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Chapter 13 Eligibility Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individuals combined total secured and unsecured debts are less than $2,750,000 as of the date of filing for bankruptcy relief. 11 U.S.C. 109(e).
To qualify for Chapter 13, you must have regular income, have filed all required tax returns for tax periods ending within four years of your bankruptcy filing and meet other requirements set forth in the bankruptcy code.
You may be disqualified if your payment is insufficient to meet the repayment requirements or demonstrate a reliable ability to repay. Our attorneys can assess your financial situation and recommend suitable alternatives.
A corporation that expects a net operating loss (NOL) in the current tax year can file this form 1138 to extend the time for payment of tax for the immediately preceding tax year.
Generally, the corporation must file Form 1139 within 12 months of the end of the tax year in which an NOL, net capital loss, unused credit, or claim of right adjustment arose.
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