Who May File Chapter 13 Bankruptcy?

Who May File Chapter 13 Bankruptcy? "Financial hardship can be one of the most distressing and aggravating circumstances to encounter. Although there are numerous options for overcoming this difficulty, such as registering for bankruptcy, it can be difficult to know where to begin. The purpose of Chapter 13 bankruptcy is to assist those who have found themselves contending with overwhelming debt. If this describes your current circumstances, you may wish to investigate your eligibility for Chapter 13 bankruptcy.If you are an individual contemplating filing for bankruptcy, it is imperative that you verify your eligibility for the specific type of bankruptcy you intend to file. For Chapter 13 registrants, the following requirements must be met:Individuals only may file for this type of bankruptcy. For corporations and partnerships, Chapter 13 bankruptcy is unavailable. It can be applied to groups in times of emergency.
Your unsecured debts, in which your lender does not have a claim to the debt's collateral, must total less than $360,475.
Your secured debts, which are those that are secured by an asset that can be considered collateral and repossessed for non-payment to lenders, cannot exceed $1,081,400 in total.
You have not filed for bankruptcy within the previous 180 days and had it dismissed voluntarily, for failure to comply, or for failure to appear in court.
You are required to obtain credit counseling within 180 days prior to registering for bankruptcy.These parameters may vary based on when you file for bankruptcy and the current market conditions. If you are considering filing, it is imperative that you obtain the counsel of an experienced attorney.""

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