Bloomington Bankruptcy Lawyer & Attorney

You will find that filing bankruptcy requires a number of steps, but you will also find that Ross & Associates does everything possible to make the process as easy as possible. This includes outlining for you everything that you will need and what is going to happen during the months ahead.

What you will really enjoy, however, is the fact that the filing of your bankruptcy petition with the court will stop collection calls, stop foreclosure, stop repossession of your car, and lawsuits cannot move forward. In other words, any actions being taken against you because of the financial situation that debt has placed you in has to stop.

Filing Bankruptcy in Minnesota

When you file bankruptcy, you are going to file one of two types. They are Chapter 7 or Chapter 13. You will most likely qualify for one or the other. The only time a person does not qualify is if they are filing just to rid themselves of debt but they have an ability to pay back their debts. Bankruptcy is reserved for those that are struggling to repay debt. For instance, Minnesota Chapter 7 is for those that have more debt than they do income. Chapter 13 works for those with higher incomes that still cannot pay back their debt with what little bit of disposable income they have. Chapter 13 also works for those that do not want to use non-exempt assets to pay back creditors. When filing Chapter 7, any non-exempt assets (assets that are valued above a certain amount) will have to use them to pay back debt.

As for why Chapter 13 differs so much from Chapter 7, it involves establishing a payment plan with the help of your Bloomington bankruptcy lawyer that the court must approve. Once approved, payments can begin. You can include your mortgage in the plan, as well as a number of other debts that you may not be able to have discharged under Chapter 7.

Debt Relief

You will find that filing bankruptcy provides a great deal of debt relief. If you do not want to file bankruptcy, credit counseling services are available. While a credit counseling course is required before the filing of your petition with an authorized counselor outside of the firm, you can opt for credit counseling with the firm if you want to avoid bankruptcy. However, creditors have to agree to the arrangement; otherwise bankruptcy may prove to be the only way to achieve relief from debt.

Bloomington, MN Bankruptcy Attorney

When you are considering bankruptcy, you are doing what many individuals in the country are doing right this moment. Debt is at an all time high for the average American and that means more are looking to bankruptcy to free them from it so they can live without worrying how to pay the bills. At Ross & Associates, we have the knowledge and the tools to help you move forward. To learn more, call for a free consultation at 952-448-3333.