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

In Rhode Island, a Chapter 13 bankruptcy is available to individuals who can prove that they have a dependable source of income to make payments on their debts. To qualify for this type of bankruptcy, you must have a regular source of income, such as a job, disability benefits, or Social Security benefits, that provide you with enough money to make regular payments to your creditors. You must also have enough disposable income left over after you pay your regular bills each month to make payments on your Chapter 13 plan. This is important because if you don’t have enough disposable income, you won’t be able to make the monthly payments that will be required to complete your Chapter 13 plan. Additionally, you must have secured debts that are worth less than $1,257,850 and unsecured debts that are worth less than $419,275. If your debts exceed these amounts, you may not qualify for a Chapter 13 bankruptcy. Finally, Chapter 13 bankruptcies are only available if you have not filed for a Chapter 7 bankruptcy in the past four years. If you have, you may be ineligible for a Chapter 13 plan. If you think you may qualify for a Chapter 13 bankruptcy in Rhode Island, it is important to meet with a qualified bankruptcy attorney to go over the specifics of your financial situation and determine whether or not you are eligible.

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

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