Chapter 13 Bankruptcy
In general, people who do not qualify for Chapter 7 may be able to restructure their debt under Chapter 13. Debt is not discharged in the same way as Chapter 7. Chapter 13 requires people to pay back a portion of what they owe creditors pursuant to a payment plan. So, while foreclosures on your home can be halted, you will be required to make regular, continuous payments on your debt for up to 3 to 5 years. The amount you will be expected to pay on a monthly basis will depend on your income and assets and the legal requirements for confirmation of your plan.
Taking the First Step-Contact Ryan & Grinde Today
Don't spend another sleepless night trying to figure out how to make it through the month with crushing debt or how to save your home from foreclosure- contact Minnesota bankruptcy attorneys Ryan & Grinde today.
For more information on the Fair Debt Collection Practices Act (FDCPA) click here
Ryan & Grinde, located in Rochester, Minnesota, represents clients throughout Dodge County, Fillmore County, Goodhue County, Houston County, Mower County, Olmsted County, Wabasha County, and Winona County.