A debtor petitions the bankruptcy court. This can often be done with the help of a lawyer from a bankruptcy law firm who specializes in these types of cases.
To file for chapter 13 bankruptcy, an individual must have a regular income and have debts that fall within the eligibility limits. As of 2023, individuals cannot have more than $419,275 in unsecured debt or $1,257,850 in secured debt to be eligible for chapter 13 bankruptcy.
Businesses that wish to file for bankruptcy must also meet specific eligibility requirements. These requirements vary depending on the type of bankruptcy being filed.