Providing Advanced Options for Debt Relief
Comprehensive Chapter 13 Assistance in Eagan, Bloomington, Eden Prairie and the Entire South Metro Minnesota Area.
For many clients, Chapter 13 bankruptcy fits their facts better than a Chapter 7 bankruptcy. While some individuals and families may not qualify for Chapter 7 bankruptcy, they still may have debt relief options through the Chapter 13 bankruptcy process. Intended to assist people with high income or asset values, Chapter 13 allows for a restructured and affordable repayment of debts over a 3 to 5 year period, allowing you to catch up on past due accounts while maintaining possession of the bulk of your large assets. The filing process, while complicated, can be completed quite quickly with the assistance of an experienced lawyer, immediately ending creditor harassment or ongoing foreclosure proceedings, as well as other creditor actions.
Since 1999, Ron Lundquist, Attorney at Law, has provided comprehensive Chapter 13 bankruptcy advice to clients throughout the Eagan, Bloomington, Edina, Eden Prairie and surrounding south metro Minnesota areas. Dedicated to offering clear and concise guidance on the Chapter 13 bankruptcy process, Ron works closely with every client, offering input on potential debt repayment plans that are affordable and manageable. Ron's work has assisted countless clients in successfully finding relief from their debt through Chapter 13 bankruptcy, offering them a new outlook on their financial future.
Contact Ron's office online or call 651-454-0007 or 952-261-7384 to schedule a complimentary consultation to learn more about Chapter 13 and if the bankruptcy process is right for you.
Chapter 13 Bankruptcy: Restructuring Your Debts Into a Payment Plan
In most Chapter 13 bankruptcy cases, a percentage of your debt is paid back through a payment plan structured over a 3-5 year period. The payment is akin to a debt consolidation program in that you make one lump sum per month, with the funds being distributed to your creditors by a bankruptcy trustee. Your payment is made directly to the trustee, who in turn distributes payments to individual creditors.
The amount of the monthly payment is determined by several factors upon completion of a detailed analysis of your income and expenses. You propose the payment amount, and Ron's guidance and experience will try and get your proposed payment plan confirmed. The value of exposed assets is taken into consideration, though the nature of your debt is more important in determining the amount of your monthly payment.
In a Chapter 13 bankruptcy case, interest and late penalties on most unsecured debt is stopped the instant a case is filed, and the amount owed to those unsecured creditors does not increase over the life of the plan. Upon the initial filing, an automatic stay also goes into effect, ending the harassment from creditors and bill collectors as well as any ongoing foreclosure proceedings.
Contact Ron's office online to discuss your debt relief needs today.