Holgund Law – Lakeville, MN
Bankruptcy Attorneys in Lakeville Minnesota
Lakeville residents do not need to look beyond their backyard to find the right legal counsel that will help them achieve a fresh start they desire. If you are looking for a Lakeville Bankruptcy Attorney near you then Hoglund Law can help. Since 1990, the Hoglund Law Firm has aided clients with eliminating debt, repair their credit, debt settlement, debt negotiation, and much more. Our team of lawyers are experienced with the US Bankruptcy Code, so whether you are looking for assistance with filing Chapter 13 Bankruptcy, filing Chapter 7 Bankruptcy, Debt Settlement, or credit counseling, our team is prepared to help. We also offer zero down bankruptcy, low monthly payments, and a free 30 to 45-minute consultation with one of our expert lawyers. Lakeville residents, call us today at (651) 339-2287 to start your financial journey.
Should I file for Chapter 7 Bankruptcy?
It may be advantageous to file Chapter 7 Bankruptcy and wipe out debt if there is a significant amount of dischargeable debt that an individual can no longer afford to pay.
What are Dischargeable Debts?
The following debts are considered dischargeable in Chapter 7, credit card debt, medical debt, car loans, personal loans, payday loans (sometimes called cash advance loans), and utility bills. Not all debt can be erased through bankruptcy, alimony, child support, recent tax debts, and student loans are all non-dischargeable debts.
What is an Automatic Stay?
Right after you file for Chapter 7 bankruptcy, at automatic stay immediate goes into effect. An automatic stay stops collection agencies or law firms from collecting on your debts or contacting you by law.
What can I keep in Chapter 7 bankruptcy, and What is an Exemption Limit?
Chapter 7 is sometimes referred to as liquidation bankruptcy, but it is very rare that the debtor’s assets are liquidated. Typically, you are able to keep all your property, sometimes referred to as assets in a Chapter 7 filing. Assets are cash, clothes, furniture, cars, etc. You are able to keep your assets up to a certain valued amount, this is referred to as the exemption limit.
How much does it cost to file for Chapter 7 bankruptcy?
There is a filing fee of $338 paid to the U.S. Bankruptcy Court for Chapter 7 Bankruptcy. As well as attorney fees which change based on the case.
Should I file for Chapter 13 bankruptcy?
Chapter 13, referred to as the wage earners plan, is best suited for those who have a regular income and want to safeguard their assets. Your debts will be reorganized, and you will repay some of all your debts through a 3-5-year payment plan. Once the payment plan is completed any remaining debts will often times be discharged. Your total debt may be significantly lowered in Chapter 13 bankruptcy.
What can and can’t be discharged in Chapter 13 bankruptcy?
Priority debts are non-dischargeable in Chapter 13. Priority debts can be child support, spousal support, or recent income tax debt but they can be paid off in your 3-5-year repayment plan. Chapter 13 bankruptcy may lower your interest rate on your car as well as lower the overall balance. It also allows you to catch up on your mortgage or homeowners association fees. Most importantly you are typically able to keep your property, as well as protect your co-signer.
What are other advantages to Chapter 13 bankruptcy?
A huge advantage of Chapter 13 bankruptcy is the ability to modify your payment plan if your financial situation changes. Being able to change your plan is much better than defaulting on payments. Also, if you qualify you may be able to convert your filing to Chapter 7 if that better suits your current financial situation.
How much does filing for Chapter 13 Bankruptcy cost?
There is a cost of $313 to file for Chapter 13, as well as a fee for the Chapter 13 trustee. You will also have attorney fees, which vary for each case.
Should I file for Bankruptcy on my own?
Filing for bankruptcy on your own is possible but can be tricky. Most financial situations are complex, so it is best to rely on an experienced attorney to receive the best possible outcome. It is also a good idea to learn about your different options from a bankruptcy lawyer, that is why Hoglund Law offers a 100% free phone consultation with one of our lawyers. We are here to help guide you in the right direction that will benefit your family and you.
What is a Bankruptcy Mill?
A Bankruptcy Mill is a large firm with little experience and professionalism that has a high volume of client turnaround. Most of these firms cause errors in their client’s cases due to their lack of attention to detail.
How do I avoid retaining a bankruptcy mill?
Before retaining a law firm ask yourself the follow:
- Was your consultation with an actual attorney?
- Was payment discussed before your financial situation?
- Have you heard good things about this firm?
Are there other options besides bankruptcy?
If bankruptcy is not the right fit for your financial situation do not worry as debt settlement or debt consolidation might be a better fit.
How does debt settlement work?
Debt settlement is a settlement negotiation between a creditor and a lawyer, as a result the creditor will forgive part of the debt. Creditors prefer settlement over bankruptcy as they will receive some payment rather than none.
How does debt consolidation work?
Debt consolidation is when multiple debts are rolled into one single payment, this will also lower the interest rate of the loan. Consolidation simplifies your life as you will only have to stay on top of one monthly payment.
Having burdensome debt can be stressful and intimidating but you are not alone. By working with an experienced bankruptcy lawyer, we can help alleviate the stress. Lakeville residents, call Hoglund Law today to begin your fresh financial future.