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Chapter 7 Costs: $375 - Includes filing fee, credit counseling courses and credit report. These costs must be paid prior to filing.
Chapter 7 Attorney Fee: $0 Down and easy payments of $100-200 per month. Payment on our fee does not start until after you filed.Promissory note required if fees not paid in full.
Chapter 13 Attorney Fee: In chapter 13 bankruptcy the court sets our fees. If you are under the median income, the attorney fee for chapter 13 bankruptcy is $3,000. The attorney fee, if you are above the median income, is $3,500. Occasionally, we bill our time hourly. The attorney fee is paid when you make a payment on your chapter 13 plan.
Chapter 13 Costs: The chapter 13 filing fee is $310. The cost of the credit counseling courses and credit report is an additional $40. A total of $350 must be paid prior to filing chapter 13.
Chapter 7 bankruptcy is often referred to as a “fresh start” bankruptcy. The reason is most (but not all) unsecured debts are discharged (ie eliminated) such as Credit Cards, Utility Bills, Medical Bills, and Loans.
The United States Bankruptcy Code sets the qualifications for who can file a Chapter 7 bankruptcy. They are:
No prior bankruptcy in the past 6–8 years (depending on the type of bankruptcy previously filed)
You qualify under Chapter 7 bankruptcy Means Test.
Learn in more detail about Chapter 7 Bankruptcy including the advantages and disadvantages here:
Chapter 13 bankruptcy is sometimes referred to as a “repayment” plan because debtors pay some or all of their unsecured debts (interest free) over a 3-5 year plan. Your payment is based on what you can afford to pay (income minus expenses).
There are a few specific eligibility requirements to be able to file a chapter 13 bankruptcy in Minnesota. Generally, a debtor must have the ability to make a payment on a Chapter 13 bankruptcy plan. Also, your debt may not exceed:
$1,149,425 in secured debt
$383,175 in unsecured debt
Learn in more detail about Chapter 13 Bankruptcy including the advantages and disadvantages here: