Farms and Other Local Midwest Food Suppliers File for Chapter 12 Bankruptcy in Mankato, MN

Farming is a notoriously difficult profession even with the knowledge, tools, and power agriculturalists have access to today. Throughout the ages, farmers have faced challenges with the weather, soil conditions, seed fertility, plant diseases, pests, economy crashes, and many other variables. With all the hardships farmers face, it’s incredible there are so many strong people who still choose this vocation, and we have those hard workers to thank for the abundance of food in supermarkets and grocery stores across the country.

 

However, many farmers still face extreme financial hardship, and it’s no surprise that many find themselves deep in significant debt connected to their crop, livestock, or fishing operations. If you’re having difficulties as a family farmer or fisher, Behm Law Group, Ltd. can help you find your way out of severe debt by filing for Chapter 12 bankruptcy in Mankato, MN.

 

With the large spread of farmland dotting the countryside between Mankato and other cities in southern Minnesota, there are many local people living in our communities that took on farming as a profession. Unfortunately, this year has marked a rise of farm debts, not just in Minnesota, but across the Midwest as a whole.

 

Why Farm Debts Are on the Rise

 

Sometimes described as a “slow bleed” of independent farms in the face of low dairy, crop, fish, and meat prices, the debts of family farmers and fishers are not matched by the income they receive from product sales. When independent farms are higher in geographic concentration, as they often are, the trickle of each small farmer’s debts turns into a river of severe financial crisis. If this happens to a community, no matter how widespread, bankruptcy is a highly valuable solution. When farmers and fishers take advantage of the assistance filing for Chapter 12 bankruptcy provides, it serves as a true system of recovery and healing for agricultural communities.

 

Chapter 12 Bankruptcy

 

Chapter 12 bankruptcy is a debt relief option offered to family farmers and fishers who earn over 50% of their income from agricultural or fishing operations. If you file for Chapter 12, you are provided with a system of bankruptcy that reorganizes and restructures your debts in a manageable repayment plan suited to your income. This bankruptcy repayment plan is spread over a period of three to five years and allows for fluctuations in your income with the growing and harvest seasons. Not only does Chapter 12 give farmers and fishers a way to repay their debts without losing their land, home, agricultural equipment, and overall livelihood, it also provides protection against creditor harassment.

 

Farm debt may be on the rise due to several conditions in the food industry today, but there are solutions. Chapter 12 bankruptcy in Mankato, MN is one option that many can use to recover in the long-term from agricultural debt. To learn more about bankruptcy and debt relief, contact Behm Law Group, Ltd. at (507) 387-7200 today.

Understanding Adversary Proceedings and How to Work Through Them with the Help of a Bankruptcy Lawyer in Mankato, MN

When you take on a loan agreement of any kind, you’re responsible for repaying that debt for as long as you’re able to meet monthly debt payments without detriment to your wellbeing or the wellbeing of the members of your household. In the event you’re unable to keep making debt payments, you have several options for negotiating around this difficulty, one of which is to enter into the legal process of bankruptcy. If you find you’re having difficulties meeting debt payments from month-to-month, Behm Law Group, Ltd. offers the assistance and counsel of a knowledgeable, experienced bankruptcy lawyer in Mankato, MN.

 

If you choose to file for bankruptcy, you’re entering into a legal proceeding that’s designed to provide a fair outcome for all parties involved. No matter what type of bankruptcy you file for, the parties involved include you as the debtor, your creditors, and the bankruptcy trustee who is assigned by the U.S. Bankruptcy Court to oversee and administer your bankruptcy case and who is, essentially, a fiduciary or advocate for your creditors.

 

Your bankruptcy trustee may oversee the administration of your case, but each party still has a role in determining the outcome. Part of this outcome relies on whether there are adversary proceedings involved in your case.

 

What are adversary proceedings?

 

In a nutshell, an adversary proceeding is a complaint from one of the parties involved in your case that is issued as an official file to the court. It is a separate and distinct legal proceeding from the bankruptcy filing itself.  This filing can come from you, one of your creditors, or your bankruptcy trustee, and it can be a result of a number of aspects of your case.

When do they happen?

