In our last post, we told you how a filing for Chapter 7 bankruptcy can be affected if you’re unemployed. Today, our bankruptcy attorney would like to share some information about how unemployment factors into a Chapter 13 bankruptcy claim.

To review, Chapter 13 bankruptcy requires people in debt to repay their creditors over a three- to five-year period. Debts that qualify for Chapter 13 may include mortgages, second mortgages, auto loans, or taxes.

Since repayments are required, people approved for Chapter 13 typically have a steady income. But this doesn’t mean Chapter 13 isn’t an option if you’re unemployed. If you’re out of work, you may be collecting an unemployment check each month. You may also get Social Security payments, income from rental property, or other earnings. All of these sources of income can potentially qualify you for approval by the bankruptcy courts.

How can you determine if this type of bankruptcy is the best option for you? You should talk with a bankruptcy attorney like Sarah M. Tipton-Downie. The Law Office of Tipton-Downie serves the Vidalia, GA area and understands how the Georgia bankruptcy system works. We’ll help you choose which filing you qualify for and will help you understand any information you’ve received from your local unemployment office. Schedule your consultation today.