by 
The Curious Bag
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If you are considering filing for a Chapter 13 bankruptcy, you need to fully understand the basic requirements for such a case. The U.S. Bankruptcy Code establishes the basic elements and requirements associated with a Chapter 13 bankruptcy.
Function
The function of a Chapter 13 bankruptcy is to permit you the ability to pay off your creditors through a court-supervised plan.
Considerations
In order to qualify for a Chapter 13 bankruptcy you must have sufficient income to meet the monthly payments associated with the plan. If you lack sufficient income, you may qualify for discharge through a Chapter 7 bankruptcy.
Notification
The ability to proceed with a Chapter 13 bankruptcy requires you to notify all of your creditors about the case. Your creditors have a legal right to make a claim to be included in the repayment plan pursuant to the U.S. Bankruptcy Code.
Time Frame
Because a repayment time frame lasts from two to five years, a requirement is being able to demonstrate to the court that you likely will have income during this entire period.
Warning
Because meeting the requirements of a Chapter 13 bankruptcy can be complicated in some instances, your interests are best served by engaging an experienced attorney to represent you.
Source:
Cornell Law School: Bankruptcy Overview
"The Glannon Guide to Bankruptcy: Guide to Bankruptcy;" Nathalie Martin; 2006
Cornell Law Schoool: U.S. Bankruptcy Code
More Information:
American Bar Association: Bankruptcy & Insolvency Litigation Committee
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