You may be considering bankruptcy, but you may not be entirely sure if this is the option for you. If you are not sure, Ross & Associates can help you make informed decisions regarding your financial future. Whether you need bankruptcy or credit counseling services, we can take a look at your financial situation and point you in the right direction. That way you can be free of the harassing collection agencies and any other actions being taken against you because of your debt.
We do this through a personalized approach and we do not stop working for you until you are in the position to move on toward a freer financial future. We understand that debt is stressful and we want to see you experience relief from that stress.
Types Of Bankruptcy
When considering bankruptcy, your Chanhassen bankruptcy attorney will advise you of the two types of bankruptcy that individuals file. Each comes with a certain set of requirements. For instance, a person who qualifies for Chapter 7 has an income that is far below their debt and they don’t normally have any assets that can be used to satisfy their debt. Those filing Chapter 13 may have assets they want to protect, their income is too high to file Chapter 7, or they want to pay back at least some of their debt over a 36-60 month period.
Elements Of Bankruptcy
No matter the type of bankruptcy you choose, there are certain elements to it. One is the 90-minute credit counseling course that you must complete before your petition can be filed. Your finances are looked at and you are told how you can cut your expenses. Once completed, a document is included with your petition.
Another element of bankruptcy is the meeting of creditors. Your bankruptcy lawyer will attend this hearing with you. Creditors may or may not choose to appear in order to review assets and ask questions. This hearing is conducted by a court-appointed trustee and it occurs approximately 30 days after your petition is filed. A person filing Chapter 13 will also need to present their payment plan to the court.
Bankruptcy Or Credit Counseling?
And while bankruptcy may seem like a perfectly good solution, there are some individuals that do not want it on their credit report, although this fact does not prevent a person from acquiring new credit within months of their discharge. They may opt for credit counseling, which involves settling debt with creditors. Our firm provides this service and we have had individuals experience great success. At the same time, how cooperative creditors are and your exact budget will determine whether it is the best route to take. We will help you determine this.
Contact A Chanhassen Bankruptcy Lawyer
If you are tired of trying to keep up with debt that you cannot control, it is time to do something. At Ross & Associates, we offer solutions to help you get back on your feet financially. Whether through bankruptcy or debt settlement through credit counseling, we will work with you until you are in the position to move forward. To find out more, call for a free consultation at 952-448-3333.