Bankruptcy Attorneys in Prior Lake Minnesota
Since 1990, Prior Lake residents have relied on Hoglund Law Firm to help them achieve a fresh financial start. Whether you are looking to repair your credit, eliminate debt, learn about debt settlement, or debt negotiation, we have a qualified team that can help. Our bankruptcy attorneys are well-versed with Bankruptcy Code and can assist with filing Chapter 13 Bankruptcy, filing Chapter 7 Bankruptcy, Debt Settlement, or credit counseling. Hoglund Law offers zero down bankruptcy, low monthly payments, and a free 30 to 45-minute consultation with one of our expert bankruptcy lawyers.
Should I file for Chapter 7 Bankruptcy?
Filing for Chapter 7 Bankruptcy may be advantageous if you have a large amount of dischargeable debt that you can longer afford to pay. Our bankruptcy attorneys can work with you to figure out if this type of bankruptcy best fits your situation.
What are Dischargeable Debts?
There a quite a few different types of dischargeable debt in Chapter 7: credit card debt, medical debt, car repossessions, personal loans, payday loans (also called a cash advance loans), and utility bills. Unfortunately, not all debts can be erased through chapter 7 bankruptcy: alimony, child support, recent tax debts, and student loans are all considered non-dischargeable.
What is an Automatic Stay?
Immediately following the filing of your Chapter 7 bankruptcy, an automatic stay will go into effect. This means that legally collection agencies or law firms are not able to collect on most of your debts or contact you.
What can I keep in Chapter 7 bankruptcy, and What is an Exemption Limit?
Normally, you are able to keep all your property, also called assets in a Chapter 7 filing. Chapter 7 is sometimes referred to as liquidation bankruptcy, but it is rare that the debtor’s assets are fully liquidated. Assets are considered cash, clothes, furniture, cars, tools, etc. You can keep these assets up to a certain valued amount also known as the exemption limit.
How much does it cost to file for Chapter 7 bankruptcy?
There is a cost of $338 to file for Chapter 7 bankruptcy to be paid to the U.S. Bankruptcy Court. There will also be attorney fees which vary by case.
Should I file for Chapter 13 bankruptcy?
Chapter 13 bankruptcy is a great option for those who have a regular income or wages and want to safeguard their assets. This is why it is often referred to as the wage earners plan. First your debts will be reorganized, then you will pay them off in a 3-5-year payment plan. Normally, after the payment plan is complete, the remainder of the debt will be discharged. Also, your overall debt may be significantly lowered in a Chapter 13 bankruptcy filing.
What can and can’t be discharged in Chapter 13 bankruptcy?
Non-dischargeable debt is referred to as priority debts in Chapter 13. These debts can be child support arrears, recent income tax debt, or spousal support arrears. These can be rolled into your payment plan. Chapter 13 bankruptcy allows you to catch up on your mortgage or homeowners association fees. It may also lower your interest rate and, in some cases, lower the overall balance. Lastly, Chapter 13 bankruptcy typically allows you to keep your property and protect your co-signer.
What are other advantages to Chapter 13 bankruptcy?
Chapter 13 offers the ability to modify your payment plan if your financial situation changes or worsens. This option is far more beneficial than defaulting on payments. Additionally, if qualified you may have the opportunity to convert your filing to Chapter 7. Our bankruptcy attorneys can work with you during our free evaluation to see if Chapter 13 is right for you.
How much does filing for Chapter 13 bankruptcy cost?
There is a filing fee of $313 for Chapter 13 bankruptcy, a fee for the trustee, as well as attorney fees which depend on the complexity of the case.
Should I file for Bankruptcy on my own?
Although it is possible to file for bankruptcy on your own, it can be difficult. Most financial situations are more complicated than they look, so it is best to rely on an experienced bankruptcy attorney to get the most out of your filing. It is also in your best interest to explore all your options before beginning bankruptcy, that is why Hoglund Law bankruptcy attorneys offer a 100% free phone consultation with one of our lawyers.
What is a Bankruptcy Mill?
Bankruptcy Mills are large law firms that lack experience and professionalism and have a high volume of client turnaround. Majority of these firms have a track record of inaccuracies due to their lack of attention to detail.
How do I avoid retaining a bankruptcy mill?
Before retaining bankruptcy attorneys, lawyers or law firms, ask yourself the following:
- 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?
Bankruptcy is not the only option for debt relief. Debt settlement or debt consolidation might be a better fit for your financial situation.
How does debt settlement work?
Debt settlement does not discharge your debts but rather lowers the balance, this is possible through negotiation with your creditors. Creditors would prefer to receive some payment through debt settlement rather than go through a lengthy bankruptcy process that could leave them with no repayment whatsoever.
How does debt consolidation work?
Debt consolidation is also another feasible option for Prior Lake citizens who are looking for debt relief. Debt consolidation rolls multiple debts into one single payment and can also lower your current interest rates.
Getting rid of debt can be a daunting process but teaming up with an experienced bankruptcy lawyer can help alleviate this stress. Prior Lake residents, call Hoglund Law bankruptcy attorneys today at (507) 405-5290 or get a free consultation by contacting us to explore your debt relief options and start your dreaming of your stress-free future.