An experienced Minneapolis bankruptcy lawyer or St. Paul bankruptcy lawyer from Neff Firm, P.A., is available for consultations to discuss a consumer's financial issues and how Chapter 13 may be helpful to their situation. Neff Law Firm, P.A.'s, Minnesota bankruptcy lawyers have helped many consumers with filing a Chapter 13 bankruptcy. The experienced Minneapolis bankruptcy lawyers and St. Paul bankruptcy at Neff Law Firm, P.A., provide experienced, competent and compassionate legal help to consumers in need of a chapter 13 bankruptcy. Neff Law Firm, P.A., provides to debtors an experienced Minneapolis bankruptcy lawyer or St. Paul bankruptcy lawyer who can help an individual or couple, where appropriate, explore his or her suitability for Chapter 13 bankruptcy relief.
Serving People in Minneapolis, Edina, Bloomington, St. Paul, Roseville and Other Communities Throughout the State of Minnesota
A Minneapolis bankruptcy lawyer or St. Paul bankruptcy lawyer from Neff Law Firm, P.A., can help an eligible debtor who needs to do a repayment plan under Chapter 13, which is part of federal bankruptcy law. Chapter 13 is a part of the federal bankruptcy law. Chapter 13 bankruptcy is a debt repayment plan. Under Chapter 13, a qualified debtor experiencing financial difficulty may enter into an agreement with their creditors to repay a portion of their debt over a set period of time (36 to 60 months). At the end of the repayment period, any remaining debt covered under the Chapter 13 plan may be discharged (forgiven).Neff Law Firm, P.A., has a Minneapolis bankruptcy lawyer or St. Paul bankruptcy lawyer who can help a debtor determine eligibility for filing Chapter 13 bankruptcy.
As with Chapter 7, some debts cannot be discharged, such as spousal and child support obligations, taxes, student loans, and a few other types of debt.
Minnesota Chapter 13 Debt Relief/Bankruptcy Lawyers
If you need help filing for Chapter 13 bankruptcy in Minnesota, contact the Twin Cities bankruptcy attorneys at the Neff Law Firm, P.A., With offices in Edina (Minneapolis), Minnesota office and Roseville (St. Paul), we are convenient to people across the cities. You can meet with a Minneapolis bankruptcy lawyer or a St. Paul bankruptcy lawyer to discuss your situation. When you have questions about Minnesota bankruptcy, the Neff Law Firm has answers.
- Who can file for Chapter 13 bankruptcy?
- Where to file for Chapter 13 bankruptcy?
- What happens when you file for Chapter 13 bankruptcy?
- What information is needed to file for Chapter 13 bankruptcy?
- How a Chapter 13 works?
- What happens to secured debts?
- What are the results of Chapter 13 bankruptcy?
Who Can File for Chapter 13 Bankruptcy?
Chapter 13 provides debt relief to individuals (and businesses that are not incorporated). The debtor must have a regular source of income and his or her debt must be within limits set by law. A Minneapolis bankruptcy lawyer or St. Paul bankruptcy lawyer from Neff Law Firm, P.A., can help evaluate a debtor's situation for filing a Chapter 13 bankruptcy.
Where to File a Chapter 13 Bankruptcy Petition
Most bankruptcies in Minnesota are filed in the St. Paul or Minneapolis offices of the United States Bankruptcy Court (a unit of the Federal District Court). You must however, file your bankruptcy petition in the appropriate location based on residence. The length of time you have resided in the state will also affect your Chapter 13 bankruptcy filing.
What Happens When You File for Chapter 13 Bankruptcy?
Filing the petition for Chapter 13 bankruptcy is the beginning of the bankruptcy process which should end with the discharge of all dischargeable debts (except those you have reaffirmed). An experienced Minneapolis bankruptcy lawyer or St. Paul bankruptcy lawyer from Neff Law Firm, P.A.,can provide legal help to a debtor from the start to finish in filing a Chapter 13 bankruptcy.
When a bankruptcy petition is filed, an Automatic Stay is put in place that should prevent your creditors from engaging in collection activities against you, including harassing phone calls, wage garnishment, repossession, lawsuits, and foreclosures. (The Automatic Stay does not affect tax proceedings, child support or spousal support proceedings or a few other types of legal actions.)
A Twin Cities bankruptcy attorney at the Neff Law Firm can help you prepare all the required paperwork to file with the clerk of the Bankruptcy Court for Chapter 13 debt relief. Contact our Minneapolis or St. Paul law office to speak with a Minneapolis bankruptcy lawyer or St. Paul bankruptcy lawyer.
What Information Is Needed to File for Chapter 13 Bankruptcy?
Your Chapter 13 filing must include the names and addresses of all creditors, including family, friends and business associates. Financial liabilities (debts) can include: mortgages and car loans, business loans, credit card debt, medical bills, student loans, tax liabilities, alimony and child support payments, personal loans owed to family and friends, loans against life insurance policies or retirement plans, and other financial obligations.
Your Chapter 13 filing must also include a list of all assets and relevant information about your income and finances. As part of seeking Chapter 13 relief, you must show how you intend to repay your debt over a period of time.
How a Chapter 13 Works
A debtor seeking relief under Chapter 13 must provide a practical and reasonable plan to pay off some or all of their debt over a period of time. Usually a Chapter 13 bankruptcy plan lasts for a minimum of 36 months (if your income is above the median income for Minnesota) to a maximum of 60 months (if your income is below the median income for Minnesota). In some circumstances, a debtor may be allowed to change interest rates on loans and/or lengthen payment terms on debts that are not secured by the debtor's home.
It is up to you and your attorney to provide to the court with a reasonable and fair budget. A "means test" is used to check the reasonableness of the budget. It defines what is "disposable income" (excess income) for your particular situation, based on standards outlined under the U.S. Bankruptcy Code. Any income over your budget is to be paid on a monthly basis to the trustee of the Minnesota Bankruptcy Court.
Unsecured creditors have the right to file an objection with the court. If the court accepts your proposed repayment plan, it will be binding upon unsecured creditors.
Once the court confirms a Chapter 13 bankruptcy repayment plan it becomes effective. It is up to the debtor to make sure that regular payments are made to the Chapter 13 trustee, who pays the creditors of the Chapter 13 plan.
What Happens to Property in Chapter 13 Bankruptcy?
In a Chapter 13 bankruptcy proceeding, debts included in the Chapter 13 plan must either be paid completely or the property securing the debt must be surrendered. On-going payments on home mortgages and other long-term secured debts may be made by the debtor directly to the creditor if it is properly recognized as outside the plan. Back payments to cure a mortgage default or a car loan can often be made through the Chapter 13 plan.
The debtor will be able to keep all desired property as long as the unsecured creditors are paid not less than they would receive if assets were liquidated in a Chapter 7 bankruptcy proceeding.
The Results of Chapter 13 Bankruptcy
While there will be some consequences for declaring bankruptcy, at the conclusion of a Chapter 13 repayment plan those debts that are dischargeable, are completely discharged. This can bring great peace of mind to people who have been living with financial stress and uncertainty.
Contact a Minneapolis bankruptcy attorney at our Edina office or a St. Paul bankruptcy attorney at the Roseville office of the Neff Law Firm, P.A., to discuss your specific situation and your options for debt relief by filing for Chapter 13 bankruptcy protection. Make a confidential appointment to meet in person with an experienced Minnesota bankruptcy attorney at either our Roseville (St. Paul) or Edina (Minneapolis) law office by calling our central scheduling telephone number of (952) 831-6555. We offer flexible appointment times for your convenience.
