WHAT ARE THE QUALIFICATIONS OF CHAPTER 13 IN NYC?
In order to qualify to file for Bankruptcy in NYC the person filing must satisfy the venue requirements and must be under the Debt limit. Additionally, in order to qualify for a Chapter 13 discharge the individual filing must not had a discharge in another bankruptcy case in the recent past. This blog will go over each requirement.
1. VENUE: An individual can have multiple venues to file in. Generally, a person meets the venue requirement in any place where he has lived for the greater part of the last 6 months, where his “primary asset is” or where his principal place of business is. Typically, a person will file in the place that he has lived for the last 91 days consecutively.
2. DEBT LIMIT: As of August 31, 2016 the unsecured limit is $383,175 and the Secured Debt limit is $1,149,525. This means that if at the time of filing your aggregate secured and unsecured debts are lower than those amounts you qualify in terms of the debt limit. There are many issues that need to be examined in each case here and it depends on where you are filing. You should contact an attorney who practices bankruptcy law in your area for specific details. I only practice in New York.
3. MULTIPLE BANKRUPTCY CASES AND DISCHARGE: First, in NYC if you are currently in a Bankruptcy case and you file another one your new case will be considered a bad faith filing and you can get in trouble for that. If you have had a discharge from a Chapter 7 Bankruptcy case filed within 4 years from your new Chapter 13 case you will not be eligible for another discharge in your new Chapter 13. If you received your first discharge in a Chapter 13 case, you cannot receive a second discharge in any Chapter 13 case that was filed within 2 years from the date that the first case was filed.
You should contact a local Bankruptcy attorney to find out if you qualify for Chapter 13 Bankruptcy. If you live in NYC and are interested in learning more please contact my office at 212-244-2882 to set up a free debt relief consultation.