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The requirements for filing for Chapter 13 bankruptcy

Chapter 13 bankruptcy is a topic that has been discussed on this Tennessee debt relief blog a number of times and may seem to readers to be a good way to find financial freedom. While it is imperative that individuals seek the counsel of bankruptcy attorneys to fully understand how bankruptcy might affect them, this post will offer readers an overview of what they must do to qualify for the process.

First, readers should know that only people may file for Chapter 13 bankruptcy. The process is not available to business. Second, anyone barred from filing due to a prior discharge or dismissal may need to wait before they can seek the support of the bankruptcy courts to take this legal route.

Third, Chapter 13 bankruptcy requires individuals to be current on several items, primarily the filing of their tax returns and the completion of their pre-bankruptcy credit counseling. The failure to have either of these requirements completed may prevent a person from pursuing Chapter 13.

Fourth, financial considerations must be made to determine if a debtor can use Chapter 13 bankruptcy to get on stronger financial footing. The debtor must have income that may be used to repay their debts and they also must not have debts that exceed the threshold for the process.

This post only covers some of the requirements that debtors must meet in order to qualify for the Chapter 13 process. Readers should remember that meeting these standards only means that they will get their foot in the door of the bankruptcy court. Actually completing the process requires additional steps and may be eased with the help of a bankruptcy attorney.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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