There has been so much uncertainty and stress in your life recently. Before you make any decisions about the future, you understandably want to know what’s going to happen to you next. Before you make the important decision to file for Chapter 13 bankruptcy protection, you deserve to understand what to expect.
In this article, our experienced Minnesota bankruptcy attorneys share an overview of how a Chapter 13 bankruptcy case works. To find out how Chapter 13 might work for you, please call our office directly to speak with a Minnesota bankruptcy lawyer.
How Chapter 13 Works
When you and your Minneapolis bankruptcy lawyer file your Chapter 13 bankruptcy petition, a bankruptcy trustee will be assigned to your case. The trustee will make sure that you are eligible for Chapter 13 protection and will oversee the development of your repayment plan.
You and your lawyer will have a set amount of time to file a proposed repayment plan with the Court. After that, a creditors meeting will be scheduled and a final repayment plan will be approved. Once the plan is approved, you will need to make payments according to the terms of the plan. Typically, payments are made once or twice a month for the 3- to 5-year term of the plan.
Once you have satisfied all the terms of the repayment plan, a bankruptcy discharge is possible.
How to Contact a Minnesota Bankruptcy Lawyer to Learn More
Chapter 13 individual bankruptcy cases are complex and highly individualized. If you want to learn more about how a Chapter 13 case might affect your future, please call an experienced Minnesota bankruptcy attorney at MN (952) 920-1001 or AZ (480) 207-2203.
We also invite anyone contemplating a Minnesota bankruptcy to read our FREE book, What You Need to Know About Filing Bankruptcy in Minnesota, which is available on our website.