What are the requirements for filing Chapter 13 Bankruptcy?

In California, filing for Chapter 13 bankruptcy is an option for individuals struggling with debt. To file Chapter 13 bankruptcy in California, an individual must meet certain requirements. First, the individual must have a regular source of income. This includes income from salaries, wages, pensions, rental income, and so on. It must be sufficient to make regular payments to creditors. Second, the individual must make a good faith effort to pay back their creditors. This means that they must submit a plan outlining how they will repay the debt within three to five years. The plan must be approved by the bankruptcy court. Third, the individual must have a minimum amount of debt in order to file for Chapter 13 bankruptcy. Generally, the total of all unsecured debt (like credit card debt) must be more than $419,275 and the total of all secured debt (like car loans) must be more than $1,257,850. Finally, the individual must attend credit counseling from an approved provider. After completing the counseling, the individual must submit a certificate of completion with their bankruptcy documents. These are the basic requirements for filing for Chapter 13 bankruptcy in California. It is important to be sure you meet all of the requirements before filing and to consult a bankruptcy attorney if you have any questions.

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What are the requirements for filing Chapter 13 Bankruptcy?

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