Eden Prairie BANKRUPTCY ATTORNEY
Hennipen County, MN
Stepping into Hoglund Law’s Eden Prairie office means finding a bankruptcy lawyer armed with Chapter 7, Chapter 13, and Debt Settlement knowledge capable of assisting you with all of your credit counseling needs. Offering free consultations and zero upfront fees, Hoglund Law makes a process that may appear scary transform into one that jumpstarts the financially free future you so desperately crave. We guide you through the Bankruptcy Code, so you can get a fresh start.
After filing a Chapter 7 Bankruptcy, you will be granted an automatic stay that prevents creditors from performing certain legal actions and stops many of their collection calls. The palpable relief our clients feel is a large reason we enjoy what we do at Hoglund law. However, not all debt will be discharged in a Chapter 7 bankruptcy. Child support, student loans, and other debts not qualifying for discharge will still need to be paid while your medical bills, credit card debts, and other unsecured debts will be wiped away. Further, your credit report will show the Chapter 7 bankruptcy and, to qualify, your debt must amount to over 50 percent of your annual income.
This is why this fresh start isn’t the right choice for everyone. Contacting a qualified Bankruptcy Lawyer to determine whether this is the correct path for you is not only an essential step but a free one when you take advantage of a free consultation with Hoglund Law. Providing you with an opinion you can trust will help ease the uncertainty that accompanies this form of debt relief, giving you every confidence moving—or not moving—forward with bankruptcy proceedings.
You will also be granted an automatic stay when you file a Chapter 13 Bankruptcy, alleviating creditor calls and the weight of an unstable financial situation. However, unlike a Chapter 7 filing, a Chapter 13 bankruptcy requires you to make payments on your debt over the course of a three to five-year plan. Once the plan has concluded, any remaining qualified debts will be discharged, and you will be fully launched into the fresh start that you earned.
The benefits of filing chapter 13 include the chance to reorganize your debts, receive protection from the bankruptcy court, and protect your non-exempt assets—making it the ideal solution for some of our clients. However, this solution isn’t the only one available, and might not be the right one for you. The best way to determine your best path is to meet with a qualified and experienced bankruptcy attorney, such as the ones you will find at our Eden Prairie offices.
Sometimes going through complex bankruptcy proceedings isn’t the right choice for our clients. When this is the case, we recommend debt settlement as a method of debt relief better suited to obtaining their financially stable future.
Essentially, Debt Settlement is a process of negotiation whereby debtors legally agree to pay a reduced amount of their debt. The reason creditors agree to this is quite simple: it’s better than receiving nothing. They fear, when faced with an experienced office such as ours that the client in question is on the verge of buckling under their debt. The possible threat of bankruptcy sends them scrambling to the negotiation table, where we will be able to get you the best deal to secure a more financially stable future.
Having provided residents of Eden Prairie with legal assistance through countless Bankruptcy Cases, we know when Debt Settlement is the right path and are prepared to help you determine if this is your path forward.