Whenever people hear about Bankruptcy in Dallas, TX, the first thing that crosses their mind is losing the entire asset. Well, that can be a fuss in some instances, but if you end up suiting for a lenient option, then Chapter 13 bankruptcy comes in.
With chapter 13, you get the chance to steer clear of foreclosure. Most of your other debts will be merged into one, thus, you will only have one debt to pay. And that means you do not have to answer every collector creditor.
When do I qualify for Chapter 13 Bankruptcy?
There are certain requirements to qualify for Chapter 13 Bankruptcy, and these are:
1- Debt limit:
You need to have the unsecured debts of less than $394,725 and secured debts below $1,184,200. The consumer price index fluctuates regularly, so check with an attorney to know better.
2- Compliance:
You should have a clean record. For instance, you must have not willfully missed court dates. Or, have ignored the creditors even after they asked for the payment through bankruptcy court in the last 180 days.
3- Credit counseling:
You need to have credit counseling provided by an approved agency before filing the chapter 13 Bankruptcy.
4- Limited income:
You must be capable of proving that you have enough extra income to handle the new repayment schedule.
Bottom line
So, now that you know what chapter 13 Bankruptcy is, if you wish to know if you qualify or not, then connect with a reliable law firm like Allen Stewart to file Bankruptcy Dallas TX.
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