Legal Question in Bankruptcy in Minnesota

My spouse and I are going to file a chapter 13 and due to our income level will have to do the 5 year payment plan. We have been told we have to repay the entire debt within those 5 years even though that will leave us with nothing left to live on. Is this correct? Will we be required to repay the entire debt within 5 years?


Asked on 9/13/11, 8:02 pm

1 Answer from Attorneys
Nathan Hansen Nathan M. Hansen, Attorney at Law

Not necessarily. It depends on what type of debt you are talking about. For example, most taxes and domestic support obligations need to be paid entirely in a Chapter 13. Unsecured creditors do not necessary need to be fully repaid in a Chapter 13 plan. I would not recommend filing a Chapter 13 without an attorney. Consult counsel of your choosing about this.

Nathan Hansen

651-704-9600

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Answered on 9/14/11, 8:13 am


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