While many Americans may be moving through 2019 and holding strong to the financial resolutions that they made as the New Year came into being, others may be struggling to pay down their debts as they fight to keep their heads above the economic waters. Some debt relief options may be an action of last resort for a Tennessee resident who wants to handle their debts and obligations on their own, but in some cases it is not realistic for a debtor to find financial success without help. Chapter 13 bankruptcy may be an option for individuals who meet the requirements for pursuing this form of financial help.
Only non-business debtors may file for bankruptcy through Chapter 13, and only debtors whose outstanding obligations are under the statutory limit may use it as a means to finding financial freedom. Men and women who wish to file for Chapter 13 bankruptcy must complete credit counseling, and they must not have any recent bankruptcy discharges in their histories.
One of the biggest requirements that individuals must meet when they file for Chapter 13 bankruptcy is creating a repayment plan that is effective. If a debtor cannot put together a schedule of payments that will address all of the debts that they are bound to repay through bankruptcy based upon the income that they make, then they may see their case kicked out of the bankruptcy court.
It is important that readers sit down with their bankruptcy attorneys to learn more about what they must do to qualify for the Chapter 13 process. Not everyone will meet the requirements of this legal path. Attorneys who practice bankruptcy law can help these individuals find other options for remedying their outstanding debts. This post is not offered as legal advice and should not be read as specific guidance.