Do you need a minimum income to qualify for a chapter 13 bankruptcy?

Filing for Chapter 13 Bankruptcy has many strict guidelines to follow in order for it to happen. Among those guidelines are that you have to be an individual or joint, husband and wife, entity. You cannot be a part of a company or organization. Another is you must not be occupied by another bankruptcy from your past. You must be able to pay back everything specified on the bankruptcy plan, so you must have enough funds in order to fulfill the needs of the laid out plan. Although there is no specific minimum dollar amount, it is required to be able to fulfill the plan. Other guidelines suggest you must always file your tax returns on time in order to qualify for a Chapter 13 Bankruptcy plan, while also making sure your debts aren't too high to where it is impossible to pay back in full.

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