 

Adversary proceedings can be filed for a wide range of complaints about your bankruptcy case. Common complaints filed as adversary proceedings include:

 

  1. A creditor claims your debt cannot be discharged because you incurred the debt through fraudulent activity.
  2. You have multiple mortgages on your home and want to strip the junior liens to handle them as unsecured claims in your case.
  3. Your bankruptcy trustee discovers you made fraudulent transfers of accounts or properties within two years of filing.
  4. Your bankruptcy trustee discovers you made preferential transfers of accounts or properties within 90 days of filing.
  5. You have a jointly owned property and your trustee wants to force the sale of that asset in a liquidation case, possibly forcing both you and the co-owner to forfeit the possession of the property.
  6. Your creditor or trustee objects to the discharge of any particular debt or to your entire discharge/debt relief in your case on the grounds of your possible fraudulent activities as a debtor.

 

With the guidance of a knowledgeable bankruptcy lawyer, you can avoid many kinds of adversary proceedings that could render your case illegitimate or, when warranted, file your own adversary proceedings to affect positive change in your case.

 Find A Bankruptcy Lawyer Today

If you’re considering filing for individual or business bankruptcy, contact Behm Law Group, Ltd. at (507) 387-7200 to get started with an experienced bankruptcy lawyer in Mankato, MN today.

Why Filing for Bankruptcy is an Effective Long-Term Solution for Credit Repair in Marshall, MN

Every day, American adults are faced with the cost of living no matter where they’re located or what job they have. A large portion of the cost of living we all face is the existence of debts as a regular factor in many parts of our lives. From mortgages to cars, we all hold some debt that requires monthly payments. Without a structured budget and plan for repaying the debt in accordance with other monthly expenses, it’s easy to accumulate more and more financial pressure. If you find yourself facing unmanageable debt and don’t know what path to take to recover, Behm Law Group, Ltd. can give you the help you need to file for bankruptcy and start the process of long-term credit repair in Marshall, MN.

 The Truth About Bankruptcy & Credit Repair

Filing for bankruptcy has a poor public image when it comes to credit repair. While this is in part a realistic concern for those considering filing, it has often been overshadowed by the long-term benefits it provides. Bankruptcy is a highly effective, government-sanctioned remedy for resolving and recovering from a wide variety of debts.

 

Whether you choose to file for debt reorganization or liquidation bankruptcy as an individual consumer or a business, you can start down the path to stabilizing your finances while learning about how debts and incomes function in your life.

 

Consider the following facts that occur when you file for bankruptcy:

 

The Bad:

  1. Bankruptcy will damage your credit score. Based on the FICO credit score calculation model, filing may lower your score from 100 to 200 points.
  2. Records of a bankruptcy filing will stay on public record for up to ten years, depending on which chapter you file for.

 

The Good:

  1. Despite affecting your credit negatively at first and being on your public record for years, the damaging effect that filing for bankruptcy has on your credit will start to diminish immediately after filing.
  2. Your credit score may be improved to its original standing or recover to an even better score within a few years of filing. Some filers even report a restored credit score five years after filing.
  3. Whether you file for Chapter 7 bankruptcy and have debts discharged in exchange for asset liquidation or choose Chapter 13 debt reorganization and a three to five-year repayment plan, you can start rebuilding your credit right away.
  4. Rebuilding your credit during and after bankruptcy takes as little effort as budgeting, making debt payments on time, taking note of what you learn in pre-bankruptcy credit counseling, and making cautious spending choices.
  5. When bankruptcy is removed from public record, it can never affect your credit or financial standing again.

 

Bankruptcy is designed to help the individual consumer or business recover from debts and re-enter the economic system as a valuable participant. It is not designed to trap debtors or leave Americans destitute, despite popular belief.

 

If you’re ready to resolve your debts for long-term credit repair in Marshall, MN, contact Behm Law Group, Ltd. at (507) 387-7200 today.

Understanding Personal Guarantees and Liability When You File for Business Bankruptcy in Luverne, MN

If you own a small business anywhere in the U.S., your livelihood depends on countless factors ranging from market competitors to economic recessions. Maintaining a business with a steady flow of income and output of products or services is difficult, even with a strong foundation. No matter how old or young your business is, it’s possible to face financial struggles. If you’re having a hard time making debt payments from month-to-month, Behm Law Group, Ltd. can help you decide whether filing for business bankruptcy in Luverne, MN, is the right choice for your business.

Filing for business bankruptcy is a highly effective way to recover from severe debt. When you file for a business bankruptcy, you can choose Chapter 7 and liquidate your assets (shutting down your business in the process), or you can file for Chapter 13 bankruptcy and propose a restructuring of your debts into a manageable repayment plan (allowing your business to continue operating as you repay debts under the supervision of a bankruptcy trustee).

