One of the most common bankruptcy types is Chapter 13 bankruptcy. Those who decide to file for this type of bankruptcy can keep all of the property that they owned, whether it is exempt or not. Liquidation of assets doesn’t occur with this bankruptcy type like it does with Chapter 7 bankruptcy. A Chapter 13 bankruptcy attorney from Hoverson Law Offices, P.A., in Minneapolis, helps you to navigate the bankruptcy process. Our years of experience and resources allows us to give the expert legal advice you need during this financial situation in your life.
Filing for Chapter 13 Bankruptcy
Before you decide to file for Chapter 13 bankruptcy, it’s important that you realize there’s a time commitment with this bankruptcy type. While Chapter 7 bankruptcy is a quick process, Chapter 13 isn’t. Those who decide to endure Chapter 13 bankruptcy will find that the overall process takes three to five years. This is because of the time it takes to make the necessary monthly payments to fulfill the payment obligation.
A Chapter 13 plan is a payment plan that the court grants someone going through the process. This process reorganizes debt, which gives you the necessary time to pay off your creditors. This usually includes personal loan and credit cards (unsecured debts). For those going through foreclosure, this process stops the foreclosure and allows the debtor to pay the mortgage arrears during the length of time that they are given to pay back their debt in the bankruptcy process.
Schedule a Free Legal Consultation with a Chapter 13 Attorney in Minneapolis Today
To learn more about Chapter 13 bankruptcy and to determine if you’re eligible for it, contact our bankruptcy attorney at Hoverson Law Offices, P.A.. We serve the Minneapolis Minnesota community and the surrounding areas. Our experienced legal team understands all bankruptcy laws and can help guide those like you throughout the process. To schedule a free consultation and debt evaluation, call our Minnesota law office today at 612-349-2728.