Chapter 13 Bankruptcy Reorganization and Repayment in St. Paul, Minnesota
Mounting debts can quickly become overwhelming. What was once a manageable balance can snowball out of control and you may find yourself facing the prospect of bankruptcy. If you earn a consistent income or have valuable property, filing in Chapter 13 can help you reorganize your debts and establish a manageable payment plan.
By filing for bankruptcy in Chapter 13, you will be able to reorganize your debt and keep valuable assets. You must have a reliable income and meet specific criteria set out by the US Bankruptcy Code, as a repayment plan is central to Chapter 13. The lawyers at Solvent PLLC can guide you through the intricacies of filing. Our attorneys have years of experience and are dedicated to getting you out of debt as efficiently as possible and keep you on track with your financial goals. Contact our office in St. Paul today to get started.
Requirements for Filing in Chapter 13
Specific requirements must be met in order to be eligible to file for bankruptcy in Chapter 13. Rather than stripping you of your debts completely, the purpose of Chapter 13 is to reorganize your finances into a manageable payment plan. Repayment plans usually range from three to five years. In this process, monthly payments will be made to a trustee who then distributes the money to your creditors.
Filing for bankruptcy in Chapter 13 can be quite complicated and is not for everyone. Eligibility is based on the following requirements:
- You must have routine, reliable income
- Your unsecured and secured debts must be within set limits
- Only an individual may file (businesses are not eligible for Chapter 13)
- You cannot have a recent history of bankruptcy discharge (within two years for Chapter 13 or four years for Chapter 7)
Is Chapter 13 Bankruptcy Right for You?
Consider filing for bankruptcy in Chapter 13 if you meet the above criteria and want to keep certain assets, such as your home. If you are dealing with student loan debt, child support, or other similar debts that are not dischargeable through Chapter 7, then filing in Chapter 13 could be your best option. Speaking with a knowledgeable and experienced attorney can help make the process easy and relieve your stress. The bankruptcy lawyers at Solvent PLLC in St. Paul take the time to investigate your finances to come up with a solution suitable for your current needs as well as your future financial goals.
Contact a Bankruptcy Lawyer Today to File in Chapter 13
The bankruptcy attorneys at Solvent PLLC are ready to advise you in every area of Chapter 13. Call our office in St. Paul today for a consultation and find out if Chapter 13 bankruptcy is right for you.
