Qualifying for Chapter 13 Bankruptcy
Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Chapter 13 Bankruptcy Forms and other Legal Forms topics.
Qualifying for Chapter 13 Bankruptcy
Individuals will qualify for chapter 13 bankruptcy if the meet the following criteria: unsecured debt, ie credit card debt or debt for goods and services, may not exceed $250,000 and secured debt, ie home mortgages, vehicles loans, may not exceed $750,000. Payments are made to a trustee, who in turn pays secured creditors first in line with their priority placement and then unsecured or credit card debt may be paid as a second priority. Creditors are not required to agree to this type of bankruptcy repayment plan, as the court can force the creditor to accept even if they object.
| Guru Spotlight |
| Candi Wingate |
