Poor Credit Credit Card – A Look at Chapter 13 Bankruptcy

1.A person, whether or not self-employed or operating an unincorporated business, is qualified to apply for chapter 13 relief on condition that the individual’s unsecured debts are fewer than $360,475 and secured debts are fewer than$1,081,400. 11 U.S.C. – 109(e). These amounts are revised periodically to reflect adjustments in the consumer price index. A corporation or partnership are probably not a chapter 13 debtor. Id.

Someone cannot file under chapter 13 or another chapter if, throughout the preceding 180 days, a previous bankruptcy petition was dismissed because of the debtor’s willful inabilityto appear before the court or carry out orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. 11 U.S.C. — 109(g), 362(d) and (e). Moreover, no individual can be a debtor under chapter 13 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit advice from an approved credit guidance agency either in an individual or group briefing. 11 U.S.C. — 109, 111. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined there are insufficient approved agencies to provide the required counseling. If a debt management plan

2.A chapter 13 case begins by filing a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. Unless the court orders otherwise, the debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a schedule of executory contracts and unexpired leases; and (4) a statement of financial affairs. Fed. R. Bankr. P. 1007(b). The debtor must also file a certificate of credit counseling and a copy of any debt repayment plan developed through credit advice; evidence of payment from employers, if any, received 60 days before filing; a statement of monthly net revenue and any anticipatedincrease in income or expenses after filing; plus a record of any interest the debtor has in federal or state qualified education or tuition accounts. 11 U.S.C. – 521. The debtor must provide the chapter 13 case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case (including tax returns for prior years that had not been filed when the case began). Id. A couple may file a joint application or separate applications. 11 U.S.C. – 302(a). (The Official Forms may be purchased at legal stationery stores or downloaded from the Internet at www.uscourts.gov/bkforms/index.html. They are not available from the court.)

For help with an Augusta GA chapter 13, consult with an Augusta GA bankruptcy attorney. A bankruptcy attorney Augusta GA could give you the help you need.