It can be incredibly frustrating to be living with large amounts of debt, and it is natural to wonder what your options are for getting the debt relief you and your family need. You may be wondering if you are eligible to file for Chapter 13 bankruptcy, the debt relief option that allows you to keep most of your property while making regular payments to your creditors.
Am I Eligible for Chapter 13?
Unlike a Chapter 7 filing, which requires you to meet several particular criteria, the requirements for Chapter 13 are less hard and fast. Under the current US laws, you can file for Chapter 13 bankruptcy if:
- You have less than $336,900 in unsecured debts, and
- You have less than $1,010,650 in secured debts.
Additionally, you need to be making enough income that you can live off of part of it and use the rest to pay down your debts. Our Milwaukee bankruptcy attorneys may be able to work with you to draft a repayment plan that will help you eliminate your debts and get back on your feet financially.
At the DeLadurantey Law Office, LLC we believe in working with our clients to get them the best debt repayment plan possible. We are willing to explore your options with you to find the option that will work for you. To learn if Chapter 13 is right for you, or if you would benefit more from another option, contact our Milwaukee bankruptcy attorneys today by calling 414-377-0518.