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Hoglund Law

A Bankruptcy Law Firm

“0 Down Chapter  7 & 13. File Now – Pay Attorney Fees Later*”

How We Can Help

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.

Bankruptcy Attorneys
Hoglund Law Bankruptcy Attorneys

What is Bankruptcy

Bankruptcy is the legal process involving a person or business that is unable to repay outstanding debts. The process usually starts with a petition filed with the U.S. Bankruptcy Court by the person in debt. There are several types of bankruptcy outlined in the United States Bankruptcy Code, they are referred to as “chapters” in Government terms. (i.e. chapter 7 or 13).

Cost to File Bankruptcy

Filing is a difficult decision. It should be stated that you shouldn’t file for bankruptcy unless you absolutely need to. In addition, having an attorney help you can raise your success rate immensely during the process. With that being said, there are different filing fees based off of which Chapter you qualify for. These Chapters can lead to a difference in how much filing will be.

Chapter 7 has a filing fee of $338 whereas Chapter 13 has a filing fee of $313. Trustees can also charge a fee of $15 to $20 when you file. During a financial hardship, this may seem like a lot of money, but it may be necessary for your financial standing. Some courts will allow you to pay the filing fees in installments if you can prove that without the installments, your financial hardship will become significantly worse.

If you find out that you no longer qualify for Chapter 7 and must convert to Chapter 13, an additional filing fee is not required. If you must convert from Chapter 13 to Chapter 7, you have to pay the difference between the filing fees which is $25.

Apart from the filing fees, you’ll be required to complete a credit counseling and a personal financial management course. Generally, this can cost anywhere from $20 to $100 depending on the location.

All this information leads to one question: “What will I be paying in the long run?” The total cost of filing without a lawyer is around $350-$450. Of course, you should keep in mind that the success rate of filing without a lawyer is significantly lower than with a lawyer, not to mention the headaches of doing it yourself.

Although the total cost may seem daunting, the process is put in place to make progress towards the overwhelming debt you have. Creditors are made aware of the process you’re going through and will step aside while you get your affairs in order once more. Filing can be a big help to those who drowning under their debt. Also remember at Hoglund Law, we offer $0 Down to get filed* for both Chapter 7 & Chapter 13 Bankruptcy to start your journey with as little pain as possible.

What Debts Can Be Eliminated

When you apply, the goal is to have your debts discharged. This means you will no longer be held personally liable for these debts. Once you are no longer personally liable for your debts, you can start to improve your financial standing.

Certain debts are typically dischargeable. These debts will be erased during the bankruptcy process. For the most part, consumer debts are dischargeable. Consumer debts include debts such as medical bills and credit card bills. Bankruptcy can also wipe out overdue utility payments, personal loans, non-priority unsecured debts (excluding school loans), and gym contracts.

There are certain things that Chapter 13 can accomplish for you. Chapter 13 can stop a mortgage foreclosure because it allows you to make up the payments that were missed over time. This method could also be used to keep a car that is not fully paid off. Chapter 13 only allows this if the individual can prove that they can afford this method within their budget.

What Debts Can Not Be Eliminated?

Bankruptcy, however, doesn’t solve all problems. There is a list of debts that can’t be eliminated with bankruptcy. Such as: debts that you left off your petition, debt that doesn’t belong to you, child support, alimony, student loans, personal injury debts that have resulted from a drunk driving accident, new credit card debt, etc. While applying, they are very clear on which debts can help with. Before applying, it’s helpful to do some research and/or ask an attorney if your debts are dischargeable.

There are some debts that, in certain cases, could be discharged that are originally considered non-dischargeable. However, it would be difficult to do so. For example, student loans are notoriously difficult to discharge. The only way to discharge student loans is to prove that an undue hardship is permanent or near permanent. For student loans in particular, you cannot get the debt waved a certain amount of time after you stop attending school.

Knowing which debts can or can’t be eliminated can be confusing. Reaching out to an attorney gives you the best chance of understanding your debts.

What is the Bankruptcy Process

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.

Chapter 7 Bankruptcy

Who Declares Bankruptcy

Bankruptcy is declared by either individual consumers or businesses. Usually bankruptcy is filed because they have far more debts than money and they cannot see a change coming to fix the problem. Bankruptcy is not an uncommon thing; many people or businesses file every year. In 2015, there were 844,495 cases filed. Most of them are by individuals. The individuals who file have a median income of $34,392.

When Should I Declare Bankruptcy

When should i declare bankruptcy

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.

Types of Bankruptcy

There are several types of bankruptcies. Chapter 7, 11, 12, 13, and 15. Chapter 7 is a liquidation bankruptcy. Chapter 11 is a large reorganization of a debtor’s assets, business affairs, and debt. Chapter 12 is family farmer’s bankruptcy. Chapter 13 is typically a consumer repayment plan. Chapter 15 is used in foreign cases. The two most common consumer, or individual, bankruptcies are Chapter 7 and 13.

Chapter 7 Bankruptcy

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 7 Bankruptcy
Chapter 13 Bankruptcy

Chapter 13 Bankruptcy

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

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.

Debt Settlement
Lawyer Debt Settlement

What does Filing Bankruptcy Not Do

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.

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What Do Other People Say

Drew Tim

Everyone is helpful and polite and pleasant to deal with here. From being greeted on my way in to a salutation on the way out and the staff taking the time to double check everything for me, my experience was better than expected. Very professional, yet down to earth.

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Emily Marie Lange

Great place to get bankruptcy done! Staff are very friendly. We went through chapter 7 and it only took approximately 3 months to complete. Paperwork was of course a drag but well worth it. Price per month for payment plan is well priced too. Overall great work done on everything.

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bRENDA mILLS

Love Hoglund law office. They took very good care of me. Always had time for my phone calls. If I had to leave a message they always got back with me in a timely manner. Awesome attorneys to work with. Highly recommend them!!!

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