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Filing your Minnesota Chapter 13 Bankruptcy 

 
Kelly Law Office - Minnesota Bankruptcy LawKelly Law Office
11900 Wayzata Blvd. #116E
Minneapolis, Minnesota 55305
Phone: (952) 544-6356
Fax: (952) 525-7924 
Mobile: (612) 735-3797
dave@kelly-law.com


Across I-394 from Ridgedale. Serving the Minneapolis and St. Paul area, especially the western suburbs including Minnetonka, St. Louis Park, Golden Valley, Crystal, New Hope, Hopkins, Eden Prairie, Maple Grove and Plymouth. Also available by appointment only at 8421 Wayzata Blvd., second floor, Golden Valley, MN 55426.

 


 

A Chapter 13 is particularly helpful in the following situations:  You are deep in debt but your income is too high for you to qualify for a Chapter 7; OR you have assets which are not exempt and which you would loose if you filed Chapter 7; OR you are behind in your mortgage and still want to keep the house; OR you are behind in your taxes and need a better payment plan than you can negotiate with the IRS or Department of Revenue.

 

You ordinarily would qualify for a Chapter 13 if you can show that:

 

You are employed or have some other regular source of income.

 

You have income in excess of your legitimate living expenses, so there is money left over to fund a Chapter 13 payment plan.

 

You are an individual or a married couple filing jointly, and not a corporation or LLC. An individual or married couple, however, may file on their business debts.

 

Your debts don't exceed the Chapter 13 debt limits - currently set at $1,184,200 for secured debts and $394,725 for unsecured debts.

 

You are not barred by a prior bankruptcy discharge or dismissal.

 

You are up-to-date on your income tax filings.  If you have not filed all of your income tax returns for the four prior tax years, you should get them all filed before you attempt filing a Chapter 13.

 

You are current on your child support and spousal maintenance. The Chapter 13 plan can be used to pay the arrearage if you are behind in child support at the time of filing.  But once you file you must continue paying the current child support and/or maintenance directly during the plan; and you must be able to certify that you are current on your domestic support obligations in order to get a discharge.

 

You don't have assets which cannot be claimed as exempt and which exceed in value the amount  which the unsecured creditors are to receive in the proposed Chapter 13 plan.