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A person’s eligibility for filing a Chapter 13 bankruptcy depends on the amount of debt and liabilities the person owes. Under 11 U.S.C. Section 109(e), a person may only file if their unsecured debts are less than $360,475 and secured debts are less than $1,081,400. Keep in mind that the exact numbers sometimes change to reflect changes in the consumer price index.
Prior to filing a Chapter 13 bankruptcy petition an individual must have completed a credit counseling program. Furthermore, the individual must show that in the last 180 days before filing for Chapter 13 bankruptcy, a prior bankruptcy petition has not been dismissed for their failure to appear before the court nor was voluntarily dismissed.
If you are facing financial hardship or you are considering bankruptcy, it is important to seek out a qualified attorney. Jayson Lutzky has over 29 years of experience practicing bankruptcy law. To set up a free consultation, call (800) 660-5299, or visit us online at www.BankruptcyNYC.com now.