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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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if your secured debt is over the chapter 13 limits does that

Resolved Question:

if your secured debt is over the chapter 13 limits does that mean I am automaticlly a chapter 7 , even if my income is over the sate median and my current expenses are 5-$7000/mo. more than I earn?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,


Thank you for your question. I am happy to assist you.



If the secured debt of an individual is over the 13 limit, the individual is not eligible for a 13. The individual may be eligible for an 11 or a 7. A 13 is considered to be a reorganization for an individual while an 11 is considered a reorganization for a business or an individual that does not meet the 13 limitations.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


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