During today’s tough economic times, people often find themselves drowning in debt or using their charge cards just for basic needs. It’s easy for the balances to pile up, and yet credit card companies still keep sending new offers in the mail. After awhile, the number of monthly payments that are owed can really get out of control. When there are too many different monthly payments to deal with and when the due dates come too soon, it may be time to consider an option like Chapter 13 bankruptcy. Chapter 13 bankruptcy can end the confusion of multiple monthly payments and narrow things down into a single payment that may be a lot more manageable. Speaking with a bankruptcy attorney is a great way to find out whether or not this option is the right one for you.
Who Can Benefit From Filing Chapter 13 Bankruptcy
There are many people who can potentially benefit from filing Chapter 13 bankruptcy. Those who are having a problem making all their monthly payments on time but who still have some income and who wish to keep their most valuable assets, like a home, are good candidates for this type of bankruptcy. To be eligible for Chapter 13 bankruptcy, a person must not have more than $419,275 in unsecured debt and no more than just over a million in secured debts. Those who file must also attend an online credit counseling session.
The person filing must propose some sort of repayment plan for his or her debts, and then, once the plan is approved by a bankruptcy judge, the payments must be made on time. Documentation of all assets and debts must be provided to the bankruptcy court. A skilled attorney can help with this process and with all negotiations. Usually, the repayment plan is set up for three to five years to pay the debt to the best of your ability, but not necessarily in full. The creditors can be paid a percentage of their claim. After all the repayments are completed, the Chapter 13 bankruptcy case is discharged and all debt wiped out, even it not paid in full.
Call to Schedule a Consultation With a Minnesota Chapter 13 Bankruptcy Attorney Today
If you are overwhelmed with monthly payments and need some financial guidance, call to schedule a consultation with a Minnesota Chapter 13 bankruptcy attorney today. The legal professionals at the Hoverson Law Offices, P.A. have years of experience dealing with bankruptcy courts and can help you negotiate the best repayment plan for your needs. Visit our website at hoversonlaw.com or give us a call at 612-349-2728 and schedule a consultation with our professional legal staff. We’ll help you keep your home and set up a manageable and equitable plan to help pay off your debts.