For individuals or businesses who have found themselves in the unfortunate circumstance of having to file for bankruptcy, it is important to distinguish between the available options. Finding the right lawyer to help you do so is highly advised, as it can make the difference between getting things done quickly, efficiently, and in the best way possible. This is to ensure you restructure your finances, and more importantly, your future.Hoverson Law Offices, P.A., focus on offering these services in Minneapolis and Bloomington. If you are an individual or a business who fits a specific criteria, it may be recommended that you file for Chapter 13 bankruptcy.Known as the “wage earner plan,” Chapter 13 bankruptcy is a form of debt reorganization that will allow debts to be paid over a period of 3-5 years, with a manageable payment plan. Additionally, it prevents interest from accruing on many types of debts, stops foreclosures or repossessions on secured debts, and can alleviate the pressures of unsecured debts via consolidation. True to its nickname, however, Chapter 13 bankruptcy applies to those who earn a regular income that is able to withstand the restructuring and gradual payment of their debts. The debt must not exceed a certain amount, as well.As a Chapter 13 lawyer, Michael Hoverson will be able to help you determine whether or not you or your business qualify to file for Chapter 13 bankruptcy. If that is the proper course of action, they will be able to help you fill out and file all the necessary paperwork, as well as ensure you have a firm understanding of how your repayment plan is structured.If you live in Minneapolis or Bloomington, and you are seeking out guidance in a storm of debt, give our lawyer a call for a free consultation, find out if Chapter 13 bankruptcy is what you need, and let us get started on getting back the balance in your life.