{"id":383,"date":"2015-09-14T13:31:47","date_gmt":"2015-09-14T18:31:47","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=383"},"modified":"2016-08-25T03:08:03","modified_gmt":"2016-08-25T08:08:03","slug":"thirteen-facts-about-chapter-thirteen-in-the-mankato-mn-area-part-1","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/thirteen-facts-about-chapter-thirteen-in-the-mankato-mn-area-part-1\/","title":{"rendered":"Thirteen Facts about Chapter Thirteen in the Mankato, MN Area | Part 1"},"content":{"rendered":"<p>Class is still in session in the Mankato, Minnesota area! Please take your seats, sharpen your pencils, and prepare for your second week of Bankruptcy 101. Last week was all about Chapter 7 which means that, today, we\u2019re going to focus on another type of bankruptcy: <a href=\"http:\/\/www.uscourts.gov\/services-forms\/bankruptcy\/bankruptcy-basics\/chapter-13-bankruptcy-basics\" target=\"_blank\">Chapter 13<\/a>.<\/p>\n<p>We at Behm Law Group, Ltd. have prepared another overview to help you decide which type of <a href=\"http:\/\/www.mankatobankruptcy.com\/bankruptcy.php\">bankruptcy<\/a> is best for you. So, without further ado, here\u2019s part one of our Chapter 13 study guide:<\/p>\n<ol>\n<li><strong>Q: What exactly is Chapter 13 bankruptcy?<\/strong><\/li>\n<\/ol>\n<p>A: Chapter 13 is a type of bankruptcy that allows debtors to gradually repay some (but not all in most cases) of their debts. This is why it\u2019s often called a \u201cwage earner\u2019s plan.\u201d<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"2\">\n<li><strong>Q: In order to file, do debtors need to have a consistent income? <\/strong><\/li>\n<\/ol>\n<p>A: Yes. This is because payments to a chapter 13 trustee are made in regular installments over a period of time.<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"3\">\n<li><strong>Q: How long does a debtor have to repay these debts? <\/strong><\/li>\n<\/ol>\n<p>A: A chapter 13 bankruptcy must last at least 3 years.\u00a0 Sometimes, however, it can go for 5 years.\u00a0 The maximum time a chapter 13 bankruptcy case last is 5 years.<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"4\">\n<li><strong>Q: Do debtors have to confront their creditors through out the process of filing? <\/strong><\/li>\n<\/ol>\n<p>A: No. Debtors don\u2019t need to have any direct contact with their creditors.<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"5\">\n<li><strong>Will Chapter 13 bankruptcy erase all outstanding debts and payments? <\/strong><\/li>\n<\/ol>\n<p>A: Debtors are still responsible for paying certain expenses, such as mortgages, but are able to halt foreclosure and allow extra time for other payments such as payments on tax debts and mortgage delinquencies.<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"6\">\n<li><strong>Q: Who can file for Chapter 13 bankruptcy? <\/strong><\/li>\n<\/ol>\n<p>A: Individuals are eligible for this type of filing, but generally corporations and partnerships do not file for chapter 13 bankruptcy protection.<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"7\">\n<li><strong>Q: Which documents are required for a Chapter 13 filing? <\/strong><\/li>\n<\/ol>\n<p>A: At a minimum, four documents are required: a creditor list, the debtor\u2019s documented income, the debtor\u2019s documented property, and the debtor\u2019s documented living expenses.<\/p>\n<p>If you live in the Mankato area and believe Chapter 13 is the right kind of bankruptcy filing for you, <a href=\"http:\/\/www.mankatobankruptcy.com\/contact-us.php\">contact<\/a> the professionals at Behm Law Group, Ltd. today. Class dismissed!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Class is still in session in the Mankato, Minnesota area! Please take your seats, sharpen your pencils, and prepare for your second week of Bankruptcy 101. Last week was all about Chapter 7 which means that, today, we\u2019re going to focus on another type of bankruptcy: Chapter 13. We at Behm Law Group, Ltd. have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[31],"tags":[],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bankruptcy | Mankato, MN | Behm Law Group |<\/title>\n<meta name=\"description\" content=\"Thirteen facts about Chapter 13 Bankruptcy! Read here for more information! Contact Behm Law Group for your bankruptcy needs. Call us at 507-387-7200!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mankatobankruptcy.com\/blog\/thirteen-facts-about-chapter-thirteen-in-the-mankato-mn-area-part-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankruptcy | Mankato, MN | Behm Law Group |\" \/>\n<meta property=\"og:description\" content=\"Thirteen facts about Chapter 13 Bankruptcy! Read here for more information! Contact Behm Law Group for your bankruptcy needs. 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