The Dakota Bankruptcy Firm The Dakota Bankruptcy Firm
701-394-3215

Fargo Chapter 13 Attorney

Our Award-Winning Lawyers Can Help You Out of Debt

As you face accumulating debt, you may naturally feel overwhelmed and discouraged. However, Chapter 13 bankruptcy may offer the debt relief you need to resituate yourself and your family. At The Dakota Bankruptcy Firm, our Chapter 13 lawyers in Fargo offer award-winning legal support to individuals seeking to rebuild their financial health. We can help you develop a 3-5-year repayment plan that will momentarily protect you from aggressive creditors and allow you to regain your balance in life.

Schedule a free consultation with our Chapter 13 bankruptcy lawyers at The Dakota Bankruptcy Firm to get started. Call (701) 394-3215.

Who Can File Chapter 13?

To qualify, you must meet the following requirements:

  • Your secured debt (e.g., house or car) must not exceed $1,257,850, and your unsecured debt (e.g., credit card or medical bill) must not exceed $419,275.
  • You must have a steady, regular income that shows the court you can afford to meet your monthly household obligations and pay into your proposed repayment plan (below).
  • You are an individual, not a business.

Is Chapter 13 Right For Me?

There are several reasons Chapter 13 might be the best debt relief option for you. For example, if you are not eligible for Chapter 7, Chapter 13 is likely the next best option. Chapter 13 also offers strong protection against foreclosure, largely because of the nature of the 3-5-year repayment plan. With Chapter 13 you can also keep nonexempt property (if it is being paid for in the repayment plan) that must otherwise be liquidated in Chapter 7. 

How to File For Bankruptcy Chapter 13

  1. Analyze your debts to determine eligibility.
  2. Value your property.
  3. Calculate your income.
  4. Fill out the necessary bankruptcy forms.
  5. Take the mandatory pre-filing course
  6. Pay the filing fee to file your bankruptcy forms.
  7. Give the trustee your 521 documents that prove your income and assets.
  8. Attend 341 meetings of creditors & the confirmation.
  9. Make your Chapter 13 payments
  10. Take the pre-discharge debtor education.
  11. Discharge your bankruptcy

Our Fargo Chapter 13 lawyers at The Dakota Law Firm can help you determine which type of bankruptcy is right for you, file your initial petition, and help you create the best repayment plan that will work for you. 

The Benefits of Chapter 13 Bankruptcy

Filing for Chapter 13 bankruptcy is not simply a means to resolve debt; it can be a strategic step towards regaining your financial stability and achieving a more manageable lifestyle.

Here are a few key advantages that make Chapter 13 an appealing option for many:

  • Protection from Foreclosure: Chapter 13 provides an automatic stay that halts foreclosure proceedings, allowing you the time to catch up on missed mortgage payments and retain your home.
  • Manageable Repayment Plans: You can create a repayment plan that is tailored to your financial situation, typically lasting from three to five years, during which you will make manageable monthly payments.
  • Debt Consolidation: Unsecured debts, such as credit cards and medical bills, can be bundled together into one single payment, simplifying your finances.
  • Protection from Harassment: Creditors must cease all collection activities once you file for Chapter 13, offering you peace of mind and relief from constant phone calls and letters.
  • Potential Debt Discharge: At the end of your repayment plan, any remaining unsecured debt may be discharged, giving you a fresh start without the burden of overwhelming obligations.

Choosing to file for Chapter 13 can be a significant step towards regaining control over your financial life. The Dakota Bankruptcy Firm is here to guide you through the process, offering personalized support and expertise tailored to your needs.

Why Work with a Specialized Bankruptcy Attorney?

Navigating the complexities of Chapter 13 bankruptcy can be overwhelming, which is why having a specialized attorney by your side is crucial. At The Dakota Bankruptcy Firm, our dedicated team understands the intricacies of bankruptcy law and provides personalized guidance tailored to your unique financial situation.

