Filing A Chapter 13 Claim Through Bankruptcy Attorneys In St. Paul, MN

Consumers who earn more than the median income for Ramsey County qualify for Chapter 13 bankruptcy. This implies that they passed the means test conducted by Bankruptcy attorneys St. Paul MN to establish eligibility. In Ramsey County, the average income is $51,915 for individuals and $69,079 for couples. The next step in filing for Chapter 13 bankruptcy is to attend a credit-counseling course which is approved by the state of Minnesota, as outlined in the 2005 Bankruptcy Act. Click here for more details.

What is Needed to File?

The consumer should collect income, bank account and other financial statements for all sources of income that are generated by their household for two years prior to filing a claim. All records of debts are needed and should possess a current balance. All deeds and titles for any properties owned by the consumer are needed; this includes mortgage documentation and automobile loans.

Two years of income tax returns for all parties who are listed on the bankruptcy claim are needed as well. Once all of these documents are provided, the attorney generates a petition which details the consumer’s current financial circumstances. The claimant is responsible for paying the $281 fee to file this petition.

The Repayment Plan

The repayment plan consists of a detailed explanation of how the consumer settles his or her debts. It shows an itemized account of all household bills and the portion of income that is left over after these obligations are met. The consumer must show the judge that he or she intends to adhere to the stipulations of the plan.

He or she is required to pay the same amount of any unsecured debts that are needed in a Chapter 7 bankruptcy claim, which is determined by the judge. The stipulations of the plan also state that any income that is not required for household responsibilities are utilized to settle debts for no less than a three-year period. Unless otherwise stated, the Ramsey County court will collect the bankruptcy payments through the claimant’s employer who makes the deduction from his or her wages. Any consumer who would like to discuss this option with Bankruptcy attorneys St. Paul MN may contact the Lamey Law Firm.

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