Chapter 13
The Minnesota law firm of Ross & Associates, P.A. is committed to helping consumers obtain relief from overwhelming debt by filing for Chapter 13 Bankruptcy Reorganization under the U.S. Bankruptcy Code. From our office in Shakopee, we have helped consumers located throughout Minnesota reorganize their assets and debts to obtain a realistic repayment plan.
Chapter 13 "Wage Earner's" Bankruptcy
Filing for bankruptcy is not the end of the world; in fact, it can be a new beginning for you and your family. Chapter 13 Bankruptcy Reorganization, known as the "wage earner's" bankruptcy, can be a good option for consumers who cannot repay their debts as scheduled, but do not meet the income and eligibility requirements under Chapter 7 Bankruptcy. You may wish to consider Chapter 13 if you have assets but are facing any or all of the following situations:
- Home foreclosure
- Past-due credit card payments
- Delinquent mortgage payments
- Significant consumer debt and no remaining home equity
- Tax arrearages (federal and/or Minnesota)
If you are an individual debtor with a regular income, Chapter 13 enables you to develop and propose a structured repayment plan to repay all or part of your debts at a rate you can afford. This repayment plan gives you a period of three to five years to pay off your debts, depending on your monthly income in comparison with the state median.
Benefits of Chapter 13 Bankruptcy
Chapter 13 can be beneficial for debtors with a regular income who have a valuable asset they wish to protect, such as a home, which is not completely exempt under Chapter 7. By developing a suitable Chapter 13 repayment plan, you may be able to:
- Save your home from foreclosure and cure your delinquent mortgage payments over time. However, it is important to file your bankruptcy petition before a foreclosure sale is completed or you risk losing your home.
- Extend the payment period for other secured debts, which may result in lower and more feasible payments over your three to five year plan.
- Protect third parties who are also liable for your consumer debts, such as friends or family members who are co-signers on your home or car.
- Stop collection actions by creditors that are made against you. During your repayment period, creditors are forbidden from pursuing collection actions or contacting you directly. Instead, you make payments directly to an appointed trustee who then distributes them to creditors.
Seek Experienced Representation
Paul Elliot Ross has the qualifications and years of legal experience to guide you through the bankruptcy process. We assist you with each aspect of your case, from the time you file your bankruptcy petition through the development and court confirmation of your repayment plan. For more information on how we may be able to assist you, contact Ross & Associates, P.A. today to schedule a free initial consultation.
We are a debt relief agency pursuant to Federal Law §524 of Title 11 of the U.S. Code. We provide legal assistance and help people file for bankruptcy relief under the Bankruptcy Code.
