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Who can file a Chapter 13 bankruptcy petition? Chapter 13 is for individuals only. Corporations and partnerships may not file a Chapter 13 petition. As in Chapter 7, you must have a place of residence, a place of business, or property in the U.S. in order to file. In addition, you must have some source of income and, on the date the petition is filed, owe less than $307,675 in unsecured debt and less than $922,975 in secured debt. This amount is adjusted for inflation every three years. The next adjustment is scheduled for April, 2007. For more information about bankruptcy, please call us at 408-294-6100, or e-mail us via info@sjconsumerlaw.com. One of our attorneys will be able to answer any questions which you may have in greater detail. Please remember that the foregoing information is of a general nature, and does not constitute legal advice. The facts of each situation are unique, and we must discuss those facts with you before any advice can be given. |
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