Whichever type of bankruptcy you file for, your trustee will rigorously examine your case for information about your past finances, business format, debts, income, living expenses, and contract agreements with your creditors. This examination determines how your assets will be liquidated and your debts discharged or restructured. Once your trustee has all the necessary information submitted with your petition and you have met all pre-bankruptcy requirements (credit counseling, bankruptcy fees, Means Test, and 341 hearing), the liquidation process will being in a chapter 7 case or you will propose a repayment plan in a chapter 13 case.

Behm attorneys can work with you to draft a repayment plan taking into account all your debts (priority, secured, and unsecured) and determine which debts you are liable to repay in full or have discharged in part from 0%-100%. One concern many business owners have in bankruptcy is whether they’ll be personally liable for the debts their business cannot repay. In the majority of cases, you will be personally responsible to pay debts your business can’t because it’s likely you made a personal guarantee agreement with your creditor when the loan was given.

Personal Guarantee: When you make a business loan agreement, the creditor needs to know they are protected in the event you cannot repay that debt. To resolve this issue, most creditors will not extend loans to businesses without requiring the owner to sign a personal guarantee agreement stating they are responsible as an individual to repay that debt in the event their business can’t meet payments.

Personally Liable: In short, you will be personally liable for your business debt when you file for Chapter 13 bankruptcy if:

  1. You have a sole proprietorship
  2. You have a partnership
  3. You made a personal guarantee on a debt

To learn more about filing for business bankruptcy in Luverne, MN, or to find out about personal guarantees and debt liability, contact Behm Law Group, Ltd. at (507) 387-7200 today.

Walking Through the Steps of Building a Petition to File for Bankruptcy in Mankato, MN

In today’s world, it’s rare that any individual adult lives debt-free. In fact, many dedicate over a quarter of their income to payments on a range of debts from credit cards to mortgages. This often leads to a delicate financial balance that can easily turn into an unmanageable situation. If you’re struggling to meet monthly debt payments, it’s possible bankruptcy is the next best step to recover from crippling financial imbalance. With the help of the expert attorneys at Behm Law Group, Ltd., you can file a strong case for bankruptcy in Mankato, MN, and start on the road to long-term financial stability.

Filing for bankruptcy can be a difficult process without the right professional guidance. It can even be tough to gather all the information necessary to build your case without mistakes. Behm attorneys are here to work with you every step of the way, whether you’re filing for Chapter 7 liquidation or Chapter 13 reorganization.

The best way to work through filing for bankruptcy in Minnesota is to go step by step in building your petition. Your bankruptcy petition will serve as the foundation of your case throughout the following processes and court judgement.

 

Step by Step

  1. The first step to building your bankruptcy petition is to gather the necessary documents and evidence of your financial information. You can download a full list of the documents and bankruptcy forms the court will require. In general, this includes information on your income, employment, debt history, credit, vehicles, home and living situation, tax returns, retirement and other accounts, and student loans, child support, and other obligations exempt from the bankruptcy process.
  2. Next, you’ll have to undergo
  3. credit counseling through a court-approved agency. Typically, these counseling sessions only take an hour or two from your time, but the court will not accept your petition without a certificate of proof showing you attended credit counseling within a 180-day period prior to filing.
  4. When you have submitted all the required information including your credit counseling certificate, you’ll have to pay a bankruptcy fee or submit a request to have the fee waived. You can also submit an application to pay the fee in installments.
  5. Finally, if you plan to file for Chapter 7 bankruptcy, you’ll have to take the Means Test, which determines your qualification for liquidation. To pass the Means Test you have to have an income lower than the state median for a similar household or a debt-to-income ratio that results in that level of net income.

 

Once you’ve completed these steps with the guidance of an experienced bankruptcy attorney, you can file your petition. If accepted, there will be more step by step actions to take and requirements to meet. What follows a bankruptcy petition will often prove to be a complicated process, no matter how straightforward a case may be. The counsel and advice of a bankruptcy attorney is critical to filing a successful petition and working through the full process.

To learn more about Behm Law Group, Ltd. attorneys, or for more information about filing for bankruptcy in Mankato, MN, contact us today at (507) 387-7200.

Understanding When and Why a Trustee Looks for Fraud and How to Avoid Mistakes in Filing for Bankruptcy in St. Peter, MN

Bankruptcy is a balanced system designed to help debtors recover from severe financial struggles and reenter the economic system as a productive consumer while remaining fair to creditors to whom debts are owed. The U.S. Bankruptcy Court oversees the outcome of bankruptcy cases for both individuals and businesses filing for bankruptcy, but the case details are handled through an appointed bankruptcy trustee. If you’re considering filing for bankruptcy in St. Peter, MN, Behm Law Group, Ltd. can help you build a strong case.

