How do I know if I qualify for a repayment plan?

To know if you qualify for a repayment plan in South Carolina, you must first understand the types of bankruptcy that are available. Under US bankruptcy law, there are two main types of personal bankruptcies that can be filed: Chapter 7 and Chapter 13. Chapter 7 bankruptcy is designed to eliminate most of your debts, while Chapter 13 enables you to create a repayment plan that allows you to pay back all or part of your existing debt over a three to five-year period. When deciding if you qualify for a repayment plan, you must review your current assets and income. You must also determine if the available income is sufficient to repay your existing debts over a three to five year period. If you do not have enough income to cover your existing debts, then you may not qualify for a repayment plan. It is important to note that the amount you owe, type of debt, and your current financial situation will all be taken into account when deciding whether you qualify for a repayment plan. Additionally, you should understand that some debts, such as student loans, cannot be included in a Chapter 13 bankruptcy. If you are considering bankruptcy, it is important to seek out professional advice to determine if you qualify for a repayment plan. An experienced bankruptcy attorney can help you understand the process and advise you on the best path forward for your financial situation.

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How do I know if I qualify for a repayment plan?

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