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

Chapter 13 bankruptcy is one of the options available to individuals in Virginia who are unable to make payments on their debts. In order to qualify for a Chapter 13 bankruptcy in Virginia, you must: 1. Have a regular source of income in order to make payments under the plan; 2. Have no more than $394,725 in unsecured debt, such as credit card debt, medical bills, and personal loans; 3. Have no more than $1,184,200 in secured debt, such as a car loan or mortgage; 4. Have not had a prior bankruptcy discharge in the past 180 days; 5. Take a credit counseling class, complete a debt repayment plan, and file the necessary paperwork with the bankruptcy court; 6. Be able to make payments on the plan for at least five years, unless the court grants more time. The best way to determine if you qualify for Chapter 13 bankruptcy in Virginia is to consult with an experienced bankruptcy attorney. An attorney can review your financial situation and advise you on the best course of action. In addition, an attorney can answer any questions you may have and help you to complete the necessary paperwork correctly and in a timely manner.

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

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