Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

    Does a Chapter 13 Bankruptcy Require Repayment of All Debt?

    Posted by Madison Newberg on June 3

    With a Chapter 7 bankruptcy, your debt typically isn’t repaid. It is often times referred to as a fresh start bankruptcy. In a Chapter 7 bankruptcy any non-exempt assets are liquidated by the Trustee and the proceeds are used to pay towards your debts. To the extent your debts are not paid off, they get wiped out or discharged. The vast majority of Chapter 7 cases are no assets cases, meaning there are no proceeds to disburse to creditors.

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