GET HELP TODAY
If you’re considering Chapter 13 bankruptcy in Raleigh to get a handle on your debt but aren’t sure if you qualify, I’m here to help you figure it out.
I invite you to call Weik Law Office for a free consultation, but in the meantime, here are a few questions I’d like you to consider before our meeting.
1. Do You Have a Regular Source of Income?
First things first, to qualify for Chapter 13 bankruptcy in North Carolina, you need to have a regular and stable source of income.
Now, I know that might sound intimidating, but regular income doesn’t necessarily mean a steady paycheck from a traditional job.
Income can come from all sorts of places—maybe you’re self-employed, receiving Social Security, have a side business, or even rental income.
What matters is that you can show the court that you’ll have the money to make monthly payments under the Chapter 13 repayment plan.
Your income doesn’t have to be exactly the same every month, but it should be reliable enough to show you can stick to a plan.
If you’re unsure whether your income qualifies, that’s something we can figure out together when we have a free consultation.
2. Do Your Debts Fit Within the Limits?
Another key factor is the amount of debt you’re dealing with. Right now, your unsecured debt—things like credit cards, medical bills, or personal loans—need to be less than $419,275.
And your secured debts—like mortgages or car loans—can’t exceed $1,257,850. These limits are adjusted every so often, but as long as your debts fall within these amounts, you’re good to go.
If your debt is higher than these limits, don’t panic just yet! We might need to consider other options, but that’s what I’m here for as your bankruptcy lawyer in Raleigh NC.
3. Do You Have Enough Disposable Income?
One of the most important parts of Chapter 13 is that you’ll need to be able to pay into a repayment plan every month.
After you cover your essential living expenses—things like rent, utilities, groceries, and healthcare—you need to have some money left over, what we call “disposable income”.
This leftover money will go toward paying off your debts under the Chapter 13 plan.
I know it can feel a little nerve-wracking to think about making those payments, but don’t worry—we’ll work together to figure out what’s realistic for you. My goal is to make sure your plan is manageable and sets you up for success.
4. Have You Completed Credit Counseling?
Before you can officially file for Chapter 13, you’ll need to complete a credit counseling course. It’s simply meant to help you explore your options and confirm that bankruptcy is the right path for you.
The course can easily be done online, and I can point you toward trusted agencies to make the process smooth and hassle-free.
5. Are Your Tax Filings Up to Date?
Now, this is a big one: to file for Chapter 13, you need to be up to date on your tax filings. If you’re behind on filing your taxes, don’t worry too much—we can work on getting any missing returns filed as soon as possible.
The court wants to make sure that all your financial records are in order before you start a repayment plan, and I’ll guide you through this part to make sure you’re in compliance.
6. Have You Filed for Bankruptcy Before?
If you’ve filed for bankruptcy before, it’s important to know that there are certain time restrictions for filing Chapter 13 again.
If you received a Chapter 13 discharge in the last two years or a Chapter 7 discharge in the last four years, you may need to wait a bit before filing again. There are also restrictions if your previous case was dismissed within the last 180 days.
But again, don’t worry if this applies to you—every situation is different, and we’ll look at the specifics of your case to figure out your best options.
Let’s Talk—Together, We Can Find the Right Path Forward
If you’re still feeling unsure, that’s completely normal. Filing for Chapter 13 is a big decision, and I’m here to help you every step of the way.
When we meet, we’ll go over your financial situation in detail, talk about your options, and figure out if Chapter 13 is the right fit for you.
I understand how stressful debt can be, but you don’t have to face it alone. Remember, you’re not just another case here.
Call Weik Law Office today at 919-845-7721 for a free consultation, and set up a time to speak with one of our friendly professionals.