The bankruptcy process may sound frightening, but it is not frightening at all. In fact, at Ross & Associates, we are dedicated to making sure the process goes as smoothly as possible. This relieves a great deal of the stress that you have been experiencing while battling your debt. We have helped many clients in Victoria, Minnesota realize their financial freedom through options that allows them to eliminate their debt in short periods of time.
Bankruptcy Types And Alternatives
You will learn of the options when you contact us. You will talk to a bankruptcy lawyer who knows the law and can look deeply into your unique situation. This is going to lead to the options of Chapter 7 bankruptcy, Chapter 13 bankruptcy, or debt settlement.
Many clients who come to us have already tried debt settlement and other alternatives at one time. We offer debt settlement because of our ability to negotiate with creditors and we have had clients who have been successful at repaying their debts under modified terms with their creditors. While there are many creditors willing to work with clients, there are many that will not budget on such things as reducing or eliminating interest, reducing balances, reducing payments, and eliminating fees.
If debt settlement is not an option, Chapter 7 bankruptcy is for those who have no disposable income to repay their debts and they usually have very little assets. The assets they have are exempt from being sold to repay debt. Those that have non-exempt assets can pay back part of their debt with those assets; otherwise they can file Chapter 13 to protect those assets. Chapter 13 is also for those whose incomes are more than the requirements for Chapter 7. We will perform a means test, which is an assessment of your means to repay your debt and this test will review the best type for you.
Bankruptcy Process in Minnesota
The bankruptcy process is very defined in that everyone follows the same steps. Your Victoria bankruptcy attorney will help you through every step of this process. Our attorneys will always advise you of what is happening when it is happening and what needs to occur next. This will give you the security you need during the process and make it as stress-free as possible. For instance, your lawyer will give you a copy of credit counselors that you can call, chat with online, or talk to in-person for a small fee. After this, your petition can be filed. You will then have a meeting of creditors, those filing Chapter 13 will need to present a payment plan, and then the debts are discharged. Chapter 13 is discharged at the time the debt is paid off.
Contact A Victoria, Minnesota Bankruptcy Attorney
There are millions of individuals considering bankruptcy right now because of their mounting debt. They are avoiding collection calls every day, facing lawsuits, having their wages garnished, in the process of losing their homes, and they have lost or are about to lose their automobiles. Fortunately, Ross & Associates can help you keep these things from happening or stop them in their tracks if they are. Let us help you. Call for a free consultation at 952-448-3333.