Chapter 13 bankruptcy 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 Chapter 13 bankruptcy is filed.
Instead of eliminating debt as in a Chapter 7 Bankruptcy, Chapter 13 Bankruptcy uses your wages/income to repay some or all of your debt.
An experienced Minnesota bankruptcy lawyer can help you understand the advantages and disadvantages of a Chapter 13 Bankruptcy for your specific situation.
Most people find the bankruptcy law to be confusing and complex.
To ensure you receive the maximum protection afforded by a Chapter 13 bankruptcy, you will want to hire an experienced bankruptcy lawyer in Minnesota.
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