To be eligible to file for Chapter 13 bankruptcy, a Minnesota consumer must have less than $1,184,200 in secured debt and less than $394,725 in unsecured debt. A debtor must also establish that he or she has filed his or her state and federal tax returns for the past four years. Failure to do so could result in a person having a case delayed or dismissed. However, there is no income limit for those who are looking to file for Chapter 13 protection.
How debt impacts the youngest generation
Americans under the age of 30 owe about $1.05 trillion in overall debt, and they owe a variety of lenders such as credit card and mortgage companies. However, the biggest concern is the amount of student loan balances that young Americans carry. There are roughly 44 million Americans who owe a combined total of $1.5 trillion in such debt. For those under 30, it can delay their plans to get married or buy a home.
