Have you looked at your financial situation lately and the word “bankruptcy” came to mind? If so, it may be because you are struggling every single day. You may be receiving collection calls, receiving notices from attorneys that a lawsuit is taking place, and you may even be behind on car payments. It does not take much for anyone to be drowning in their debt.
If you are struggling and living with the stress that comes with not being able to pay your bills because something in your life has changed, Ross & Associates can help you. From the time you walk into our office for a free consultation to the meeting of creditors and discharge of your debts, you have a Minneapolis bankruptcy attorney there for you every step of the way.
Chapter 7 Or Chapter 13 in Minnesota?
You may be wondering which form of Minnesota bankruptcy is best for you: Chapter 7 or Chapter 13? This is made easier for you to determine through a means test. When a Jordan resident comes into our office, we perform this test to see how much debt is, how much income is, and the value of assets. Assets can be used to satisfy debt, but their values are exempt up to certain dollar amounts. This means that 95% of those filing bankruptcy are able to keep their assets. If you have considerably more debt than income, Chapter 7 may be best for you.
Those filing Chapter 13 may have some disposable income, but that income is not enough to impact their debts. This is also the ideal alternative in order to keep assets. As long as the court-approved payment plan, which is the repayment of all or some of the debt, is paid on time each month, assets do not have to be bothered. But no matter the type of bankruptcy that is filed, the collection calls, wage garnishments, foreclosure, repossession, and/or lawsuits can stop.
Is Credit Counseling Best?
All who file bankruptcy have to go through credit counseling anyway. The purpose of this is to determine if bankruptcy is truly the right choice. If it is, then a certificate is included with the bankruptcy petition so that the process can move forward. This credit counseling course can be conducted over the telephone, online, or in-person as long as it is done with an authorized counselor. If bankruptcy is not the best, then we can help by negotiating with your creditors and establishing payment terms you can afford so you can pay your debt off.
Contact A Jordan Bankruptcy Attorney
Even if you are not sure whether or not bankruptcy is the right solution for you, it is best to talk to a qualified attorney about your financial situation. This is how you can learn whether or not bankruptcy is the best or if there is another debt relief solution that will work for your unique situation. Ross & Associates can evaluate your situation and advise you as to the best course of action and even put a plan in place. To learn more about the help that is available to you, call for a free consultation at 952-448-3333.