Minnesota Chapter 13 Bankruptcy

Chapter 13 bankruptcy can provide a financial solution to those who want to repay the creditors but are having trouble keeping up. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy will not liquidate your debt.

Instead, you are put on a payment plan that allows you to make manageable monthly payments for a certain period of time before discharging the debt. Like Chapter 7 bankruptcy, however, Chapter 13 bankruptcy was created to help individuals through the various economic hardships that are a part of life including unemployment, accidents and medical bills and divorce, all of which can add up to unexpected debt.

Chapter 13 Bankruptcy Overview

Chapter 13 bankruptcy is a reorganization bankruptcy which takes your existing debt, restructures it into a manageable payment plan for a period of time before discharging the debt. Below are the essentials of Chapter 13 bankruptcy:

Chapter 13 bankruptcy will immediately put an end to foreclosures, repossession, wage garnishment and creditor harassment
You and the courts will come to an agreement on consolidating your debt into a monthly payment plan you can afford.
Some of the debts that will be consolidated include mortgage payments, automobile payments, property taxes, home owner association dues, IRS debt, credit card debt, lines of credit, medical bills, debt from divorce, child support arrears and student loans.
In most instances, your payment plan will last for three to five years. If debt still remains after this period of time, it will be discharged.
Keep in mind that secured debt, such as your mortgage and car loan payments will not be discharged under a Chapter 13 bankruptcy plan.

Should I File for Chapter 13 Bankruptcy?

Although we cannot tell you over the internet whether or not you should file for chapter 13 bankruptcy, we can include a few of the factors involved in determine if Chapter 13 is your best option. If you answered yes to any of the following questions, then contact our Minneapolis bankruptcy lawyers to discuss your options:

If you are struggling to overcome your debt but do not qualify for Chapter 7 bankruptcy. Our lawyers can assess your financial situation and determine whether you qualify or not
If you are looking for a less drastic option to overcoming your debt problems
if you have a steady income and can make monthly payments
if you do not want to liquidate your assets
If you are behind on their car payments or house payments and need some time to catch up.
If you have experienced unexpected debt such as medical bills from an accident

Minneapolis Bankruptcy Attorney

Many individuals struggle with debt as part of their everyday life. However, if this struggle becomes too much and you are fighting a losing battle, then Chapter 13 bankruptcy may give you the edge you need to start again and get ahead.

Legal Advice 24/7

We represent bankruptcy clients in matters involving Chapter 7 bankruptcy, Chapter 13 bankruptcy, wage garnishment, creditor harassment, foreclosures and debt consolidation. Contact Myles A. Schneider & Associates, Ltd. 24 hours a day, seven days to week at 763-315-1100 to see how we can help you.

Schedule a Free Consultation Today

If you are facing a bankruptcy or even if you just have questions, contact our law office to speak with one of our attorneys. We have the legal knowledge and experience to help you get through this difficult time and move forward with your life. Contact Myles A. Schneider & Associates, Ltd. today at 763-315-1100 to schedule a free consultation with one of our experienced bankruptcy law attorneys.

Minnesota Bankruptcy Lawyers and Attorneys

Myles A. Schneider & Associates, Ltd. represent clients from throughout the areas of Minneapolis, St.Paul, MN or anywhere in the whole Twin Cities area – Saint Paul, MN Mpls, Anoka, Apple Valley, Andover, Blaine, Bloomington, Brooklyn Center, Brooklyn Park, Burnsville, Champlin, Chanhassen, Columbia Heights, Coon Rapids, Cottage Grove, Crystal, Eagan, Eden Prairie, Edina, Excelsior, Falcon Heights, Farmington, Forest Lake, Fridley, Golden Valley, Hastings, Hopkins, Inver Grove Heights, Lake Elmo, Lakeville, Lino Lakes, Little Canada, Long Lake, Mahtomedi, Maple Grove, Maplewood, Mendota Heights, Minneapolis, Minnetonka, Mounds View, New Hope, North St. Paul, Oakdale, Plymouth, Prior Lake, Richfield, Robbinsdale, Rogers, Rosemount, Roseville, St. Anthony, St. Louis Park, Savage, Shakopee, Shoreview, South St. Paul, Spring Lake Park, Stillwater, Vadnais Heights, West St. Paul, White Bear Lake, and Woodbury, MN – Minnesota.