If you have come to the conclusion that Chapter 13 bankruptcy is the answer to your personal financial woes, then the next step is to determine if you are qualified to file. There are a number of requirements that you must meet to qualify. If you are eligible, you will be able to not only set up a reasonable plan for debt payments, but you will also be able to keep your valued property.
One of the most important requirements is that you have not had your debts discharged in the last two years by a Chapter 13 bankruptcy or in the prior 4 years by a Chapter 7 bankruptcy. If either is the case, you will have to wait until the aforementioned time has passed.
Prior to filing for Chapter 13, you must participate in credit counseling. Once you have engaged in the counseling process, you must file a certificate of proof with the bankruptcy court. This filing must be made no less than 180 days before you make your Chapter 13 filing.
You must also have a level of income that will allow you to keep up with your new payment plan. Fortunately, you can use funds drawn from a number of revenue streams such as self-employment income, your spouse's income, Social Security benefits, wages and even unemployment benefits.
This post only describes a few of the key requirements for filing for Chapter 13 bankruptcy. For a more detailed explanation and an assessment of your finances, you may want to seek the services of a knowledgeable Louisiana bankruptcy attorney. The attorney can offer advice and guidance that can put you on the path to financial solvency.