How Can I Qualify for a Chapter 13 Bankruptcy?
By Brett Weiss, Esq. on Oct 21, 2007 in Bankruptcy Information, Maryland Bankruptcy
Just about everyone, regardless of how much debt they have, can qualify for Chapter 7 bankruptcy (so long as they are eligible under the Means Test). But Chapter 13 bankruptcy is different. In a Chapter 13 case, you have to owe less than a certain amount of debt to qualify.
The current requirements are that:
You have less than $1,010,650.00 in secured debt; and
You have less than $336,900.00 in unsecured debt.
If you’re over either of these limits, you are ineligible for a Chapter 13, and have to file a Chapter 11 instead.
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