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Can I file for Chapter 13 bankruptcy?

For many people, the decision to file for bankruptcy is a very difficult decision and one that is not taken lightly. However, even when the decision to file for bankruptcy is finally made, filers must then decide which type of bankruptcy filing is right for them. Most people think of a Chapter 7 bankruptcy when they hear the term bankruptcy, but depending on your circumstances, a Chapter 13 bankruptcy may be more appropriate for you.

Unlike Chapter 7, which sells non-exempt assets to help pay for debts, Chapter 13 allows the filer to come up with a repayment plan to pay off their debts over a three to five year period. This filing is ideal for individuals who earn a steady income, and could pay their debts off if they had enough time, but they simply cannot make the payments immediately. If this sounds like you, then there are a few other things you should know before attempting to file for Chapter 13 bankruptcy.

The requirements for filing for Chapter 13 bankruptcy can be found in this article. It is important to note that business entities cannot take advantage of Chapter 13 bankruptcy; it is reserved only for individuals or married couples. Those who have filed for bankruptcy in years prior may also be ineligible if not enough time has elapsed. It is also worth mentioning that individuals whose debts are too high may also be unable to file.

If you are struggling with debt despite your income, then Chapter 13 bankruptcy may be the answer you have been waiting for. However, it is important to remember that bankruptcy laws vary by state. Texas residents are encouraged to consult with an attorney who is familiar with Texas bankruptcy laws in order to get the debt relief they need.

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