How do I know if I meet the requirements for filing Chapter 13?

When filing chapter 13, it’s best to know all the requirements. In fact, it is one of the ways to know whether you’ve met all the requirements. For instance, you must complete a means test. The means test is a formula to determine whether you have enough disposable income to file chapter 13. If you do, then you fail the means test. However, if you pass the means test, you are eligible to file chapter 7. To find your eligibility, you must subtract your month income from your state’s median income for your household. The remaining balance is considered disposable income. Another requirement is completing pre-bankruptcy credit counseling. The credit counseling requires you to meet with a credit counselor to talk about your finances. Once you complete the one session, you will receive a certificate of proof. The certificate proves to the U.S. Bankruptcy Courts that you’ve met the credit counseling requirement.

The next requirement is making sure that all the required documents such as tax returns that the U.S. Bankruptcy Courts need to confirm your bankruptcy petition.

The best way to determine if you’ve met all the requirements when filing chapter 13 is to check with a bankruptcy lawyer. The lawyer will review all the requirements such as eligibility, pre-bankruptcy counseling and requirement documents to make sure that everything is in order and ready to file with the U.S. Bankruptcy Courts.