What Are the Chapter 13 Bankruptcy Rules?
Those interested in declaring bankruptcy without giving up most of their assets often file chapter 13, which requires that a portion of the debt owed be paid off over time. This is often best for people with regular income and nonexempt property that they wish to keep, as it involves creating a payment plan that satisfies their creditors. Of course, there are strict rules in place in order to qualify for this type of bankruptcy. They include showing evidence of the ability to pay off debt monthly, taking credit counseling, and being able to prove that secured and unsecured debts are not over the maximum limit allowed for chapter 13 bankruptcy. One of the first chapter 13 bankruptcy rules is often credit counseling. This step not only lets the debtor know what most likely comes next for their financial situation, but also lets them know if they are even eligible for this form of bankruptcy. Those eligible include individuals with jobs, and sole proprietors with regular monthly income th
