When you are faced with an incredible mountain of debt, the one thing you want is for everything to go back to normal. This is what many individuals in Carver and all around the country want for themselves. They want to go back to being able to pay their bills and pay them on time.
At Ross & Associates, we have seen clients facing financial difficulties for a number of reasons. Financial difficulties can happen very fast and unexpectedly. That is why we are here to help. We enjoy seeing our clients achieve the financial freedom that they deserve after their lives have been consumed by years of debt.
Chapter 7 And Chapter 13 Bankruptcy
Bankruptcy is the most common way in which those who have been stricken down with debt can find relief. It is true that bankruptcy is approached with a lot of uncertainty and we have the knowledge to give you the facts. For instance, you may not necessarily lose any of your assets. You only lose assets if they exceed the Minnesota state or federal exemptions. You can choose between state and federal so that you can have more control over what you keep and what you don’t. Approximately 95% of individuals are able to keep all of their assets and those filing Chapter 13 are able to protect their assets as long as they adhere to their court-approved payment plan.
And whether you file Chapter 7 or Chapter 13, you are not going to have to wait 10 years to acquire credit. For example: A person who files Chapter 7 meets with a credit counselor online, on the phone, or in-person so a document can be provided with the petition. Thirty days later, the client and their Carver bankruptcy lawyer attends a meeting of creditors. Approximately 60 days after that, unsecured debt is discharged. It does not take long after this for credit offers to start coming through the mail, but caution needs to be used because these subprime offers have high interest rates and fees.
Choosing Bankruptcy Or Credit Counseling
Another way individuals seek debt relief is through credit counseling, which we do provide in our office. This involves settling debt with creditors, but the creditors must agree for this to be effective. If most creditors agree to the new terms, then the arrangement may work well for the client. If most creditors do not, the solution to the debt may lie in filing bankruptcy. We will work hard for you to find the solution that you are comfortable with financially so that you can move forward.
Contact A Carver Bankruptcy Attorney
Debt affects so many lives, leaving many individuals wondering what their next step needs to be. If you know something needs to be done, contact Ross & Associates to help you find a solution that works for your unique situation. We take a personalized approach and we remain with you until you can say goodbye to your debts. To find out more, call for a free consultation at 952-448-3333.