Qualifying for Chapter 13 Bankruptcy in Minneapolis

Qualifying for Chapter 13 Bankruptcy in Minneapolis requires meeting specific eligibility requirements. You will need to demonstrate that you have the income necessary to support the repayment plan under Chapter 13. If your income is too low, you may be eligible instead for Chapter 7 bankruptcy. On the other hand, if your income is too high, you may not qualify for Chapter 13. The Chapter 13 means test plays an important role in determining your eligibility for this type of bankruptcy.

Beyond the means test, to be eligible for a Chapter 13 bankruptcy in Minnesota, your debt must not exceed:

• $1,000,000 in secured debt
• $380,000 in unsecured debt.

These limits are in place to prevent bankruptcy fraud as well as economic disaster for creditors.  Filing for the wrong type of bankruptcy can have a dramatic effect on your life.

Contact Our Attorneys in Minneapolis to See If You are Eligible for Chapter 13 Bankruptcy

If you are concerned about qualifying for Chapter 13 Bankruptcy in Minneapolis, we encourage you to speak with our experienced Minnesota bankruptcy lawyers. We will help you determine your eligibility, guide you through the process, and ensure you understand all available options. Contact us today for a free evaluation.