Chapter 13 Requirements
Filing Chapter 13 in Atlanta, Georgia and Surrounding Areas
Chapter 13 bankruptcy functions as a three to five year payment plan that is supervised and approved by a bankruptcy judge and and a bankruptcy trustee. Unlike voluntary payment arrangements, bankruptcy court approved Chapter 13 plans bind all creditors – they have to accept the terms and the payouts set out in the plan.
Your Clark & Washington lawyers have years of experience preparing Chapter 13 plans that will meet court approval but also leave you with enough money to pay your bills and live your life as you see fit.
In order to qualify for Chapter 13 you must have a regular source of income that can be used to fund your plan. Acceptable sources of income include:
- wages from a job
- earnings from self employment
- payments from Social Security
- payments from a workers’ compensation insurance company
- payments from a pension or retirement plan
- child support or alimony
- regular support from family or friends
You must also have enough “disposable income” left over at the end of the month to pay into your Chapter 13 plan. You might be surprised to learn exactly how much disposable income you actually have after your Clark & Washington lawyer works with you to prepare a budget and proposed repayment plan.
You must be a living person to qualify for Chapter 13. Corporations and estates of deceased persons do not qualify.
There are a few other requirements that affect people who have previously filed Chapter 7 or Chapter 13 (ask your lawyer) but as you can see, the requirements to qualify for Chapter 13 are fairly reasonable.
If you think that Chapter 13 may be appropriate for you, please call our office for a free, friendly consultation. Our telephone number is 770-488-9300.