Chapter 13 Bankruptcy
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Understanding the Chapter 13 Repayment Plan
If you are considering filing for bankruptcy and Chapter 7 bankruptcy isn’t right for your situation, Chapter 13 may be the right decision for you. You will pay a set amount toward a plan that will last for anywhere from three to five years. After the repayment period is over, the rest of your unsecured debt will be eliminated, tax-free. While this type of bankruptcy takes a bit longer than Chapter 7, it can be preferable for those who do not qualify for Chapter 7 or if there are specific assets that you want to keep that may have to be given up through Chapter 7.
If you are interested in learning more about Chapter 13 bankruptcy, contact the experienced bankruptcy lawyers at MLG Legal in Edina today and schedule a consultation.
Why You May Want to Choose a Chapter 13 Bankruptcy:
- Calls from creditors will stop after filing.
- You may be able to keep all of your assets.
- Chapter 13 bankruptcy can help to prevent foreclosures and repossessions.
- Your repayment plan will be based on your income and what you can afford to pay.
- After your repayment period, which is typically three to five years, the remainder of your unsecured debt will be eliminated.
The Following Debts May be Discharged During a Chapter 13 Bankruptcy After the Repayment Period:
Credit Card Debt
How to Determine if Chapter 13 Bankruptcy Is Right You
If you are struggling financially, you may be considering whether a Chapter 13 bankruptcy is right for you. The best way to determine whether bankruptcy is your best path forward is by speaking to an experienced bankruptcy attorney.You may also be able to keep your home, car, and other important assets with a Chapter 13 bankruptcy. The law team at MLG Legal can provide you with a consultation where you will discuss your current financial situation and whether Chapter 13 bankruptcy is the right decision for you. Contact our Edina lawyers today to schedule a consultation today.
Plan for a Brighter Financial Future
Having financial troubles today should not dictate your future tomorrow. When you make the decision to file for bankruptcy, you are choosing to take control of your financial situation so that you can build a brighter future. At MLG Legal, we have worked with individuals from all walks of life who are making the choice to file for bankruptcy so that they can move forward in a positive direction.
Ready to speak to an experienced bankruptcy attorney? Contact the MLG Legal today.
Speak to Our Edina Bankruptcy Attorneys
Are you interested in learning more about whether Chapter 13 bankruptcy, Chapter 7 bankruptcy, or another debt relief solution is right for you? Speak to one of our Edina bankruptcy attorneys at MLG Legal today and we’ll discuss your situation so that we can make a personalized recommendation to help you move forward. Schedule a consultation today.