Minnesota Chapter 13 Bankruptcy Lawyer

Chapter 13 Bankruptcy in Minnesota

Many people assume that filing for bankruptcy means they are giving up their old life and starting completely new. This is actually not the case. In Chapter 7 bankruptcy, you are 'liquidating' some of your valuables, but you do not have to lose everything. However, for many of us, this is still a little too drastic for our needs. If you find that you are struggling to overcome your debt but do not want to file for liquidation bankruptcy, then Chapter 13 bankruptcy may be the sol ution you are looking for. Instead of liquidating your debt, you will be given the opportunity to 'reorganize' it. In a sense, Chapter 13 offers you the chance to pay off some of your debts through a suitable payment plan. Below are some important facts about the Chapter 13 process:

Chapter 13 bankruptcy provides an alternative to those who cannot qualify for Chapter 7 bankruptcy or for those who do not want to file for Chapter 7.
Chapter 13 bankruptcy will consolidate your debts into one lump sum.
You will be put on a payment plan, as advised by the bankruptcy court, which lasts between three to five years .
Your payment plan time and amount will depend on your income and your financial situation.
After three to five years, your remaining debts will be discharged, regardless of whether you have paid them in full or not. However, some debts will not be discharged including child support, student loans, mortgage payments and other secured debts.
Chapter 13 bankruptcy will stop all creditors and wage garnishment. This is referred to as "automatic stay."
In most Chapter 13 bankruptcy cases, you will not lose anything you own.

Is Chapter 13 bankruptcy right for me?

Chapter 13 bankruptcy may be best for your financial situation if you find yourself in any of the following:

You are behind on car payments or house payments and need some time to catch up.
You are behind on other debt payments and need some time to catch up.
You do not want to go to the extremes of Chapter 7 bankruptcy.
You are tired of the creditors hounding you every second of the day.

The best way to determine whether Chapter 13 is the solution you have been looking for is to contact Heimerl & Lammers. With many years of experience in practicing bankruptcy law, we are able to provide comprehensive assistance to you in your time of need. We are immediately available to give you a free initial consultation to accurately assess your financial situation. If you know you need to do something about your overwhelming debt, call us today and see how we can help.

Contact a Minnesota Chapter 13 bankruptcy attorneyif you are in financial trouble and would like information regarding the benefits of Chapter 13 bankruptcy.