Chapter 13 bankruptcy is also referred to as reorganization bankruptcy and is a less drastic approach to gaining control of your finances when compared with chapter 7 liquidation bankruptcy. Under a chapter 13 filing you can still keep most of your assets and instead will be placed on a payment plan for three to five years. After the allotted time is up, the remaining debt will be discharged. Choosing to file chapter 13 bankruptcy does not mean that you have failed financially nor does it mean that you have to give up everything you own.
Brea Buettner-Stanchfield is an experienced, passionate and compassionate Minneapolis bankruptcy attorney that can help you during this difficult and stressful time. At the Buettner Law Group, LLC, you can be rest assured that your financial future is in good hands. Contact us today at 612-377-5311 for a free initial consultation.
This can be hard to determine unless you have spoken with a Minneapolis bankruptcy attorney and gone over your financial statements. If you do choose to file this type of bankruptcy, you will need certain documentation such as expense sheets, income reports and asset documentation. Our attorney will file the documentation on your behalf and attend the court hearing. You can expect the process to be relatively smooth and stress free.
How chapter 13 bankruptcy will benefit you will depend on your situation. However, you can expect that you will have a better control over your debts and actually be able to see the end. While you may not be completely debt free at the end of the process as some debts are not dischargeable, you will be able to come out with a much more manageable hold on your finances. You will be placed on a payment plan so that all of your debts are consolidated into one payment that you are able to manage. At the end of the payment term, these debts will be discharged; however, unlike chapter 7 bankruptcy, you will not have to sell anything in exchange for the discharge. You can keep your assets, such as your home and car.
If you feel like you are constantly behind, if you are getting phone calls from your bank and creditors and if you are having trouble keeping up with the interest, let alone the payments, on your credit cards, then chapter 13 bankruptcy may be a viable option for you.
Taking control of your finances is important. We all have months where we may feel the pinch or live outside of our means but if this is a constant problem, then chapter 13 bankruptcy may be the solution that you need to gain control. Filing for bankruptcy may come with certain stigmas but it is important to look past this and focus on what this means for your future. To speak to a Minneapolis bankruptcy lawyer about your current financial situation and what can be done, contact us today at 612-377-5311 for a free initial consultation.