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If you are an individual or small business owner who is struggling to stay afloat financially, a Chapter 13 bankruptcy may be able to help you restructure your finances and pay off debt without losing assets. This blog will look at the benefits of a Chapter 13 filing.

Eligibility

Chapter 13 bankruptcy is available to individuals and sole proprietors who can include their business debts in a repayment plan. Unlike other options, there are debt limits under this chapter, which are (as of 2019) $394,725 for unsecured debt and $1,184,200 for secured debt. Chapter 13 isnot an option for partnerships, corporations, LLCs, and joint ventures, so you will need to consider a different chapter if your business is organized under one of those entities.

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