{"id":395,"date":"2015-09-26T09:59:24","date_gmt":"2015-09-26T14:59:24","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=395"},"modified":"2015-09-24T09:59:50","modified_gmt":"2015-09-24T14:59:50","slug":"thirteen-facts-about-chapter-13-part-two-in-the-mankato-minnesota-area","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/thirteen-facts-about-chapter-13-part-two-in-the-mankato-minnesota-area\/","title":{"rendered":"Thirteen Facts about Chapter 13 (Part Two) in the Mankato Minnesota Area"},"content":{"rendered":"

Welcome back scholars in the Mankato Minnesota area! Today, we\u2019ll be completing our study guide of thirteen facts about Chapter 13 bankruptcy.<\/p>\n

Before we get started, let\u2019s have a brief moment to review. Chapter 13 bankruptcy<\/a> is often called a \u201cwage earner\u2019s plan\u201d because debtors are offered the opportunity to repay debts. This gives them approximately 3-5 years to repay creditors and, during that time, they must typically be employed.<\/p>\n

So, now, let\u2019s learn a little bit more about Chapter 13:<\/p>\n

1. Q: Other than the creditor and debtor, who else is involved in filing for Chapter 13 bankruptcy?
\nA: Typically, a neutral trustee must be involved in the filing.<\/p>\n

2. Q: Are co-debtors protected under Chapter 13?
\nA: Yes, co-debtors are protected. Creditors are restricted from collecting \u201cconsumer debt\u201d from anyone liable on a debt with the individual debtor. A creditor can get relief from the bankruptcy court to pursue a co-debtor if good cause warrants such relief.<\/p>\n

3. Q: What is \u201cconsumer debt,\u201d exactly?
\nA: The term \u201cconsumer debt\u201d refers to individual debts acquired for personal, familial, or household reasons.<\/p>\n

4. Q: What are the types of claims related to Chapter 13 bankruptcy?
\nA: There are three types of claims involved:
\n\u2022 Priority claims: These claims have a special status within bankruptcy law, and they include claims regarding taxes and filing costs.
\n\u2022 Secured claims: Creditors who have these claims have collateral securing the debts that they can take from a debtor if the debtor does not make payments.
\n\u2022 Unsecured claims: Creditors who have these claims do not have collateral securing the claims that they can take if a debtor does not make payments.<\/p>\n

5. Q: What happens if a debtor is unable to pay?
\nA: Their Chapter 13 filing may be converted to a Chapter 7 filing instead or it may be dismissed.<\/p>\n

6. Q: Can a debtor be discharged from Chapter 13 after repaying debts?
\nA: Yes, but only if the debtor has completed all payments required under the debtor\u2019s chapter 13 plan, if the debtor has not received a chapter 13 discharge within 2 years before the present case was started, and if the debtor has taken a course in financial management.<\/p>\n

Well, this concludes our two-week course in Chapter 13 bankruptcy! If you live in the Mankato Minnesota area and believe all this studying has prepared you for your own filing, contact <\/a>the professionals at Behm Law Group Ltd. today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome back scholars in the Mankato Minnesota area! Today, we\u2019ll be completing our study guide of thirteen facts about Chapter 13 bankruptcy. Before we get started, let\u2019s have a brief moment to review. Chapter 13 bankruptcy is often called a \u201cwage earner\u2019s plan\u201d because debtors are offered the opportunity to repay debts. This gives them […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"aioseo_notices":[],"yoast_head":"\nChapter 13 Bankruptcy | Mankato, MN | Behm Law Group |<\/title>\n<meta name=\"description\" content=\"Thirteen facts about Chapter 13 Bankruptcy! Read here for more information! Let Behm Law Group take care of all of your bankruptcy needs! 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