What is a Chapter 13 Bankruptcy? Do I qualify for protection under Chapter 13?
A Chapter 13 Bankruptcy is also governed by the United States Bankruptcy Code (11 U.S.C. §§ 101 – 1532) and is essentially a reorganization of debt. Under the provisions of the Code, a Chapter 13 debtor must have a regular source of income to qualify as a debtor under Chapter 13. However, the income can be from any source, be it employment, social security, disability, unemployment, retirement, pension, annuity, or family assistance to name a few. In most districts you must undergo a credit counseling course and obtain a certificate before you are eligible to file a Chapter 13 Bankruptcy. Additionally, a debtor must have less than $ 336,900.00 in unsecured debt, and $1,010,650.00 in secured debt to qualify as a debtor under Chapter 13.
