Chapter 13 bankruptcy in Minnesota is sometimes referred to as the “wage earner’s plan” or “repayment plan” bankruptcy, because this bankruptcy requires you to make payments on your debt.
The repayments are made over a three to five year period after the bankruptcy is filed.
Instead of eliminating debt, as in a Chapter 7 Bankruptcy, filing for Chapter 13 Bankruptcy means that you use your wages/income to repay some or all of your debt.
Most people who file for Chapter 13 Bankruptcy in Minnesota find the bankruptcy law to be confusing and complex, so an experienced Minnesota bankruptcy lawyer can help you understand the advantages and disadvantages of a Chapter 13 Bankruptcy for your specific situation.
To ensure you receive the maximum protection afforded by a Chapter 13 bankruptcy, you need to hire an experienced bankruptcy lawyer in Minnesota.
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