3 Important Chapter 13 Eligibility Requirements

If you are considering Chapter 13 bankruptcy protection, there are three eligibility requirements that you must pass.

If you filed for bankruptcy in the past six months and your case was dismissed, you are not eligible for Chapter 13 bankruptcy. In cases where your Chapter 7 or Chapter 13 bankruptcy was dismissed for either violating a court order or you asked for the bankruptcy to be dismissed after a creditor lifted an automatic stay, you will not be allowed to file for bankruptcy again for a certain period of time.

In order to qualify for bankruptcy protection, you must fulfill your credit counseling requirement. You will need the piece of paper certifying that you completed a credit counseling course within 180 days of filing for bankruptcy. And finally, you must prove that your debts do not exceed the acceptable amount for filing. Your debts need to be less than $336,900 to qualify for Chapter 13 bankruptcy protection.

The eligibility requirements can be tricky to understand which is why it is a wise idea to contact a Chicago bankruptcy attorney when considering consumer bankruptcy.