bROOKLYN cENTER BANKRUPTCY ATTORNEY
Hennepin County, MN
Our Brooklyn Center Office houses qualified Bankruptcy attorneys you can trust to advise you on debt relief methods—ranging anywhere from providing you much needed assistance in bankruptcy cases to offering credit counseling. With over 70 years of combined experience and 47,000 clients assisted, we are certain that you will find a lawyer in our office capable of getting you the fresh start you’ve been dreaming of.
If you’re feeling crushed by debt amounting to over 50 percent of your annual income, filing for a Chapter 7 Bankruptcy may provide you the freedom to boost your financial life.
Chapter 7 Bankruptcy allows you to discharge most of your unsecured, credit card, and medical bill debt through the liquidation of assets. While a bankruptcy trustee is meant to sell non-exempt assets to cover some of the debt incurred before bankruptcy, in most cases, filers will keep all their property because it falls under an exception or is not worth the cost of selling.
Filing is not for everyone, however. To determine if it’s right for you, the best course of action is meeting with an experienced bankruptcy attorney who can help you understand bankruptcy basics as they apply to you. Our Brooklyn Center Attorneys are capable of answering your questions and helping determine whether the best path forward is filing during a free 30-45 minute consultation. All that stands between you and financial freedom is the phone.
Rather than automatically discharging their debt, Chapter 13 filers make payments on a reduced amount of debt—an amount significantly lower than they would have paid initially or as a result of debt settlement. At the end of their payment plan, any remaining qualifying debt is discharged.
The benefits of filing under Chapter 13 can be great when done properly. It is a debt relief plan that allows you to maintain possession of non-exempt assets and reorganize debts owed. However, filing a Chapter 13 Bankruptcy does not come without its drawbacks and it is crucial that those interested in moving forward with such bankruptcy proceedings consult a qualified attorney first. At Hoglund Law we make that first step easy. A free 30-45 minute consultation with one of our attorneys is all it takes to determine what might be your best path forward.
When debt becomes overwhelming and a client does not meet the qualifications for filing bankruptcy, the best move forward may be debt settlement. Debt settlement is often overlooked because it relies on a hard-to-believe premise: that creditors will settle for less.
But creditors are in the business of making money and, even though you might owe them a lot of capital, your debt means nothing if it becomes discharged through bankruptcy. Creditors therefore find themselves, when bankruptcy looms over the heads their debtors, in a situation where they can either negotiate or lose out on every penny owed to them.
It’s easy to guess which option they prefer. Our attorneys, who are well-known for their experience with the bankruptcy code, serve as a reminder to creditors that—should they refuse to negotiate—it is quite possible our client will file and leave them without anything to collect on. In fact, debtors represented by attorneys are far more successful in negotiations than those without—meaning that meeting with an attorney is not only helpful for determining whether debt settlement is right for you, but also essential to get the best deal.