Filing for chapter 13 bankruptcy in Savannah offers some distinct advantages over a chapter 7 filing. There are, however, specific qualifications that you will need to meet before you will be eligible for Chapter 13 bankruptcy.
How Do I Achieve Eligibility?
Firstly, you cannot file for Chapter 13 if you are a stockbroker or a commodity broker. However, if you are filing as an individual, you can be a business owner - a partner, a CEO, a sole proprietor, etc. A business name cannot appear on the bankruptcy filing.
Secondly, to file for Chapter 13, your debts must be under a certain amount. The amounts are adjusted for inflation. There are two kinds of debts: secured and unsecured. There is a specific amount that your debts cannot exceed for secured debts, and a separate specific amount for unsecured debts.
You must also attend court-approved credit counseling as part of the filing process for Chapter 13 Bankruptcy in Savannah. If you have attended this counseling in individual sessions or in a group session, you are eligible for filing for bankruptcy.