You may have a lot of questions when it comes to bankruptcy because the amount of debt you have has you considering it as a way to resolve your financial issues. At Ross & Associates, we help our clients through the entire bankruptcy process from the moment that first telephone call is made to our office. This is so the process can be as smooth and stress-free as possible. From Chapter 7 bankruptcy to credit counseling, we have the knowledge and experience you need to go on with your life.
There are different types of bankruptcy available to individuals. The two main types are Chapter 7 and Chapter 13. When clients come into our office, they are usually a candidate for one or the other because a person normally does not inquire about bankruptcy unless their debt has become a problem for them.
Chapter 7 is the choice when a person has no or very little assets and they do not have the income to pay their growing debt. Debt typically far exceeds income. If there are any assets, they fall within the exempt values in 95% of cases, which means assets are not taken to pay back creditors. From the time the petition is filed to the end of the process, it takes approximately 90 days.
In Minnesota, a person may have assets they would lose if they filed Chapter 7 or they do not meet the income requirements of Chapter 7. If that’s the case, a court-approved payment plan is entered into. You and your Eden Prairie bankruptcy attorney will work on this payment plan based upon your ability to pay. In the meantime, the filing of your bankruptcy petition resulted in collections actions against you being stopped, lawsuits being stopped, and even foreclosure being stopped in its tracks.
Minnesota Credit Counseling
What all individuals who file bankruptcy will find is that they have to complete a credit counseling course prior to the filing of their bankruptcy petition. This course determines whether or not bankruptcy is necessary and, if it is, a document is included with the petition that states this. Then there are those individuals that find they can achieve results faster if they opt into credit counseling. They can usually determine this in our office when performing a means test. So what we do is work on negotiating with creditors for reduced balances, reduced payments, reduced or eliminated interest, and elimination of fees. How many creditors agree determines whether or not a person is better off filing bankruptcy.
Eden Prairie, Minnesota Bankruptcy Lawyer
If you are not sure what to do with the growing debt that is putting your home, your car, and even your sanity at risk, it is time to do something about it. Ross & Associates understands what you are going through and this means presenting you with options that can pull you out from under the debt and put you in a place where you can move freely into the future. To learn more about how we can help, call for a free consultation at 952-448-3333.