“Wage Earner’s” Bankruptcy
When my clients do not meet the income and asset eligibility requirements for Chapter 7 bankruptcy, I help them explore debt relief through Chapter 13 bankruptcy. A structured repayment plan, Chapter 13 provides individuals a way to pay back debt, at a rate they can afford, over a period of three to five years. Chapter 13 bankruptcy is a good option for people who have assets but face situations such as:
- Home foreclosure
- A lot of consumer debt, but you can’t borrow equity from the house anymore
- Credit card and house payments are behind
- Tax arrearages (Federal and Minnesota)