What are the requirements for filing Chapter 13 Bankruptcy?

In Virginia, there are several requirements a person must meet in order to be eligible to file for Chapter 13 bankruptcy. First, a person must have a “regular source of income” which is defined as any type of income received on a regular basis that can be used to repay debt, such as wages, Social Security income, or income from a small business. Any combined debts, excluding a mortgage and secured debts, must be less than $419,275. Additionally, the amount of unsecured debts, such as credit cards or personal loans, must be less than $1,257,850. Second, the filer must have filed all required taxes with the Internal Revenue Service or, if they have not filed them, must have the ability to do so within the Chapter 13 repayment plan. Lastly, all creditors, or people to whom the filer owes money, must receive notification of the filing, and the filer must submit all of the forms required by the court. In order to be eligible to file for Chapter 13 bankruptcy in Virginia, an individual must have a regular source of income, must have debts that are within the allowable limits, must have filed or be able to file all taxes within the repayment plan period, and must provide the necessary paperwork to the court and creditors.

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What are the requirements for filing Chapter 13 Bankruptcy?

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