Chapter 13 Bankuptcy

Chapter 13 Bankruptcy: What Is It and How Do I File?

Filing for a Chapter 13 bankruptcy gives you the chance to restructure your debt into a payment plan. This repayment plan can last anywhere between three to five years, giving you the ability to hold onto your assets and pay back your debt in manageable increments.

Chapter 13 bankruptcies are flexible, which makes them great for those with a steady income who want to hold onto their property. But who’s eligible to file for a Chapter 13 bankruptcy and how do you do it?

Here’s a basic rundown on Chapter 13 bankruptcies so you can feel confident in your legal decision.

Am I eligible for a Chapter 13 bankruptcy?

While a Chapter 13 bankruptcy is flexible and works for some people, it isn’t for everyone. Here are a few requirements you need to know about before you file:

  • You need to have a steady income. You need to be able to prove to the court that you’re able to pay a monthly repayment plan while also meeting your monthly household obligations. Your income can’t be too irregular or too low or the court won’t approve your proposed repayment plan.


  • You can’t exceed a debt limit. You can only consolidate your debt for a repayment plan if your debt is under a certain amount. If your total debt amount is too high, you can be ineligible to file for a Chapter 13 bankruptcy.


  • You can’t be a business. You can’t file for a Chapter 13 bankruptcy if you’re representing a company or business. This type of bankruptcy is for individuals.

How do I file for a Chapter 13 bankruptcy?

You’ll need to complete credit counseling from an approved agency within 180 days before filing for a Chapter 13 bankruptcy. Fortunately, a Chapter 13 bankruptcy attorney can help you prepare the paperwork you need.

The required paperwork for your bankruptcy includes a list of credits, how much you owe each creditor, evidence of income, a list of property, a list of valuables, a recent tax return, and a description of your living expenses. You also need a certificate of completion for your credit counseling course.

Looking for an Atlanta Chapter 13 bankruptcy attorney?

If you’re looking to file for Chapter 13 bankruptcy, you’re not alone. Between 2005 and 2017, up to 12.8 million consumer bankruptcy petitions were filed in the federal court system.

The good news is the Chapter 13 bankruptcy attorneys of Holston and Huntley LLC can help with your bankruptcy process. For more information or to schedule a consultation with our Chapter 13 bankruptcy attorneys, contact the law offices of Holston and Huntley today.

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Holston & Huntley, LLC, Attorneys & Lawyers Bankruptcy, Atlanta, GA