Bankruptcy Attorney / Lawyer

Filing for bankruptcy can be a difficult task. But, if you are seeking debt relief and credit counseling has failed it maybe the only option. During this fragile time, attorneys at Hoglund Law are here to help guide you through this challenging process. But how can we help?

Bankruptcy attorneys at Hoglund Law will evaluate your financial information and help you decide what route would the most beneficial for you and your financial goals. We will also tell you what to expect during the filing process. Each case has its own difficulties and risks, we can give you an insight on what your case’s difficulties are and how to best avoid any issues arising from those difficulties.

Our lawyers will provide sound legal advice, prepare your paperwork from start to finish, and guide you through the filing process with ease. To prepare your paperwork, your attorney will need information for your file. You’ll need to provide your financial information to your attorney, some of which consists of your income, expenses, and debt information.

Furthermore, an attorney can help you at your hearings by providing legal advice and preparing you for any questions you may be asked. There are most likely going to be one hearing during this process. That hearing is called a 341 Meeting of Creditors. Also, there could be additional hearings depending on the Chapter you file for. Those hearings are a Chapter 13 Confirmation Hearing and a Chapter 7 Reaffirmation Hearing. There could also be other motion or objection hearings that could be filed by you, your creditors, or the trustees.

Attorneys can be a useful guide during this process. The process is one that should be taken seriously since it can alter your financial standing significantly. An attorney can change the outcome for the better during this process. When thinking about if you need an attorney, take the time to do some research and reach out to Hoglund Law for a free debt evaluation. Our attorneys care about our clients and want to give them a better life.

The bankruptcy process starts with an individual needing to file, which usually arises when an individual has an amount of debt that exceeds their monthly budget. Finding an attorney is a good first step in filing because they will review your situation with you as well as your assets and see if filing is in your best interest. Next, in order to file you need to gather some important financial information for your Bankruptcy attorney: your monthly budget, a list of creditors with addresses and amount owed, the previous two years’ state and federal tax returns and year to date gross income, your most recent pay stubs or proof of other income you receive such as social security or disability, unemployment, or pension, any summons, garnishments, judgements or similar documents, foreclosure or sheriff sale notice. The attorney will carefully review the information and decide if filing is the right option for you. Once that is completed, the attorney will put together the paperwork to file for you. The attorney will file the petition with the bankruptcy court. Shortly thereafter, your creditors will be notified. You and your attorney will create a time for a meeting of creditors. Usually there are some items needed for this meeting such as: Driver’s license, Social Security card, and recent pay stub). The next step is your attorney will then have an opportunity to have another meeting with you and give back documents and provide you a copy of your credit report. They will suggest programs to help you rebuild your credit. From there, it is a fresh start to improve your credit score.

When you consider filing for bankruptcy, take a step back and think whether this is the right choice for you and your financial standing. Filing for bankruptcy needs to be worthwhile for you. Meet with a bankruptcy attorney to see if bankruptcy is the right path. If you cannot pay your bills now, or in the near future, bankruptcy may be a very good option. This is especially true with medical bills and credit cards.

There are some red flags to look for when considering bankruptcy. If you meet any of the red flags, you may want to consider bankruptcy. One, debt collectors are calling. If you are behind on bills to the point that debt collectors are reaching out to you, it may be time to consider bankruptcy. Two, if you are in danger of losing your home or other assets.  Filing for bankruptcy can help you get caught up in payments. Three, you’re using loans to pay off debts. If you find yourself needing loans to pay off debts, bankruptcy is probably the option for you. Four, if you are using, or liquidating, your retirement assets, you should consider bankruptcy. Most retirement money is exempt from bankruptcy. So, there is no reason to burn through your retirement savings.

Chapter 7 bankruptcy is the most common type of consumer bankruptcy. Chapter 7 bankruptcy is a liquidation case. A Trustee from the U.S. Bankruptcy court is appointed to administer the case. Chapter 7 typically will discharge or eliminate credit card balances, installment loans, medical bills, and most other unsecured debt. In nearly all cases, a debtor will keep all his or her belongings and property. If a debtor is current with his or her mortgage and automobile payments, a debtor typically can continue the payments to his or her lender and to retain possession in virtually all Chapter 7 cases.

Chapter 13 (or Wage Earner Plan) is a type of bankruptcy in which the debtor proposes an affordable repayment plan to the Chapter 13 Trustee. Chapter 13 allows individuals to retain their property and personal belongings that may otherwise not be exempt. Usually, a debtor will file a Chapter 13 Plan to retain possession of homes or automobiles that the debtor fears may be repossessed or foreclosed. Chapter 13 can help the debtor catch up on auto or home loans that are past-due, and pay for non-dischargeable taxes, back child support and student loans.

Debt settlement comes into play when you have many late or skipped payments and, possibly, collections accounts. Debt settlement companies negotiate with creditors to reduce what you owe, mostly on unsecured debt such as credit cards. It’s not an option for certain types of debt, such as a house that can be foreclosed or a car that can be repossessed. Settlement offers only work if it seems you will not pay at all. Debt relief helps you with credit card debt, and resolving issues with debt collections and debt collectors.

There are many debts that cannot be erased with bankruptcy. They are as follows:

1. Debts you intentionally did not list in your bankruptcy papers, may not be discharged.

2. Child support and alimony.

3. Debts for personal injury or death caused by intoxicated driving.

4. Student loans, unless it would be an undue hardship for you to repay, which means there is a reason why you are unable to pay your burden.

5. Fines and penalties imposed for violating the law, such as traffic tickets and criminal restitution.

6. Debts you incurred based on fraud, such as lying on a credit application.

7. Credit purchases of $1,150 or more of luxury goods or services made within sixty days of filing.

8. Debts from embezzlement, larceny or breach of trust.

9. Mutual debt incurred through a divorce decree, and 10. The taxes were assessed, and you received notice of this from the IRS at least 240 days (8 months) before you filed for bankruptcy.