on your debt. Second, your total debt amount must fall within the limits of a Chapter 13 bankruptcy. This amount changes from year to year, and may differ from state to state. As of 2020, for the state of Kansas, the unsecured debt limit is $419,275 and the secured debt limit is $1,257,850. Third, you must have enough disposable income to pay off your debt. Your disposable income is calculated by subtracting your necessary expenses, such as your mortgage or rent payments, groceries, and other living expenses, from your total income. If the difference is enough to cover your debts, then you may qualify for Chapter 13 bankruptcy. Finally, you must have filed any required federal, state, and local tax returns for the last four years. If you think you meet all of these criteria for Chapter 13 bankruptcy in Kansas, you should speak to a qualified bankruptcy lawyer who will be able to guide you through the process.

Related FAQs

Is bankruptcy the best option for me?
How do I fill out the bankruptcy forms?
Is there a limit to the amount of debt I can have when filing for bankruptcy?
What are the differences between filing for Chapter 7 and Chapter 13 bankruptcy?
What kind of debt counseling is available before and after filing for bankruptcy?
Is there anything I can do to rebuild my credit after bankruptcy?
How do I know if I qualify for a repayment plan?
Do I have to pay taxes on any discharged debt?
Can I keep certain types of property when filing for bankruptcy?
How do I know if I'm eligible to file for bankruptcy?

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

Related FAQs

Related Blog Posts