 

One of the things trustees are highly efficient in finding within a bankruptcy case is evidence or potential for fraud. While most incidents of fraudulent behavior in a bankruptcy case are intentional, there are times when mistakes or misunderstandings can lead to a technical fraud. Understanding when and why a trustee determines an action is fraud is an important step to protecting yourself when filing for bankruptcy.

 

What is Considered Fraud When Filing for Bankruptcy?

 

There are several actions and events that can be directly or indirectly considered fraud in an individual consumer or business bankruptcy case. When this fraud is intentional, it’s generally straightforward for a trustee to dismiss a case based on those actions and events. Direct, intentional bankruptcy fraud most often includes:

 

  • Lying and falsifying documents of financial records such as records of personal loans
  • Purposefully filing incorrect bankruptcy forms
  • Falsely reporting income amounts
  • Hiding assets and accounts
  • Lying under oath
  • Transferring accounts and assets to other parties to hide them from creditors and your trustee
  • Creating a fake identity to hide assets or otherwise lie
  • Bribing your trustee, creditors, or court officials to your benefit
  • Embezzling any amount from your bankruptcy estate

 

These actions and events are the common types of fraud a bankruptcy trustee will base a case dismissal on, but there are other fraudulent behaviors that may occur. Indirect fraud is often caused by ignorance of your circumstances or mistakes in your bankruptcy documents. With the expert advice and assistance of Behm attorneys, you can avoid unintentional fraud including:

 

  • Missing bankruptcy forms or financial document records from your petition
  • Forgetting to pay bankruptcy fees or not understanding which fees apply to your case
  • Filing incorrect or incomplete financial information and bankruptcy forms
  • Missing deadlines or appointments accidentally
  • Building an infeasible Chapter 13 repayment plan
  • Failing to report changes in employment or income (as long as it was not intentional)
  • Attempting to apply exemptions where they cannot be applied
  • Any other unintentional signs of fraud that are caused by a lack of understanding of the requirements of filing for bankruptcy or simply by mistake

 How Professional Counsel Helps You When Filing for Bankruptcy

When you work with Behm attorneys, you can trust us to help you build a strong case and eliminate any potential for mistakes in your documents and forms. With the protection and counseling we provide, you can rest easy on your road to debt relief through the bankruptcy process.

 

To get started with Behm Law Group, Ltd. or to learn more about filing for bankruptcy in St. Peter, MN, contact us at (507) 387-7200 today.

 

Protecting Your Case with the Help of an Expert Bankruptcy Attorney and Understanding the Statute of Limitations for Bankruptcy in Redwood Falls, MN

Bankruptcy in the U.S. is a nuanced system for individuals and businesses alike. Like other legal processes, it’s best to proceed with a trained professional who can protect and counsel you from start to finish. Because filing for bankruptcy in Redwood Falls, MN, is rarely a straightforward process, taking advantage of the knowledge and professional standing of a bankruptcy attorney is key to a successful case. Behm Law Group, Ltd. bankruptcy attorneys are dedicated to providing expert counsel to our community households and local businesses.

 

If you’re struggling with overwhelming debt, filing for bankruptcy may be a viable way to recover for long-term financial stability. Filing for bankruptcy without a bankruptcy attorney, however, is not something we recommend. Not only is bankruptcy a difficult process to tackle without professional training and a working knowledge of the U.S. legal system overall, but without the protection of a lawyer, you’ll be vulnerable to aggressive creditor judgments and other potential claims against your case. Additionally, you may set yourself up for accusations of bankruptcy fraud, intentional or not, without the counsel of a bankruptcy attorney.

 

Even if you’re not criminally charged with bankruptcy fraud, the consequences of a case dismissed based on fraudulent behavior can be hard to come back from if you ever find yourself in the position to file again. This is because of the strict rules set in place through the federal bankruptcy fraud statute of limitations. A bankruptcy attorney can help you navigate this.

 

The statute of limitations is based on evidence of bankruptcy fraud and dictates when an individual or business can file a petition after a case dismissal or charge against them for fraudulent behavior. A limitation period is set into place for each filer’s own situation and the fraud committed, and that period determines a time period during which the government may press criminal charges.

