If you’re in a financial crisis and don’t know where to turn, then you may be eligible for a chapter 13 bankruptcy filing. But it’s not an option available to everyone. There are several requirements that you must meet:
You can only file for chapter 13 bankruptcy as an individual, not as a business. If you do own a business, you can file for business-related items pertaining to debt as an individual. You cannot be a stockbroker or commodity broker as a professional and file for bankruptcy. You are required to prove that you have enough income to make payments on specific debts that need to be paid in full as decided by a judge in a bankruptcy court. Your secured debts cannot exceed $1,010,650 and your unsecured debts must not be beyond $336,900. You must also be up-to-date on all of your income tax filings, including federal and state. You do have the option to get caught up on your taxes and postpone bankruptcy filings if needed.