• What is Chapter 7 Bankruptcy?
• Can I File Chapter 7 Bankruptcy?
• What is Chapter 13 Bankruptcy?
• Who Can File Chapter 13 Bankruptcy?
• Should I Borrow Against My House?
• What About My Credit?
• Will My Creditors Stop Harassing Me?
• Should I File Bankruptcy?
• Why Should I Hire a Lawyer?
• What About Credit Counseling?
• What Should I Expect?
• What Should I Bring?
• Bankruptcy advice
• Should I prepare a budget for bankruptcy?

Chapter 13 Bankruptcy - Charlotte, Concord & Monroe

Who can file for Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a good option for some people, but it isn't available to everyone. A business, even a sole proprietorship, cannot file for Chapter 13 bankruptcy in the name of that business. Businesses are steered toward Chapter 11 bankruptcy when they need help reorganizing their debts.

If you own a business, however, you can file for Chapter 13 bankruptcy as an individual. You can include in your Chapter 13 bankruptcy case business-related debts for which you are personally liable. There is one exception to this rule: stockbrokers and commodity brokers cannot file a Chapter 13 bankruptcy case, even if they want to discharge only personal (non business) debts.

In order to qualify for Chapter 13, you will have to show the bankruptcy court that you will have enough income, after subtracting certain allowed expenses and required payments on secured debts (such as a car loan or mortgage), to meet your repayment obligations. Your plan must pay back certain debts in full, or the judge will not approve it and allow you to proceed.

Let the bankruptcy attorney at Schwilm Law Firm help you. For a Chapter 13 bankruptcy first free consultation call at 704-567-5252.