Hoglund Law - Fergus Falls, MN
Fergus Falls Bankruptcy
Should I file for Chapter 7 Bankruptcy?
If you are looking to regain control of your debt, Chapter 7 Bankruptcy may be able to help you by discharging some or all of what you owe.
What are Dischargeable Debts?
Chapter 7 Bankruptcy may discharge some debts like payday loans, personal loans, credit card debt, medical bills, and sometimes back taxes. There are some debts that Chapter 7 cannot discharge such as recent tax debts, alimony, child support, and student loans.
What is an Automatic Stay?
When you file for bankruptcy, an automatic stay is set in place, which legally requires creditors to stop collecting and attempting to contact you. An automatic stay may also stop wage garnishment.
What can I keep in Chapter 7 bankruptcy, and What is an Exemption Limit?
Chapter 7 Bankruptcy usually allows you to keep your property after filing. Other assets like cars, jewelry, and clothing may be able to be kept if it falls under a certain value, which is called an exemption limit.
How much does it cost to file for Chapter 7 bankruptcy?
It costs $338 to file Chapter 7 Bankruptcy with the U.S. Bankruptcy Court. Do not forget to factor in attorney fees, which the amount you pay will depend on your case’s complexity.
Should I file for Chapter 13 bankruptcy?
If you have a consistent source of income but are in a lot of debt, Chapter 13 Bankruptcy may be able to help you. Your debts get restructured into a single payment that occurs monthly. The payment plan typically lasts 3-5 years and the remaining debt may be discharged.
What can and can’t be discharged in Chapter 13 bankruptcy?
Under Chapter 13, debts can be consolidated such as mortgage arrears, medical bills, and car loans. Debts that are considered priority debts cannot be discharged but may be included in the payment plan. These debts include child support arrears, spousal support arrears, and income tax debts.
What are other advantages to Chapter 13 bankruptcy?
Chapter 13 Bankruptcy offers flexibility in the re-payment process. This can help if your financial situation changes. Chapter 13 may allow you to adjust your payment plan or convert to Chapter 7 Bankruptcy if you find that your financial standing changes.
How much does filing for Chapter 13 bankruptcy cost?
It costs $313 to file for Chapter 13 Bankruptcy with the U.S. Bankruptcy Court, along with a fee to the trustee. You should also consider lawyer fees as well, which will depend on the case’s complexity.
Should I file for Bankruptcy on my own?
Bankruptcy may be a complicated process on your own. It is important to have a trustworthy attorney on your side that will guide you through the process. Hoglund Law recommends that you discuss bankruptcy and other debt relief options with an attorney before proceeding with any option. Call us today to set up a 100% free 30-45 minute consultation.
What is a Bankruptcy Mill?
A law firm that prioritizes making money over their client’s interests are known as a bankruptcy mill.
How do I avoid retaining a bankruptcy mill?
- Did you have your first consultation with an actual lawyer?
- Did they discuss fees before your financial situation?
- Did you read good reviews about the firm?
Are there other options besides bankruptcy?
There are other options available. Bankruptcy may not be the solution to your financial situation, we also recommend considering debt settlement or debt consolidation.
How does debt settlement work?
Debt settlement works by establishing a process of negotiations between your lawyers and creditors that can result in lowering your debts. An agreement is made to pay a portion of your debt in a lump sum, and creditors usually prefer this method to bankruptcy because they want to have a better chance of collecting from you through a settlement rather than receiving nothing through bankruptcy.
How does debt consolidation work?
Debt consolidation typically works by combining your debts into a single monthly payment. This may be a good option to lower your interest rates and start fresh once again.
Debt relief is possible with the right legal team supporting you. Hoglund Law is a reputable law firm with experienced attorneys that are ready to help. We advise residents in Fergus Falls to call us today at 855-958-4330 to set up a 100% free 30-45 minute consultation and start learning more about your debt relief options.