Filing for Bankruptcy in Chapter 13 – Duluth, MN
If you find yourself continuously unable to keep up with monthly payments and growing debts, bankruptcy may be the best solution. Debts from loans, credit cards, mortgages, and more can quickly snowball out of control if you are not able to make your scheduled payments. Bankruptcy is a tool you can use to clear and restructure your debts into manageable monthly payments that won’t leave you feeling helpless or overwhelmed. With the help of a knowledgeable bankruptcy attorney, you could be quickly on your way to debt-free living.
The bankruptcy lawyers at Solvent PLLC in Duluth have decades of experience to help find the right solution for your unique case. Contact us today to learn more about how we can help you out from under debt.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is one of the most commonly filed chapters in the US. Rather than liquidate your assets, chapter 13 involves the restructuring of your debts into manageable payments. This makes chapter 13 appropriate for debtors who have steady, reliable income and who want to keep valuable assets, such as property.
The repayment plan is the centerpiece of a Chapter 13 bankruptcy. The schedule of payments usually ranges from three to five years. Your debts will be consolidated, and your monthly payments will be made to a trustee who then distributes the money to your creditors.
You will have time to come up with a repayment plan with your lawyer during the preparation of your bankruptcy petition. As soon as you file, the automatic stay goes into effect and immediately halts all legal actions against your debt, such as foreclosure, garnishments, or lawsuits.
Contact a Duluth Bankruptcy Lawyer Today to File in Chapter 13
The lawyers at Solvent PLLC in Duluth know that dealing with debts can be stressful and overwhelming. We are here to help guide you through the bankruptcy process to get back on your feet. If you have a steady income and valuable assets, you may be eligible to file for bankruptcy in Chapter 13. Your bankruptcy lawyer can help determine your eligibility and get you started on your way to a debt-free life. Call our office in Duluth today for a consultation.
