Twin Cities Chapter 13 bankruptcy attorneys help you regain control of your finances
Significant money troubles can affect anyone. At the Twin Cities bankruptcy law firm of Martin & Hedervare PLLC, we serve clients in dire straits who need help getting their lives back and getting their finances under control, starting with a free in-office consultation. We do not judge our clients for their debts, but rather draw on our chapter 13 bankruptcy law experience to help them get out from under their economic burden.
How Chapter 13 bankruptcy can help you
Also known as debt restructuring or debt reorganization, Chapter 13 of the U.S. Bankruptcy Code allows individuals with regular income to compile their debts and make reasonable payments toward creditors for a period of 3-5 years. At the conclusion of the repayment term, all remaining eligible debts included in the bankruptcy are discharged.
Our Twin Cities bankruptcy lawyers can determine if Chapter 13 bankruptcy is right for your unique situation. We review your income, assets, expenses and types of debts to ascertain the amount you can afford to pay each month, and then we file for Chapter 13 in Minnesota Bankruptcy Court. Utility disconnections, repossessions, foreclosures, tax levies, and wage garnishments stop as soon as the case is filed. Under Chapter 13, you are not expected to surrender your home, car, or any other possession as part of repayment.
Don’t let the Chapter 13 repayment plan concern you
The amount of the payment is based on what your budget says you can afford, not on the total amount of debt owed. Your repayment plan is determined based on your monthly income minus your monthly expenses, and in some cases the interest rates on secured debts can be reduced. In Chapter 13 bankruptcy, a trustee is appointed to collect payments and distribute them to creditors according to the plan filed with the court. Each plan submitted to the court is tailored to fit the particular situation presented by that person, so no two Chapter 13 plans are exactly the same.
Once you complete a Chapter 13 bankruptcy plan, the judge signs an order saying all the debts that are eligible to be wiped out are discharged, whether you paid off all of your debt or a small percentage. You will not have creditors bothering you or trying to intimidate you any longer. You will be free from your debt and you are able to keep your secured and unsecured assets.
In other words: You agree to pay what you can for 3-5 years, and then your eligible debt is eliminated.
Find financial relief with our Twin Cities Chapter 13 lawyers
The Minnesota bankruptcy lawyers at Martin & Hedervare PLLC use our combined 38 years of experience to find the right debt solution for you. Call our firm at (651) 243-2974 or contact us online today to schedule your risk-free consultation.