Eligibility Requirements for Chapter 13 Bankruptcy in Ohio

When filing for Chapter 13 bankruptcy in Ohio, you’ll have to meet certain eligibility requirements.

Unfortunately, you’re in a bad situation with your finances: You’re in a lot of debt and you don’t know how you’re going to pay it all back. While it’s a last resort, deciding to file for bankruptcy can help you get back on track in the long run. If you’re considering filing for Chapter 13 bankruptcy, here are some eligibility requirements you’ll have to meet.

Your Debts Are Below a Certain Amount

Even if you have an unincorporated business or you are self-employed, you can file for Chapter 13 bankruptcy as long as your individual, unsecured debts are less than $394,725. Your secured debt must be under $1,184,200.

You Have Enough Income to Pay it Back

A Chapter 13 bankruptcy will have a repayment period of three to five years. You need to have enough income to pay back your debt during that time period. When filing for bankruptcy, you’ll need to present your federal and state income tax returns from the past three years. If you haven’t filed, the court may delay the proceedings so that you have time to do so.

You Must Not Have a Previous Dismissal

You cannot file for Chapter 13 bankruptcy if, in the past 180 days, a prior bankruptcy petition was dismissed because of your willful failure to appear before the court.

Get in Touch With Richard P. Arthur

Richard P. Arthur, Attorney at Law, can help you file for bankruptcy in Ohio. You can call 937-254-3738 for a consultation. He has more than three decades of experience helping clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.