Do I Qualify for Chapter 13 Bankruptcy?
In order to qualify for Chapter 13 bankruptcy, you must prove to the court that you have enough disposable income to make the monthly payment. If you hire an attorney such as John Bymaster, he will determine how much total income you make and then subtract allowed expenses and required payments on secured items such as mortgages and car loans.
In Chapter 13 bankruptcy, you will have to pay certain debts in full or the judge will not confirm (approve) your plan. If the judge does not approve your plan, then you will not be able to proceed in the Chapter 13 bankruptcy.
• Wages or Salary from employment
• Wages from self-employment
• Wages from a seasonal job
• Pension Income
• Social Security
• Disability or worker’s compensation
• Unemployment benefits
• Public Benefits
• Child Support you receive
• Royalties and rents
• Proceeds from selling property
If you are married and you are filing bankruptcy, your income does not have to be your own income. A spouse that is not working can file individually and use the money from the working spouses income. Also, the non-working spouse can file jointly with the employed spouse. Sometimes other sources of income can also be used.
It is a good idea in Chapter 13 bankruptcy to consult a bankruptcy attorney. Indiana Bankruptcy Attorney John Bymaster is very experienced in Chapter 13 bankruptcy. If you call today to schedule a free consultation with John, he will be able to go over the details of Chapter 13 bankruptcy.
“You will very likely qualify for Chapter 13. Using a Chapter 13 plan can be an affordable tool to quickly modify a tough debt situation. If your financial situation seems impossible, call us for a consultation. It’s free.” – Attorney John F. Bymaster