Detroit Chapter 13 Attorney
Are you eligible for Chapter 13 bankruptcy?
Before pursuing bankruptcy through
Chapter 13, it is wise to discuss your current financial situation and your needs
with a trusted Detroit Chapter 13 lawyer from our firm. At The Law Offices
of Marshall D. Schultz we understand how difficult it is to think clearly
when you are burdened by debt and financial issues, and we have been counseling
clients in similar positions for well over 30 years combined. You can
trust that our firm can go the extra mile to answer your questions and
work in your best interests.
To be a considered an “eligible debtor” anywhere in the U.S., you need:
- A source of regular income as defined by the U.S. Bankruptcy Code
- To be an individual, or an individual and spouse, rather than a business
- To owe under $360,475 in non-contingent, liquidated, and unsecured debt
- Owe less than $1,081, 400 in non-contingent, liquidated, and secured debt
It should be noted that the figures given above for debt are as of late
2012. Speak with our firm for current amounts of debt to qualify for Chapter 13.
“Regular Income” & Non-Contingent Debt
How much regular income you need to qualify is not exorbitant. According
to the Bankruptcy Code, what is required is “income sufficiently
stable and regular to enable [that person] to make payments under a plan
under Chapter 13.” Essentially, you need to have the resources to
live up to the terms of your Chapter 13 payment plan.
There are certain limits to the debt you can have in a Chapter 13 bankruptcy
which you should be aware of. You should also determine which of your
debts are non-contingent. This debt refers to that which is not dependent
on a future event in order to exist. This is debt which may never come
about so it cannot be incorporated into a measure of what debt you owe.
Don’t struggle with unmanageable debt!
Similarly, liquidated debt is debt based on a fixed amount which has been
agreed upon. Legal claims, for example, which have yet to be completely
adjudicated and awarded are not liquidated. Unsecured debt is debt including
what you owe on a credit card which is not guaranteed by the debtor with
collateral or other property. Secured debt, on the other hand, includes
debt such as car-loans or the mortgage on your home which is guaranteed
Rules regarding eligibility can be complex, which means you need to speak
with a dedicated Detroit Chapter 13 lawyer from our firm who can explain
all that goes into filing for bankruptcy. You needs deserve to be taken
into consideration, so let The Law Offices of Marshall D. Schultz answer
all your questions and help you get out from under your debt.
Call today to learn how our firm can help—(888) 822-6730!