{"id":945,"date":"2018-08-21T09:23:01","date_gmt":"2018-08-21T14:23:01","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=945"},"modified":"2018-08-20T09:30:52","modified_gmt":"2018-08-20T14:30:52","slug":"credit-repayment-chapter-13-bankruptcy-mankato-mn","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/credit-repayment-chapter-13-bankruptcy-mankato-mn\/","title":{"rendered":"Successfully Getting Credit During Repayment of Chapter 13 Bankruptcy in Mankato, MN"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Bankruptcy is often viewed as a last option for those with extreme debt and low income, but there\u2019s more than one kind of bankruptcy available to individuals and businesses. Chapter 7 bankruptcy is the type of bankruptcy that fits the description that\u2019s most often associated with being bankrupt due to the liquidation of the filer\u2019s non-exempt assets. Chapter 13 bankruptcy, on the other hand, is a completely different process that works to reorganize a filer\u2019s debts. If you\u2019re struggling to meet debt payments but don\u2019t want to possibly sacrifice non-exempt assets in a liquidation process, Behm Law Group, Ltd. can provide the legal support you need to file a strong case for Chapter 13 bankruptcy in Mankato, MN.<\/p>\n<p>&nbsp;<\/p>\n<p>If your income to debt ratio is higher than the Minnesota median income for a household of your size, you cannot qualify for Chapter 7 bankruptcy. Even if your income is low enough to pass the <a href=\"http:\/\/www.mankatobankruptcy.com\/blog\/2013-09-20\/chapter-7-bankruptcy-and-the-means-test\/\">Means Test<\/a>, you may still choose to file for Chapter 13 bankruptcy and keep your estate intact. In this case, you\u2019ll work with an attorney and trustee to draft a repayment plan that is suited to your situation.<\/p>\n<p>&nbsp;<\/p>\n<p>A Chapter 13 bankruptcy repayment plan is a highly effective way for those struggling with debt to sort through their finances under the guidelines of a three to five-year bankruptcy period. Despite the many benefits of a repayment plan, however, the period it fills is a long time. During that three to five-year period, you might experience several life changes including anything from a new job to moving into a new home. Your repayment plan could be altered to accommodate those life changes, but there are occasions where you need to operate outside of your bankruptcy plan. One common example of this is when the filer is in need of getting a loan.<\/p>\n<p>&nbsp;<\/p>\n<p>There are few reasons an individual working through a Chapter 13 bankruptcy repayment plan may need to seek a loan, and because of your overall financial history, your trustee may or may not approve any loans you try to obtain. However, there are times when you need a little boost, whether you\u2019re starting a business that\u2019ll gain more revenue in the long-term or if you have a real emergency.<\/p>\n<p>&nbsp;<\/p>\n<p>Gaining credit during your repayment plan period depends on several factors:<\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li>Whether you receive the required court authorization and trustee approval.<\/li>\n<li>The type of credit you\u2019re attempting to obtain (consumer or business).<\/li>\n<li>How a new loan will alter your repayment plan.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>Generally, you may be granted permission to obtain a loan based on household emergencies. Home repairs, medical emergencies, vehicle repairs, or disaster recovery are some primary examples.<\/p>\n<p>&nbsp;<\/p>\n<p>If you\u2019re working through a repayment plan or considering filing for bankruptcy in Mankato, MN, Behm Law Group, Ltd. can help. To learn more about the legal support and advice our attorneys offer, contact us at (507) 387-7200 today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Bankruptcy is often viewed as a last option for those with extreme debt and low income, but there\u2019s more than one kind of bankruptcy available to individuals and businesses. Chapter 7 bankruptcy is the type of bankruptcy that fits the description that\u2019s most often associated with being bankrupt due to the liquidation of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[31,3,43,30,34],"tags":[],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Successfully Getting Credit During Repayment of Chapter 13 Bankruptcy in Mankato, MN - Behm Law Group, Bankruptcy Attorneys<\/title>\n<meta name=\"description\" content=\"While filing for Chapter 13 bankruptcy, you may encounter life changes that require you to take out a loan. Learn more about getting credit from the pros.\" \/>\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\/credit-repayment-chapter-13-bankruptcy-mankato-mn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Successfully Getting Credit During Repayment of Chapter 13 Bankruptcy in Mankato, MN - Behm Law Group, Bankruptcy Attorneys\" \/>\n<meta property=\"og:description\" content=\"While filing for Chapter 13 bankruptcy, you may encounter life changes that require you to take out a loan. Learn more about getting credit from the pros.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mankatobankruptcy.com\/blog\/credit-repayment-chapter-13-bankruptcy-mankato-mn\/\" \/>\n<meta property=\"og:site_name\" content=\"Behm Law Group, Bankruptcy Attorneys\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-21T14:23:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-08-20T14:30:52+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/credit-repayment-chapter-13-bankruptcy-mankato-mn\/\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/credit-repayment-chapter-13-bankruptcy-mankato-mn\/\",\"name\":\"Successfully Getting Credit During Repayment of Chapter 13 Bankruptcy in Mankato, MN - Behm Law Group, Bankruptcy Attorneys\",\"isPartOf\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\"},\"datePublished\":\"2018-08-21T14:23:01+00:00\",\"dateModified\":\"2018-08-20T14:30:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\"},\"description\":\"While filing for Chapter 13 bankruptcy, you may encounter life changes that require you to take out a loan. 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