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Do I Qualify For a Chapter 13 Bankruptcy? – Steve

“Dear Steve,

Hi Considering chapter 13. I have 500K 1st mtg, 160K 2nd mtg, 100K Cred card (self employment ups and downs). Now working 65K/yr 1st income, 20K/yr 2nd income. Credit counseling says numbers don’t work. BK atty says they can get rid of credit card + 2nd mortgage in the plan. Home appraisal below 1st mtg amt. My goal to keep house and have repay plan I can live with. No real assets otherwise.

Do I qualify for chapter 13- What are the risks?


Dear Steve,

You really need to talk to a bankruptcy attorney and find out if a chapter 13 bankruptcy will work for you based on your specific situation. It does sound like the bankruptcy attorney you met with did give you some good feedback though.

If you are hesitant about working with that bankruptcy attorney, contact some others in your area and find you you feel comfortable working with. Getting a second opinion from another attorney will also help to rest your mind that what you’ve been told is correct.

From what you’ve shared it sounds pretty straightforward and should go through without any big issues.

As far as your risk question, I’m not sure if you mean risks of bankruptcy or risks potentially associated with a chapter 13.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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