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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 Vermont, as in all states, Chapter 13 bankruptcy is a federal process designed to allow individuals, including those who are self-employed or running an unincorporated business, to reorganize their debts and pay them off over time. To be eligible for Chapter 13 relief, an individual must have unsecured debts below $394,725 and secured debts below $1,184,200. These debt limits are subject to change as they are periodically adjusted to account for changes in the consumer price index. It's important to note that corporations and partnerships are not eligible to file for Chapter 13 bankruptcy; this form of bankruptcy is exclusively available to individuals.

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Bankruptcy

Chapter 13 bankruptcy—eligibility

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Vermont State Code

Vermont State Code

Bankruptcy

Chapter 13 bankruptcy—eligibility

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