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

In Texas, the qualifications for a Chapter 13 bankruptcy are fairly straightforward. First, you must be a wage earner, which means you must have regular income from employment or from business activities. This income must be sufficient to meet all your regular expenses and pay off your creditors. Second, you must have some form of unsecured debt. Unsecured debt is debt that is not backed up by any assets, such as credit card debt, medical bills, and other forms of consumer debt. The total of your unsecured debt must be less than $394,725. Finally, you must be able to make payments on your debts over a three to five year plan. These payments must be sufficient to cover all of your debt. If you are unable to make these payments, you may not qualify for a Chapter 13 bankruptcy. Once you meet these qualifications, you can begin the process of filing for bankruptcy. You will need to provide the court with documents such as financial statements and proof of your income. The court will review these documents and decide if you qualify for a Chapter 13 bankruptcy.

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

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