Are you thinking about filing bankruptcy or you have already made that decision? If so, Ross & Associates can help make the process as smooth as possible for you. There is no question that you are going through a great deal of stress during this time because your debt has most likely led to collections calls and even possible lawsuits or foreclosure proceedings. We know that you need to do something now.
Fortunately, the filing of your bankruptcy petition with the court can put a stop to any actions being taken against you. This means you can stay in your home pending arrangements with the mortgage company, the harassing collection calls have to stop, and no lawsuits against you can continue. Bankruptcy law protects you while you get your finances in order.
Minnesota Chapter 7 Bankruptcy
When you talk to an Apple Valley bankruptcy lawyer at our firm, you will find that the Chapter 7 bankruptcy process is one that is rather quick. It is typically over 90 days after your petition is filed with the court. First, you have to complete a course with an approved credit counselor outside of our firm. This person will evaluate income and debts to determine whether or not you qualify to file. If you do, the document stating you completed the course online, on the phone, or in-person is included with your petition. This evaluation is similar to the means test that we perform in our office that evaluates your debts, income, and assets.
If you file Chapter 7, you may have assets that will need to be used to pay back some of your unsecured debt. However, not many people have to do this because the values of assets are exempt up to certain dollar amounts. The values are based upon worth and not what you paid for those assets. Typically, they are worth considerably less than you paid.
Minnesota Chapter 13 Bankruptcy
Just like in Chapter 7, you have to go through the means test and the credit counseling course when you file Chapter 13. Those filing Chapter 13 enter into a payment plan that pays back all or part of the debt. You and your bankruptcy attorney create the plan and the court can approve or deny it. This plan can protect your assets if you have some non-exempt assets, but defaulting on the payment plan can result in the loss of assets. If circumstances change and you cannot make your payments, a request can be submitted to the court to stop payments temporarily or change the payment amount.
Contact An Apple Valley, Minnesota Bankruptcy Attorney
Debt is difficult on anyone and it becomes more difficult when the collection calls start or when you face the prospect of lawsuits. The problem can become very ugly quickly and that means you need to intervene. Ross & Associates has the tools that you need to initiate the bankruptcy process and stand by your side every step of the way so you can achieve financial freedom. To learn more about how we can help, call for a free consultation at 952-448-3333.