How Do I Qualify for Chapter 13 Bankruptcy?
If you are thinking of filing Chapter 13 bankruptcy in Schaumburg, IL, it is important to first know if you qualify for filing. As with all bankruptcy filings, there are certain criteria that must be met.
Common Requirements for Filing for Chapter 13 Bankruptcy
You must be an individual: Only individuals are eligible to file for Chapter 13 Bankruptcy. Businesses, even as sole proprietors, cannot file this type of bankruptcy.
You must file your taxes regularly: When filing for Chapter 13 Bankruptcy, you will be required to show proof that you have been filing both federal and state income tax returns for a minimum of the past four years. If you ...