Question: Do I qualify for a Chapter 13 bankruptcy?


Answer


In order to qualify for a Chapter 13 bankruptcy your debts must fall within federal guidelines. As of April 1, 2011 your secured debt cannot exceed $1,081,400 and your unsecured debt cannot exceed $360,475. Secured debt consists of those debts that are secured by collateral. Automobile loans and home loans are both good examples of secured debt. Alternately, examples of unsecured debt include credit card debt and student loan debt.

If you are interested in filing a Chapter 13 Bankruptcy or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.


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