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Bankruptcy

Chapter 13 bankruptcy—eligibility

Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's unsecured debts are less than $394,725 and secured debts are less than $1,184,200. These amounts are adjusted periodically to reflect changes in the consumer price index. A corporation or partnership may not be a chapter 13 debtor.

In North Carolina, Chapter 13 bankruptcy is a legal option available to individuals, including those who are self-employed or running an unincorporated business, to reorganize their debts. To be eligible for Chapter 13 relief, the individual must have unsecured debts below $394,725 and secured debts below $1,184,200. These debt limits are subject to adjustments based on the consumer price index, which means they can change to reflect economic conditions. It's important to note that corporations and partnerships are not eligible to file for Chapter 13 bankruptcy; this form of bankruptcy is strictly for individuals and sole proprietors.

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Bankruptcy

Chapter 13 bankruptcy—eligibility

Individual & Family Legal Plan

Articles

North-Carolina State Code

Bankruptcy

Chapter 13 bankruptcy—eligibility

North-Carolina State Code

Articles