Chapter 13 Bankruptcy Minneapolis, Minnesota
While bankruptcy cases come in many different forms, our firm only files Chapter 7s and Chapter 13s. A chapter 13 bankruptcy case is a restructuring/payment plan, with the discharge being granted at the end. The payments must be made within 36 months and not exceed 60 months. Multiple factors can influence whether you file a five-year or three-year plan. If you earn more than the median income in your state for your household size then you must file a five-year plan. If your income is below the median, you can either file a three-year plan or a five-year plan. If you have a lower income than the median, your attorney will examine your income, your debts, and the overall case to determine whether a three-year plan or five-year plan is in your best interests.
In a chapter 13 case, you will usually only have to attend one hearing. This is the hearing 341 Zoom will hold the hearing, which takes around 10 minutes. The trustee can gather information by listening to your testimony. You will not be required to attend any of the other hearings that may occur during a chapter 13. The most common hearing is confirmation (where the judge orders your plan).
A Chapter 13 bankruptcy is not a liquidation case. Even if you own non-exempt property, you won’t have to liquidate it to pay for the bankruptcy estate. If you have non exempt assets, there is likely a threshold that you must meet when you are on a Chapter 13 payment plan. During chapter 13, your creditors must receive the same amount as they would have received during chapter 7.
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