Hennepin County Bankruptcy Lawyer

More and more people are opting for bankruptcy as a solution to their debt. This is because the law is designed to help them legally achieve financial freedom from their creditors, while also making provisions for the creditor to benefit as well.

Ross & Associates has helped many individuals get rid of some or all of their debt through Chapter 7 bankruptcy, Chapter 13 bankruptcy, or through credit counseling services. The end result is the ability to start over and have a healthier financial future.

Minnesota Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a process that moves rather quickly. It starts with the means test, which determines if Chapter 7 is the best form of bankruptcy to file. If it is, then the process moves forward to the credit counseling phase. This is where an authorized credit counselor outside of the law firm determines whether or not credit counseling is an alternative or if bankruptcy is the best route to take. If bankruptcy is the solution, then a document is included with the bankruptcy petition when it is filed with the court by the Hennepin County bankruptcy lawyer.

Thirty days after the petition is filed, a 341 hearing or “meeting” is held, which is a meeting of creditors. Creditors may or may not show up with questions and other concerns. This meeting is conducted by a court-appointed trustee. This is where it can be determined whether or not there are any non-exempt assets that can be used to satisfy any of the debt. In most cases, the value of the debtor’s assets does not exceed the exempt dollar amounts. This means they are kept. Sixty days after this hearing, debts will be discharged.

Minnesota Chapter 13 Bankruptcy

The Chapter 13 process is similar to the Chapter 7 process except a payment play is presented to the court that involves the repayment of some or all of the debts. This protects any non-exempt assets as long as the payments are made on time. The debts in these cases are discharged at the end of the payment plan.

In the meantime, the time of filing means creditors cannot continue trying to collect from you and all legal actions against you must stop until an agreement is reached or the debt is discharged.

Credit Counseling

If you opt for credit counseling, your attorney can negotiate with creditors for reduced payments, eliminated or reduced interest, and the elimination of fees. This is so you can pay the debt off in a few years. Keep in mind, however, that not all creditors agree to such settlements. It is these disagreements that can lead to a person filing bankruptcy.

Contact A Hennepin County Bankruptcy Attorney

Don’t let your mountain of debt make you feel hopeless because there are options available to you. These options will help you achieve the financial freedom you deserve after struggling for so long. Once you achieve that freedom, you can move on with your life without the stress that comes with finances. Ross & Associates can help you achieve this freedom. All you have to do is call for a free consultation at 952-448-3333.