 

This time period is dictated depending on certain circumstances unique to each case. Primarily, the limitation period depends on the type of crime committed in a case:

 

  1. If a filer commits a crime as a single event, like falsifying a document or lying under oath, the limitation period begins on the date of the crime.
  2. If a filer commits a crime in multiple events, such as a crime that takes several actions to complete, the limitation period begins when the last action is performed.
  3. If a filer commits a continuing crime, like hiding an asset or account, the limitation period starts with the beginning of the crime and continues until the property is revealed.

 

In bankruptcy cases, crimes generally include asset hiding – which provides a limitation period starting when the court grants a discharge, dismisses the case, or denies the discharge – or all other types of bankruptcy crimes – which provide a limitation period of five years.

 Protect Your Case With a Bankruptcy Attorney

If you’re considering filing for bankruptcy in Redwood Falls, MN, protect yourself from accidental fraud and get the help you need to file a strong, successful case. Get started with a bankruptcy attorney from Behm Law Group, Ltd. today and contact us at (507) 387-7200.

 

Minimum and Maximum Debt Amounts Allowed to File for Bankruptcy in Worthington, MN

If you’re preparing to file for bankruptcy, it’s important to understand the limitations before entering into the process. Bankruptcy is an extremely beneficial tool for those struggling with debt, even with a high income. Despite its effect on your financial credit rating, bankruptcy is an effective solution for immediate financial recovery and long-term stability for an individual consumer or business. The requirements of bankruptcy are strict in order to prevent abuse, but with the help and protection of Behm Law Group, Ltd. attorneys, you can successfully file for bankruptcy in Worthington, MN.

 

Because most individuals and small businesses that file for bankruptcy don’t have the legal knowledge of a trained attorney or a team of lawyers a larger company might have to help them through the process, it’s critical to take advantage of professional assistance in the form of a bankruptcy attorney. Behm attorneys are highly knowledgeable and capable of working through your case for a positive outcome as well as protecting you from creditor harassment and advising and educating you along the way.

 

One common concern we hear from our clients is about debt amounts when entering the bankruptcy process. Some of our clients worry they may have too little debt to file, while others face the opposite. When it comes to minimum and maximum debt limits, the requirements are, fortunately, quite straightforward.

Minimum Debt

 

There is no court-set limit on the minimum amount of debt you need to file for bankruptcy. You may have limits on your income if you plan on filing for Chapter 7 bankruptcy, but all filers must pass the Means Test, which will determine your eligibility. The only limits on a minimum debt will be put in place by your own judgment. If you have a debt amount so low that it doesn’t justify bankruptcy and attorney costs, you may want to resolve your debts another way. Additionally, if you have high debts but they are excepted from the bankruptcy discharge, you won’t gain much from a case. High credit card debts, medical bills, mortgages, and car loans are all common debts that will be relieved in the bankruptcy process and will certainly justify a case even if they’re as low as $5,000.

 

Maximum Debt

 

The U.S. Bankruptcy Court does set a maximum limit on the debt amounts that can be resolved in a bankruptcy case. These limits are very high, but occasionally we see clients that struggle with this compromise. For a Chapter 13 case, this maximum amount currently stands at $1,184,200 for secured debts and $394,725 for unsecured debts. Chapter 7 doesn’t have a current maximum debt limit, but again, you must pass the Means Test to be eligible for a petition.

 

 Find Expert Help When You File for Bankruptcy

If you have debts you would like to resolve through bankruptcy and want to learn more about your eligibility and the process as a whole, contact Behm Law Group, Ltd. today at (507) 387-7200 for more information about filing for bankruptcy in Worthington, MN.

Debt Domestication and How Foreign Debts Resolve During Bankruptcy in Pipestone, MN

Debt laws vary from country to country, and within the U.S., those laws even vary from state to state. The legal minutia around the debts you owe can quickly become complicated even within Minnesota regulations, but when out-of-state debts and foreign debts are introduced, those difficulties can increase ten-fold.

 

These complications may never become a problem for the debtor if they continue to make regular payments month to month, but if the debtor misses payments or chooses to file for bankruptcy, it can be extremely difficult to wade through those legal waters without professional help. If you’re considering filing for bankruptcy in Pipestone, MN, and you have foreign debt in addition to your U.S. debts, Behm Law Group, Ltd. can protect you from creditor action and guide you through the process.

 

If you hold foreign debt, it can be discharged in your bankruptcy case. However, that debt is only officially discharged if your foreign creditors domesticate and enforce that debt.

