Is Chapter 13 Bankruptcy an option for me if I am self-employed?

Yes, Chapter 13 Bankruptcy is an option for self-employed individuals in California. Chapter 13 Bankruptcy is a type of bankruptcy that allows an individual to keep some of their assets and reorganize their debts. This type of bankruptcy allows for a payment plan to be created for individuals that are unable to pay off their debts in full. In Chapter 13 Bankruptcy, self-employed individuals can include their business income and debts in their payment plan as well. In California, self-employed individuals who file for Chapter 13 Bankruptcy can also benefit from certain exemptions such as the homestead exemption which allows individuals to keep a certain amount of equity in their primary residence. Furthermore, individuals can also benefit from the means test, which allows individuals with a lower income to be eligible to file for Chapter 13 Bankruptcy. In conclusion, Chapter 13 Bankruptcy is an option for self-employed individuals in California. This type of bankruptcy allows self-employed individuals to include their business income and debts in their payment plan. Additionally, individuals who file for Chapter 13 Bankruptcy in California can benefit from certain exemptions, such as the homestead exemption and the means test.

Related FAQs

What are the fees and costs associated with Chapter 13 Bankruptcy?
What is the difference between Chapter 7 and Chapter 13 Bankruptcy?
What is the time limit to complete a Chapter 13 Bankruptcy?
What assets may I keep when filing Chapter 13 Bankruptcy?
What is the process for filing Chapter 13 Bankruptcy?
How does a Chapter 13 Bankruptcy stop foreclosure?
What is the difference between a secured and non-secured debt in Chapter 13 Bankruptcy?
Are there any assets I can exempt in Chapter 13 Bankruptcy?
What debts are covered under Chapter 13 Bankruptcy?
How do I calculate my disposable income for Chapter 13 Bankruptcy?

Is Chapter 13 Bankruptcy an option for me if I am self-employed?

Related FAQs

Related Blog Posts