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I have a very high debt to income ratio, I currently am not late on payments, but I am losing ground. Can I file chapter 13?
Anonymous3 views1 answers
I owe more than the value on my home, cars, and have credit card debtsover $40,000 I have used my credit cards to help keep myself current with my bills.
As of April 1, 2007, the eligibility debt limits for Chapter 13 pursuant to 11 USC 109(e) were raised. The new limits are $336,900 for uncontingent, liquidated, unsecured debts and $1,010,650 for uncontingent, liquidated, secured debts. Your eligibility for Chapter 13 will therefore probably depend upon the amount of your secured debt in the real estate you mention in your question.
Brian V. Lee, Esq.
LEE LEGAL, PLLC
1050 Connecticut Avenue NW
Tenth Floor
Washington, DC 20036
(202) 448-5136
(202) 640-2097 (fax)
www.lee-legal.com
