How does one exactly qualify for Chapter 13? What are some of the qualifying factors?
Brad Weil: The Chapter 13 has debt limits if you only have a certain amount of debt. And if you exceed the debt limit for a Chapter 13, then you do not qualify for Chapter 13. Now, currently, a debt limit for a Chapter 13, that is changed every 3 years based on the consumer price index, right now it’s $383,175 of unsecured debt, especially the credit card debt but that does include things like student loans. And $1,149,525 of secured debt, which is, mortgages, car loans, things of that nature, anything that’s secured by collateral. So, if you owe more than those amounts, you exceed the debt limit and you either have to do a Chapter 11 that you’re going to wish, or you have to do a Chapter 7 liquidation and that’s an individual determination. The other requirement is disposable income like we talked about. If you don’t have disposable income to make the plan payment, you don’t qualify.