 

Enforcing Foreign Debt

 

When you move from another country, your creditors in the original country cannot pursue collection actions unless they domesticate that debt, or you return to that country. This rule applies to bankruptcy as well, which means that if you want to discharge a foreign debt, your creditors must domesticate that debt or drop the debt completely. It may be easier to convince your creditor to domesticate a debt if they’ll gain some reimbursement from asset liquidation or a repayment plan.

 

Domesticated in Bankruptcy

If your foreign debt is domesticated, it will be handled in bankruptcy depending on the type of chapter you file. If you file for Chapter 7 bankruptcy, your non-exempt assets with value in excess of your allowable bankruptcy exemptions are liquidated and your debts are discharged. Complications with foreign debts arise if the country you owe debt in has differing bankruptcy laws. In most cases, these issues are related to the portioning amount of the values from liquidated assets, but this is an issue the courts will resolve for you.

 

When you file for Chapter 13 bankruptcy, similar issues arise with your foreign creditors in the repayment plan structure. Chapter 13 works to restructure your debts into a manageable repayment plan where you repay priority and secured debts in full and all other debts in predetermined portions from 0%-100%. If your foreign debts are unsecured, the courts may have issues deciding how much you’ll repay those creditors when their country’s legal system dictates higher or lower repayments.

 

Your foreign debts can be resolved in your case, but it’s important to understand how they’re enforced and what complications may arise in bankruptcy. To learn more about filing for bankruptcy in Pipestone, MN, or to get started on your case, contact Behm Law Group, Ltd. at (507) 387-7200 today.

Creditor vs. Debtor: Getting More Out of Your Case with a Bankruptcy Attorney in Mankato, MN

Bankruptcy is designed to help individuals and businesses recover from debt and continue to participate in the global and national economy. While bankruptcy offers what’s essentially a government-sanctioned financial backup plan, it’s not a bailout to simply rid yourself of debts with no concern for your lenders. When you file for bankruptcy, the process will work to create a balanced outcome for you and your creditors. If you’re considering filing for bankruptcy, do it with the help of a Behm Law Group, Ltd. bankruptcy attorney in Mankato, MN to get the most out of your case.

Bankruptcy is a fair system, balanced in regards to your creditors and yourself, and it allows you benefit greatly from the process with the right approach and with the help of a skilled bankruptcy attorney.

 

Chapter 7

 If you qualify for Chapter 7 bankruptcy by passing the Means Test, the vast majority of your debts will be discharged, except for student loans, child support and alimony and certain tax debts.  However, even student loans, child support and alimony and certain tax debts can be discharged in certain circumstances.  If the total value of your assets exceeds the amount you can protect/keep with your applicable bankruptcy exemptions, the excess, non-exempt value will be distributed among your creditors.

  • Good for you: In this process, you get the benefits of debt discharge. Most of your debts including credit card debt, medical bills, old utility bills, bad checks, overdraft fees from bank accounts, debts from foreclosures and repossessions of vehicles will be discharged and you won’t have to worry about those debts again
  • Good for your creditors: Your creditors benefit from the liquidation of your non-exempt assets, which gives them a return on their loans they may not have received if you did not file for bankruptcy. In most cases, however, people do not lose any assets and all they lose are their creditors/debts.
  • How to do better: With the help of a Behm bankruptcy attorney, you can pick your way through this nuanced process. Our bankruptcy attorneys can help you work through choosing exemptions, filing a joint case with your spouse, protecting your bank accounts, working around foreclosure, and more.

 

Chapter 13

This process of bankruptcy works to reorganize your debts into a new repayment plan that spans three to five years.

  • Good for you: This process structures the repayment plan around your current income and expenses, so you won’t struggle to meet payments. You’ll also only have to repay your unsecured creditors a portion of what you owe (0%-100%)
  • Good for your creditors: Your secured creditors generally get repaid in full but at a lower interest rate in this plan, and while your unsecured creditors only receive a portion, they’ll still see a return of what they’re owed
  • How to do better: When you work with a Behm Law Group, Ltd. attorney to structure a repayment plan proposal, you have a better chance of fair unsecured debt repayment, flexibility in your payment plan over the years, and protection from creditor harassment

If you’re considering filing for bankruptcy, keep in mind that the process will maintain a balanced treatment for both you and your creditors. With the support and legal savvy of a Behm Law Group, Ltd. bankruptcy attorney in Mankato, MN, you can file a stronger, more successful case. Contact us at (507) 387-7200 to get started today.