Nashville and Middle Tennessee Chapter 13 Reorganization Lawyers
At the law firm of David F. Cannon, a major part of what we do involves counseling individuals and businesses about their bankruptcy options. Before we help our clients through the bankruptcy process, our attorneys talk to our clients about the advantages and disadvantages of each type of bankruptcy. Our law firm is finding that increasing numbers of individuals are interested in filing for Chapter 13 bankruptcy. Many of our clients are concerned that they may not be eligible for Chapter 13 bankruptcy.
Simply put, the most important qualification in a Chapter 13 bankruptcy is that you have a regular source of income. This income usually comes from a job but can come from any source including unemployment compensation. Chapter 13 bankruptcy involves repaying a portion of your debts over a three- to five-year time frame. Therefore, regular income is vital to be able to maintain a payment schedule. If you have a job, you are usually eligible for Chapter 13 bankruptcy.
There are other requirements as well. For instance, your unsecured debts must be less than $360,475, and your secured debts must be less than $1,081,400. If you filed bankruptcy within the previous 180 days, and your petition was dismissed for a number of reasons, such as failure to comply with orders of the bankruptcy court, you will have to wait to file bankruptcy. You will also have to attend credit counseling sessions before you can file bankruptcy. There may be other restrictions to discuss before you can qualify to file a Chapter 13.
In every case, our law firm will help you determine what type of bankruptcy is best for you. We know that filing bankruptcy is a major step in your life. Our lawyers have the experience and knowledge to protect your rights at each step of the way.
Contact a Nashville Chapter 13 Bankruptcy Eligibility Lawyer at David F. Cannon
Call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm today to schedule a confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
