Chapter 13 Bankruptcy Attorney in Minnesota
Both chapter 7 and chapter 13 bankruptcies discharge your debts. Under a chapter 13 however, you propose a payment plan to the court to pay a portion of your debt. There is no required percentage of the debt that you must pay; instead, the payment plan is based on your budget. There are several reasons to file a chapter 13 bankruptcy instead of a chapter 7 bankruptcy:
Qualification – to file chapter 7 bankruptcy, you must pass the means test or meet special circumstances. If you do not pass the means test, you will only be eligible for chapter 13 bankruptcy;
Non-dischargeable taxes – if you have a large amount of non-dischargeable taxes, the chapter 13 will stay interest and penalties from accruing on your tax debt and give you up to 5 years to pay the tax debts;
Cramdowns and lien stripping – under certain circumstances, you can “cramdown” the amount you pay on your auto loan to the value of the vehicle and treat the remaining balance as unsecured debt which does not have to be paid in full in a chapter 13. Likewise, if you have a second or third mortgage on your home and the value of your home is less than the balance of your first mortgage, you can strip the second (or third) mortgage and treat it as unsecured debt. When your chapter 13 plan is finished, the mortgage is removed from your home;
Stop foreclosure and bring your mortgage current.
If you’re behind on your mortgage and are nearing foreclosure, your last line of defense to keep your home is filing for Chapter 13 bankruptcy. Chapter 13 is geared towards debtors who have a steady income that can support additional payments on top of their regular mortgage payments. Make sure you contact a bankruptcy attorney when filing bankruptcy chapter 13 in Minnesota. Atlas Law Firm has offices in Anoka, Bloomington, Minneapolis, St. Louis Park, Edina, and Minnetonka, Minnesota, and Attorney Sheridan has been helping people file chapter 13 as well as chapter 7 for years.
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Using the Chapter 13 Bankruptcy Procedures to Stop Foreclosure
After filing, the court will issue an “automatic stay”. This temporarily prevents the lenders from continuing their efforts to foreclose your mortgage. The automatic stay will continue in effect as your petition goes through the Chapter 13 bankruptcy process.
One of the prime Chapter 13 bankruptcy questions has to do with whether Chapter 13 prevents you from needing to make mortgage payments. It will not. Instead, the court negotiates a payment plan in addition to your regular mortgage that will get you to pay back a chunk of your missed payments over an extended period of time.
Why You Need a Chapter 13 Bankruptcy Attorney
While bankruptcy can be filed by anyone, the paperwork is complicated and time-consuming. Here at Atlas Law Firm, Attorney Sheridan has the experience you need and expect from a Chapter 13 bankruptcy lawyer.
Our bankruptcy attorneys will work with you to ensure that your bankruptcy paperwork is done right.
Do Chapter 13 Bankruptcy Attorneys Really Make a Difference?
After your bankruptcy is filed, a trustee will be appointed to go over it. This trustee will go over every aspect of your paperwork to look for errors and other problems. Any errors can jeopardize the acceptance of your bankruptcy.
If the bankruptcy isn’t accepted, the foreclosure will proceed as planned. Hiring Atlas Law Firm in Minnesota as your support is a tiny investment compared with the possibility of incorrectly prepared paperwork.
Not All Chapter 13 Bankruptcy Attorneys are Equal
With the experience provided by Atlas Law Firm, you will get top-notch legal services to make sure your bankruptcy goes smoothly. Attorney Sheridan's legal services are well-priced, making his services a bargain compared to the competition.
When you hire legal help for your bankruptcy, Chapter 13 attorneys should allow you to rest easy knowing you are in good hands. If you fear foreclosure and want to discuss your options, reach out for a free consultation.
Stop the harassing phone calls and start out on the path to saving your home. And, to get answers to any questions you may have related to filing for bankruptcy in Minnesota, speak with Attorney Sheridan by calling today.
Read more about saving your house with a chapter 13.
Read more about removing a second mortgage from your home in a Chapter 13 Bankruptcy.
Read more about The bankruptcy process.
Read more about Chapter 13 Bankruptcy And How Does It Work.
Read more about Requirements To Qualify For A Chapter 13 Bankruptcy.