Chapter 13 lets you keep your property while repaying debts over 3-5 years. Unlike Chapter 7, there is no means test income limit - but there are other requirements.
As of June 2024, the combined debt limit for Chapter 13 is $2,750,000 (secured and unsecured combined). Previously, there were separate limits for secured ($1,395,875) and unsecured ($465,275) debts, but the Bankruptcy Threshold Adjustment and Technical Corrections Act raised and combined these limits. If your debts exceed this amount, you may need to consider Chapter 11.
If your household income is below New York's median ($66,973 for 1 person), your plan can be as short as 3 years (36 months). You may propose a 5-year plan if needed to fit all required payments.
If your income exceeds the median, your plan must be 5 years (60 months). All projected disposable income must go toward plan payments.
Use the 1328(f) screener to check whether prior filings affect your eligibility.
The combined debt limit is $2,750,000 (secured and unsecured combined). If your debts exceed this, consider Chapter 11.
You need "regular income," not necessarily a job. Social Security, disability, pension, rental income, self-employment, and regular family contributions all qualify.
3 years if your income is below New York's median ($66,973 for 1 person). 5 years if above the median. The plan cannot exceed 5 years.
You can file, but receiving a discharge requires waiting 2 years after a prior Chapter 13 discharge or 4 years after a Chapter 7 discharge. Filing without discharge eligibility is sometimes used to restructure secured debts (a "Chapter 20" strategy).
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