The Bankruptcy Code imposes certain limitations on the Chapter 13 Plans. Those limitations relate to the amount of debt you can have and still file a Chapter 13 Bankruptcy. If your debts exceed these limitations, then you would have to consider filing a Chapter 11 Bankruptcy. Here are the debt limitations:
1. You cannot have unsecured debts of more than $336,900 – credit cards, medical bills, personal loans, etc.
2. You cannot have secured debts of more than $1,010,650 – home mortgage, auto loan, home equity loan, etc.
If your debts are within these limits, you can file a Chapter 13 Plan. Chapter 13 Bankruptcy is one of the most powerful tools in America to help you get your financial situation reorganized on back on track.
The Bankruptcy laws are designed to help you – not punish you.
Our goal with Bankruptcy Doctor is to help educate you so that you can make an informed decision about your situation. Call us anytime at (989) 233-9389.