Holgund Law – Winona, MN
Bankruptcy Attorneys in Winona Minnesota
Thinking of filing for Bankruptcy in Winona? Hoglund Law’s experienced team of bankruptcy attorneys can help you navigate the different types of debt relief to find one that meets your needs. Our team has over 70 years of combined experience and offers free consultations, zero down bankruptcy, and low monthly payments. Whether you need help with your bankruptcy filing, credit counseling or debt settlement, our knowledgeable attorneys are able to advise you. Get help from the comfort of your Winona home as no office visits are necessary.
Should I file for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a great option for those who are looking for debt relief but also want to keep your assets. Typically, within 90 days of filing, most or all of your debts can be forgiven. Our bankruptcy attorneys can work with you during the initial consultation to help you decide the right course of action or type of bankruptcy that should be filed.
What are Dischargeable Debts?
If majority of your debts are dischargeable, then Chapter 7 bankruptcy may be your best option. Credit card debt, medical debt, personal loans, cash advances (also known as payday loans), and many times back taxes are considered to be “dischargeable debts”. Sometimes car loans can also be discharged through chapter 7, dependent on car repossessions or vehicle voluntary surrender. Debts like student loans, child support, recent tax debts, or alimony can not be erased, as they are considered “non-dischargeable debts”.
What is an Automatic Stay?
An “automatic stay” happens when you file for Chapter 7 bankruptcy. This mean that by law creditors cannot contact or collect on your debts without first obtaining permission from the bankruptcy court. This stay also protects you from wage garnishment.
What can I keep in Chapter 7 bankruptcy, and What is an Exemption Limit?
You may be able to keep certain assets as long they fall under the exemption limit. Your home, car, furniture, jewelry, and clothing are just a few examples of items that are considered assets. 95% of the time, a Chapter 7 debtor is able to keep all of their assets.
What is the Exemption Limit?
An “Exemption Limit” is the set amount of assets you are allowed to keep in Chapter 7 bankruptcy. This limit varies state to state.
How much does it cost to file for Chapter 7 bankruptcy?
There is a $338 fee to be paid to the U.S. Bankruptcy Court, as well as attorney fees. Attorney fees vary from case to case.
Should I file for Chapter 13 bankruptcy?
Chapter 13 bankruptcy is best suited for Winona residents who have an above median monthly income and want to safeguard their assets. Your debts will be paid off through a 3-5-year payment plan but first they will be lowered. At the end of the payment plan any leftover debt is more often than not discharged.
What can and can’t be discharged in Chapter 13 bankruptcy?
The most common debts discharged at the end of Chapter 13 bankruptcy are credit card and medical bills. Income tax debts, spousal support and child support debts are “Priority Debts” which mean they can not be discharged but they may be paid off through the payment plan. Our bankruptcy attorneys can help you understand the differences between the two types of bankruptcy and decide which type will offer you the best financial path forward.
Advantages to Chapter 13 Bankruptcy
A huge advantage of Chapter 13 bankruptcy is the adaptability it allows you. If your income decreases, you are able to lower your monthly payments or, if eligible, convert to a Chapter 7 filing. These options are much better than potentially defaulting on your Chapter 13 payment plan.
How much does filing for Chapter 13 Bankruptcy cost?
There are three costs associated with Chapter 13 bankruptcy. The first is a $313 fee which is paid to the U.S. Bankruptcy Court, there is also a fee for the Chapter 13 trustee. Finally, there are attorney fees which vary case to case.
Should I file for Bankruptcy on my own?
It is in your best interest to discuss your options with a bankruptcy attorney before moving forward with any type of debt relief option. That is why Hoglund Law offers 100% free phone consultations with one of our experienced bankruptcy attorneys. We will educate you on the different debt relief options and advise which route would be most beneficial for your financial situation.
What is a Bankruptcy Mill?
A bankruptcy mill is what we call large firms with a high rate of client turnaround with little to no attention to detail. This can cause complications in your case and lead to unfavorable outcomes for you and your family.
How do I avoid retaining a bankruptcy mill?
Ask yourself the following questions before retaining a bankruptcy attorney:
- Have you spoken to an actual lawyer before they have started discussing payments?
- Was the conversation more about their fees than your financial situation?
- Does the firm have a good reputation?
- Is the attorney experienced in Bankruptcy law?
Are there other options besides bankruptcy?
Yes, sometimes bankruptcy might not be the best option for your financial situation. Other options of debt relief include debt settlement and debt consolidation. This is where our bankruptcy attorneys can negotiate on your behalf to lower your previously agreed to debt payments.
How does debt settlement work?
Debt settlement will lower your debts through negotiation between your lawyer and creditor. If a debtor files Chapter 7 Bankruptcy the creditor will not receive any money, but with debt settlement they will receive a portion. To them this is much more beneficial and that is why creditors are more willing to work with a debtor than have them file bankruptcy.
How does debt consolidation work?
Another viable option is debt consolidation. This combines your debts into one single payment which will typically have a lower interest rate, as well as keep payments simple.
Our hardworking team of bankruptcy attorneys is here for Winona residents who are ready to get a fresh financial start. Stop stressing and start living, call Hoglund Law today at (570) 405-5290 or use our contact form to schedule a free consultation.