Minneapolis Chapter 13 Bankruptcy
Minneapolis Chapter 13
Chapter 13 provides for full or partial repayment of your debts over a 3 to 5 year period, based on your debts. Experienced in Minneapolis B2B bankruptcy, Sugar Creek Legal Services can guide you every step of the way.
As a debtor, you need a stable regular income, with enough left over—after paying bare necessities such as food and utilities—to be able to start paying off your debt. No repayment plan can exceed five years.
The process of a Chapter 13 bankruptcy in Minneapolis
Our bankruptcy lawyers are with you every step of the way when you file a Chapter 13 in Minneapolis. The steps are as follows:
- File a petition in bankruptcy court. Bring a complete list of creditors, assets, and liabilities
- File a "Statement of Financial Affairs" that includes:
- Amounts and sources of income from employment
- Other income
- Payments to creditors within 90 days of filing
- Payments made within one year of filing to insider creditors (relatives, partners, and corporations where you are an officer of the company)
- List of lawsuits to which you were a party, within a year of filing
- List of all property, even if garnished or seized
- List of property repossessed within one year before filing
- Assignment of property for benefit of creditors, up to 120 days before filing
- List of gifts/charitable contributions made within one year of filing
- List of losses from fire, theft, gambling, etc., since beginning of action
- Payments for debt counseling or bankruptcy, including attorney fees
- Transfers of property made within two years of filing
- Property transferred to a trust up to 10 years prior to filing
- Financial accounts closed within one year of filing
- Safe deposit boxes
- List of all premises occupied within the last 3 years
- Names and addresses of spouse or former spouses, if debtor lives in a community property state
- Any businesses owned
If your repayment plan is approved, you keep all your assets during the period of the plan. Monthly payments are made to the trustee, who in turn pays the funds to creditors, according to the plan. When the plan has been completed as approved, the rest of your debts are discharged.
