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Are there any debt limits when one files a Chapter 13 bankruptcy?
Are there any debt limits when one files a Chapter 13 bankruptcy?
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Answers (1)
Yes there are. If a person files a Chapter 13 bankruptcy, they cannot have more than $336,900 in unsecured debt. This includes such types of debt as credit cards, payday loans and doctor’s bills. In addition, a Chapter 13 bankruptcy filer cannot have more than $1,010,650 in secured debt. This includes any mortgages, vehicles and other secured property.
Therefore, if you have credit card bills that exceed $336,900 or a house that has more than a $1,010,650 loan on it, this may prevent you from filing a Chapter 13 bankruptcy. Contact a bankruptcy attorney today to find out your options.
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Posted by Marina Ricci on 22 Jan 2010
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(2 Votes)