Mankato BANKRUPTCY ATTORNEY
Blue Earth County, MN
Hoglund Law has been assisting citizens of Mankato in understanding bankruptcy basics and experiencing debt relief for the last thirty years. We offer free home visits, free consultations, and zero dollar down bankruptcy assistance to ensure that our clients do not need to worry about another thing in their lives. To find a lawyer experienced in Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and debt Settlement who will also always your best interest in mind, all you need to so is step inside our Mankato office for a free consultation.
If you need to discharge credit card debt, medical bills, and certain forms of unsecured debt, then you might consider filing a Chapter 7 bankruptcy. When you file, you will be granted an automatic stay which will immediately prevent creditors from taking certain actions against you and will stop many of the embarrassing, aggravating, collection calls.
While the fresh start offered to those filing under Chapter 7 is appealing, there are some important things to note: not all debts are discharged in bankruptcy and a Chapter 7 does appear on your credit report. Further, not all debtors qualify for filing. Because of these factors and many others, it can be confusing to try and dissect the bankruptcy code without competent legal assistance.
A Chapter 13 filing is usually taken by those who have either already filed a Chapter 7 within the last eight years or who desperately want to protect non-exempt assets from liquidation. The clear drawback of this kind of filing is that it more harshly impacts your credit report and requires filers to undergo a three to five year payment plan to get their debt settled. However, Chapter 13 bankruptcy is necessary to some to secure the financial future they need as it offers the chance to reorganize debts owed and discharge remaining debt at the conclusion of a payment plan.
To find out if filing a chapter 13 is the right decision for you, it is wise to consult an attorney about your financial situation. At Hoglund Law, we make that easy by offering free 30-45 minute consultations. If you’re considering filing a Chapter 13, we recommend calling our office today to assist you.
Sometimes the best solution is simply trying to negotiate directly with the creditors you owe. If you do not qualify for bankruptcy but still cannot manage to pay the debt you owe, this solution very well may be the right solution for you.
While you will have to pay your debt, the debt you pay will often be reduced after negotiation with creditors so that it is more manageable for you to handle. Why would creditors agree to take a hit in the amount they receive? For them, the odds of you paying back a reduced amount can be greater than the odds of you paying the full amount and not buckling under the strain of bankruptcy—a risk that, once reminded of, most creditors are unwilling to take. If you require assistance with debt settlement, odds are you feel a lot of financial strain, and with the right attorney you will be able to make the creditors see that something is better than nothing.