Hoglund Law – Bankruptcy Law Firm Serving Savage Minnesota

Do you live in Savage, MN and are you considering bankruptcy? Read through this guide to learn all about your options, then call Hoglund Law for a 100% free consultation to decide which path is right for you. Our bankruptcy lawyers have over 70 years of combined experience to steer you into the right direction towards debt relief. Hoglund Law Firm clients enjoy zero down bankruptcy, post-bankruptcy credit counseling, low monthly payments, even debt consolidation or debt settlement with no office visit necessary. From Chapter 13, Chapter 7, or debt negotiation, our trusted team of attorneys have helped tens of thousands of clients just like you find their way toward a debt-free future.

Should I file for Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is a wise choice for many debtors. Some of its benefits include debt relief within 9-120 days, discharge of most or all of your debt, and the ability to keep your assets.

What are Dischargeable Debts?

The following are typically considered “dischargeable debts” within a Chapter 7 Bankruptcy: credit card debt, medical debt, personal loans, cash advances (also known as payday loans), and many time back taxes. This means that if the amount you owe comes mostly from these sources, a bankruptcy attorney will may advise filing for Chapter 7 Bankruptcy. Car loans and sometimes be discharged as well, depending on factors such as car repossessions or vehicle voluntary surrenders. If your debt is comprised of student loans, child support, recent tax debts, or alimony, those would not be wiped out in filing for Chapter 7. These are considered “non-dischargeable debts”.

What is an Automatic Stay?

An “automatic stay” is put in place when you file for Chapter 7 Bankruptcy. This means that most creditors cannot contact or pursue collections on debtors by: making phone calls, visiting them at home, contacting their employer or family members, garnishing wages/benefits from their job without first obtaining a court order to do so.

What can I keep in Chapter 7 bankruptcy?

“Assets” are anything that you own that has value. This includes: your Savage home, cars, furniture, jewelry, and clothing. 95% of the time, you’re able to keep these type of assets in filing for Chapter 7 bankruptcy. In order to retain these assets, however, they must fall under the “exemption limit”

What is the Exemption Limit?

The “Exemption Limit” is the set value of assets you are allowed to keep in Chapter 7 bankruptcy. The limit varies by state and by each case, and it’s important for debtors to know that they cannot keep more than this set value without consent from their trustee.

How much does it cost to file for Chapter 7 bankruptcy?

Two fees make up the cost to file for Chapter 7 bankruptcy: the filing fee required by the U.S. Bankruptcy Court, which is currently $338 and attorney fees, which vary based on complexities of each case.

Should I file for Chapter 13 bankruptcy?

Chapter 13 Bankruptcy is a great option for for Savage residents who want to stop foreclosure on their home or who receive a monthly income too high to qualify for Chapter 7. Chapter 13 bankruptcy requires debtors to make monthly payments, typically for 3-5 years, toward the money they owe in order to gain a “discharge” of most debts after completion of payment plan.

What can and can’t be discharged in Chapter 13 bankruptcy?

Credit cards and medical bills are often eligible to be discharged in part at the end of a chapter 13 payment plan. Alternatively, income tax debts, spousal support and child support debts are considered “Priority Debts”, meaning they are non-dischargeable and are typically rolled into the repayment plan and paid in full.

Advantages to Chapter 13 Bankruptcy

Non-exempt property is typically protected for individuals filing for chapter 13 bankruptcy. Co-signers can also be protected from creditors after filing for Chapter 13 bankruptcy. Also, if you are hesitant to file for Chapter 13 bankruptcy due to a possible change in income down the road, a bankruptcy attorney may still advise it, as there is always the option to convert down to a Chapter 7 to avoid defaulting on the repayment plan.

How much does filing for Chapter 13 Bankruptcy cost?

The U.S. Bankruptcy Court currently requires $313 to file for Chapter 13 bankruptcy. There are also attorney fees which vary case to case.

Should I file for Bankruptcy on my own?

A bankruptcy lawyer will always advise a debtor to at least speak to an attorney before considering filing on their own. No matter how simple you feel your case may be, the cost of filing incorrectly is potentially much greater than any attorneys fees.

Luckily, Hoglund Law offers 100% free phone consultations, so there is absolutely no risk to receive a legal opinion.

What is a Bankruptcy Mill?

A bankruptcy mill is a term used to describe large firms with a high volume of client turnaround with low quality attention to detail. They often lack experience or professionalism in dealing with debt issues and the corresponding intricacies of filing for bankruptcy.

How do I avoid retaining a bankruptcy mill?

Ask yourself these three questions before retaining a bankruptcy attorney:

• Have you spoken to an actual lawyer before they’ve started discussing payments?
• Was the conversation more about their fees than your financial situation?
• Does the firm have a good reputation?

Are there other options besides bankruptcy?

Bankruptcy is not always the best option for certain financial situations. Luckily, debt settlement and debt negotiation can also help you find financial relief.

How does debt settlement work?

Instead of debts being discharged, they are negotiated into an affordable amount with a monthly payment.

This negotiation is settled between the creditor you owe and your retained lawyer. Creditors often agree to a lesser amount given that if the debtor files for Chapter 7 bankruptcy, they wouldn’t receive any of the funds owed.

How does debt consolidation work?

Debt negotiation compiles all debt into a single monthly payment. With the elimination of multiple debts also eliminates multiple interest rates, so the end amount owed may be much lower

The experienced bankruptcy lawyers at Hoglund Law will work with you to find the best solution for your unique situation.

Take your first step towards a fresh financial future by giving us a call at (952) 373-5550.