We Have Filed More Than 70,000 Minnesota Bankruptcies in 35+ Years
"This Is All We Do and We Do It Well."
After filing a Chapter 13 bankruptcy petition, a debtor will attend a 341 creditors' meeting a few weeks later. When filing the petition or within 15 days of filing it, a Chapter 13 filer should also submit a repayment plan. The repayment plan should normally consist of a plan to make regular payments in fixed amounts on a biweekly or monthly basis. The first plan payment is due within 30 days of the case filing. Within 45 days after the meeting of creditors, the bankruptcy judge will hold a confirmation hearing and approve the plan as feasible or not.
Your Attorney Will Help Prepare Your Repayment Plan
The importance of devising a repayment plan that will be acceptable to the bankruptcy court highlights the importance of being represented by an experienced, respected bankruptcy attorney. At the law offices of Prescott & Pearson, P.A., in the Twin Cities, we regularly put together successful repayment plan proposals for our Chapter 13 bankruptcy filers. After filing 70,000 bankruptcy petitions over 35 years, we are well versed in every detail of the standards for confirmation set forth in the Bankruptcy Code. For example, we know how to calculate what is considered to be disposable income for a debtor who is filing a Chapter 13 bankruptcy and craft a suitable repayment plan accordingly.
A Trustee of the Bankruptcy Court Will Accept Your Repayment Plan
When the trustee accepts a repayment plan and the debtor begins making payments, the trustee will distribute funds proportionately to creditors according to their designations as:
- Priority
- Secured
- Unsecured
Priority debts must be paid in full. These debts typically include taxes and payments to the bankruptcy lawyer. Secured claims are debts that involve property that a creditor could repossess if the creditor does not repay the value of the underlying collateral, such as a car. Unsecured debts are the last priority. These typically include credit card debt, installment loans and personal debts. These do not have to be repaid in full as long as all disposable income is devoted to the Chapter 13 repayment plan lasting three to five years. Any remainder will be discharged at the end of the three to five years.
Minneapolis Chapter 13 Planning Lawyer · Duluth, Rochester, Minneapolis or St. Paul Confirmation Hearing · Lawyer Consultations Are Free
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Chapter 13 Planning
Attorneys at Prescott & Pearson, P.A., offer free initial consultations, quality services at competitive rates and effective representation statewide. E-mail our law firm or call us:
- Minneapolis-St. Paul Area: 651-968-8096
- Minnesota Toll-Free: 888-366-0827
