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Should I file Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy is used for those who have the ability to pay some of their unsecured debts.

  • Repayment plan based on what you can afford to pay i.e. the difference between your income and expenses.
  • Lasts for a fixed period of time (3 years minimum & 5 years maximum) at which point the remaining unpaid unsecured debts get discharged i.e. your liability goes away (Ask your personal Attorney about this).
  • Good for those who have debts that must get repaid; mortgage arrears, property taxes (assuming you want to keep that home), back taxes, child support arrears, vehicle loans (assuming you want to keep the vehicle) attorney’s fees, etc.
  • Good for those who believe they will incur more debt.
  • Don’t lose non-exempt assets.
  • Credit suffers until you get the Chapter 13 discharge.
  • For example, in a chapter 13, if you owe 50,000 in credit card debt, you may only pay 12,000.00 on the chapter 13 plan and the rest of the debt gets wiped out. In debt consolidation programs, you would have to likely pay everyone in full.

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St Cloud Attorney

Lund Kain & Scott P.A.
13 7th Avenue S
St. Cloud, MN 56301-4259

Phone: 320-252-0330
Toll-free: 800-551-3292

Lund Kain & Scott P.A.
315 East River Road
Brainerd, MN 56401

Phone:  218-822-3300

Centralized Mailing:
13 7th Avenue S
St. Cloud, MN 56301-4259

Visit us Online: 
www.stcloud-bankruptcy.com
www.monticellobankruptcy.com
www.brainerdbankruptcy.com
www.lundkainscott.com

Lund Kain & Scott is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.