Chapter 13 Bankruptcy

Chapter 13 Benefits

Repayment to unsecured creditors in a Chapter 13 can range from 0% to 100% depending upon the types of debt, your income, and the value of your non-exempt assets. This bankruptcy is commonly referred to as “reorganization” or “wage earner” plan. In a Chapter 13 Bankruptcy, you can generally keep all of your property.

One of the benefits to choosing Chapter 13 over Chapter 7 is that certain debts that cannot be discharged in Chapter 7 can be paid through the Chapter 13 plan. Some of these debts include back taxes, past-due child support or spousal support, student loans, loans obtained by fraud, past-due mortgage payments, and past-due car payments.

Here are some considerations when trying to asses if a Chapter 13 Bankruptcy is a good choice for you:

• You want to keep your home, but you’re behind on your mortgage payments
• You want to keep your car, but you’re behind on your payment
• You make too much money, have too many non-exempt assets, or have too much non-dischargeable debt under Chapter 7
• You owe recent taxes, or other taxes that a Chapter 7 bankruptcy would not get rid of, and you need more time to pay back the IRS
• You have a cabin or second home that would most likely be liquidated and sold by the trustee in a Chapter 7
• You don’t feel right about not paying anything back to your unsecured creditors

Chapter 13 Bankruptcy Attorneys In Minnesota

If you’re looking for a trustworthy and hardworking Chapter 13 Bankruptcy law firm, Heller & Thyen, P.A. is the place for you. Contact our team of expert attorneys today!