Holgund Law – Inver Grove Heights, MN
Bankruptcy Attorneys in Inver Grove Heights Minnesota
An Inver Grove Heights resident doesn’t need to look far to get advice on either filing for bankruptcy or exploring other options. For decades, Hoglund Law has been helping clients in the exact same predicament with our 100% free consultation to draw up a suitable pathway towards your financial freedom. On top of over 70 years of combined experience, we also offer low monthly payments, credit counseling, zero down bankruptcy, as well as debt consolidation or debt settlement. All of our services are accessible without stepping foot in an office. We understand the weight of financial struggles and we are here to help.
Should I file for Chapter 7 Bankruptcy?
If you’re looking to discharge most or all of your debt, Chapter 7 Bankruptcy may be right for you. Our bankruptcy attorneys can evaluate your situation with a free consultation to help you figure out what type of bankruptcy filing will be the right path.
What are Dischargeable Debts?
Chapter 7 is a viable option for those with debts including medical debt, credit card debt, payday loans (sometimes referred to as cash advances), personal loans, and some types of taxes. These are considered “Dischargeable Debts” and are eligible to be wiped out completely. Depending on events such as vehicle voluntary surrenders or vehicle repossessions, car loans can sometimes be wiped out as well. Non-dischargeable debts, however, may mean that Chapter 7 is not a good fit. These types of debts include child support, student loans, recent tax debts, and alimony.
What is an Automatic Stay?
When you file for Chapter 7 Bankruptcy, debt collectors can no longer collect on or contact you concerning your debts. This is called an “Automatic Stay”.
What can I keep in Chapter 7 bankruptcy, and What is an Exemption Limit?
95% of debtors filing for Chapter 7 bankruptcy in Inver Grove Heights can keep their property. These are considered “assets”, and they include cars, furniture, clothing, jewelry, as well as houses. Retaining these assets is dependent on their value. You are typically able to keep all assets which fall under a set limit, known as the “exemption limit”, which varies case to case.
How much does it cost to file for Chapter 7 bankruptcy?
The U.S. Bankruptcy Court requires $338 to file for Chapter 7 Bankruptcy. This is in addition to attorney fees, which also vary case to case.
Should I file for Chapter 13 bankruptcy?
If a debtor receives a monthly income disqualifying them from Chapter 7 Bankruptcy, Chapter 13 Bankruptcy is also an option worth pursuing. Chapter 13 Bankruptcy is often referred to as the wage earners plan and is known to potentially stop foreclosure on a home. This plan reorganizes your debt to fit into an affordable payment structure over 3-5 years. Your debt prior to filing may be lowered with this reorganization, due to interest rates and possibly lower debt balances overall. Our bankruptcy attorneys can help you figure out if Chapter 13 is the right type of bankruptcy to file based on you current debt to income ratio.
What can and can’t be discharged in Chapter 13 bankruptcy?
This often applies to mortgage, homeowner’s association (HOA) fees, and car loans. All dischargeable debts are often erased by the end of the 3-5 year period, while non-dischargeable debts may be factored into the payments. “Non-dischargeable debts” are also referred to as “Priority debts”. Those include child support, spousal support, and income tax debts.
What are other advantages to Chapter 13 bankruptcy?
Unlike Chapter 7 Bankruptcy, non-exempt property will likely stay protected within a Chapter 13, along with any co-signers. Inver Grove Heights residents can also rest assured that if their financial situation changes after filing for Chapter 13 Bankruptcy, they may have the ability to convert to a Chapter 7 to avoid defaulting on the repayment plan.
How much does filing for Chapter 13 Bankruptcy cost?
The U.S. Bankruptcy Court requires $313 to file for Chapter 13 Bankruptcy, in addition to attorney fees which are normally included in the debt consolidation plan.
Should I file for Bankruptcy on my own?
Your journey towards bankruptcy or other debt relief options should always start with a conversation between you and a bankruptcy lawyer. Even if you don’t retain their services you can be sure that you have all the facts to make an informed decision. Hoglund Law’s 100% free phone consultation is a great first step to start that conversation.
What is a Bankruptcy Mill?
A large law firm who turns over clients at a high rate with not much care taken to each case could be considered a Bankruptcy Mill. Due to lack of professionalism and experience, a bankruptcy or debt settlement case could be mishandled.
How do I avoid retaining a bankruptcy mill?
Ask yourself these questions before retaining a bankruptcy lawyer:
- Have you met with an actual attorney before they’ve discussed payment?
- Were their fees brought up before speaking on why you reached out?
- Does this firm have a good reputation?
Are there other options besides bankruptcy?
There are many financial situations in which Bankruptcy is not the right fit. Luckily, there are more options available to you, including Debt Settlement and Debt Negotiation.
How does debt settlement work?
By choosing the debt settlement route, your debt is negotiated between a lawyer and a creditor. This can sometimes also lower the debt overall. When a debtor files for Chapter 7 Bankruptcy, the creditor receives no money, as opposed to debt settlement in which a portion of debt will still be paid. This means creditors are likely more willing to work with a debtor and their lawyer to agree upon a resolution.
How does debt consolidation work?
Debt Consolidation simply combines all of your various debts into one singular payment. This option can relieve the stress of multiple payments every month, as well as lower interest rates typically.
Our first priority at Hoglund Law is to be open and honest about your financial options and in the end, hopefully steer you towards a bright financial future. The first step is a free phone consultation with one of our experienced bankruptcy attorneys. Call us today at (651) 359-2287. or get a free consultation by filling out the form.