Here’s how partnering with us can make a difference:

  • Expert Guidance: Our attorneys are well-versed in the latest legal regulations and can help you make informed decisions every step of the way.
  • Stress-Free Process: We handle the paperwork, negotiations, and court appearances, allowing you to focus on regaining your financial footing.
  • Tailored Strategies: Each financial situation is different; we will devise a plan that best suits your needs, providing you with customized solutions.
  • Maximized Protection: We work to protect your assets and ensure that you can keep the items that are most important to you throughout the bankruptcy process.
  • Post-Bankruptcy Support: Our commitment to your financial health doesn’t end with bankruptcy filing. We offer resources and advice to help you rebuild your credit and secure a more stable future.

Don’t face bankruptcy alone. Contact The Dakota Bankruptcy Firm today to schedule a consultation and take the first step toward regaining control of your financial future.

Schedule a free consultation with our Fargo Chapter 13 bankruptcy lawyers at The Dakota Bankruptcy Firm to get started. Call (701) 394-3215.

Proposing Your Repayment Plan

The key part of Chapter 13 bankruptcy is the repayment plan, which you will propose to your creditors and the bankruptcy court. Your creditors and your court-appointed bankruptcy trustee may either accept or object to your plan, but upon making satisfactory changes the court will officially approve your plan at the final confirmation hearing. 

The court will likely confirm your plan if it meets the following criteria:

  • It is feasible for you to complete the plan (pay back the creditors as planned).
  • You proposed the plan in good faith.
  • The repayment plan complies with bankruptcy law.

The plan should cover your debt repayment strategy over 3-5 years. Most plans actually allow debtors to pay less than the amount owed, which is why Chapter 13 is a favorable option if you have the time and capability (disposable income). Some debts you can expect to pay back include priority debt (e.g., child support, alimony arrearages, and tax obligations), secured and unsecured debt, and the value of your nonexempt property if you want to keep it.

What Happens After Chapter 13 Is Paid Off?

At the conclusion of the repayment period, your remaining debts will be discharged. In general, you cannot pay off your Chapter 13 repayment plan earlier than planned unless you can pay back your creditors in full.

Is Chapter 13 Worth It?

The decision on whether filing for Chapter 13 bankruptcy is worth it largely depends on individual circumstances.

On the positive side, Chapter 13 can be beneficial for those with a steady income who wish to keep their assets such as homes or cars. It offers the opportunity to repay debts in a more manageable way and provides protection from creditor harassment. This form of bankruptcy might be a viable solution for individuals who do not qualify for Chapter 7 but still have assets they want to protect.

However, Chapter 13 isn't without its downsides. It's often seen as an expensive endeavor that could potentially offer no lasting debt relief. The process can also negatively affect your credit score and stay on record for several years. Furthermore, it might not be the best choice for people who aren't in good financial shape despite the allure of no money down and extended payments.

To understand if filing for Chapter 13 will be worth it for you, it is crucial to carefully evaluate your financial situation and consult with a professional before making the decision. Get in touch with The Dakota Bankruptcy Firm by dialing (701) 394-3215.

Speak With a Chapter 13 Bankruptcy Lawyer in Fargo

A Fargo Chapter 13 attorney at The Dakota Bankruptcy Firm can better help you navigate the bankruptcy process, from filing your initial petition to creating a viable repayment plan that meets your and your creditors’ needs. You can also obtain several significant protections by filing Chapter 13, such as avoiding foreclosure and creditor harassment, so it is in your best interests to discuss this option with an experienced Chapter 13 lawyer in Fargo, ND.

Contact The Dakota Bankruptcy Firm for a free consultation to learn more about your options. Call our Fargo Chapter 13 bankruptcy lawyers in North Dakota at (701) 394-3215.

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Frequently Asked Questions

Why Clients Continue to Choose Our Dedicated Legal Team

  1. 1
    Payment Plans Available
    Do not be discouraged by the costs that are associated with bankruptcy filings. We offer payment plans for your convenience.
  2. 2
    Free Consultations
    Get a free and confidential initial consultation to help us determine if you qualify for bankruptcy.
  3. 3
    One On One Legal Access
    Work directly with our founding partner. Mac VerStandig. He will strategically determine which bankruptcy options are best for your unique situation.
Begin Your Fresh Start With The Dakota Bankruptcy Firm

It begins with a consultation. Contact us to see if you qualify for bankruptcy.