Filing For Chapter 13 Bankruptcy?
To acquire a Chapter 13 discharge, you cannot have received a discharge in a Chapter 7 case filed within the last four years, or received a Chapter 13 discharge in a previous case in the last two years. However, you may still file for a Chapter 13 discharge to create an organized manner for you to handle your debt. Consult a well-versed bankruptcy attorney to assess your eligibility for a Chapter 13 discharge.
A debtor who is not eligible for a Chapter 13 discharge may file a Chapter 13 bankruptcy the moment they acquire a Chapter 7 discharge to manage liens, which still exist after a Chapter 7 discharge. Additional requirements to filing Chapter 13 include:
- Secured debts more than $1,081,400 (11 U.S.C. §109(e))
- Unsecured debts not exceeding $360,475 (11 U.S.C. §109(e))
- Filed federal and state income taxes for the four tax years prior to one’s bankruptcy filing date
- Proposed repayment plan that fulfills legal requirements
In contrast to Chapter 7, business entities may not file for Chapter 13 bankruptcy. However, if you own a business as a sole proprietor or partner, you may comprise all business debts for which you have personal liability, and you can thus file under your name for Chapter 13 bankruptcy. By getting assistance from an experienced New York bankruptcy attorney, you can determine the applicability of Chapter 13 to your current financial state. We can discuss the differences between Chapter 7 vs Chapter 13 bankruptcy options.
Acquire help from a knowledgeable New York bankruptcy lawyer
By consulting Mark E. Cohen, Esq., you get support from a skilled Chapter 13 attorney who is committed to offering quality representation. The office represents clients in Westbury and the surrounding areas.