Declaring bankruptcy provides you with an opportunity to get a fresh start where your finances are concerned.  Depending on what type of bankruptcy is involved, you will have the option of either restructuring your debt (Chapter 13) or liquidating your assets to pay creditors (Chapter 7).  The reality is that many debtors do not liquidate their assets because the property they own is normally exempt.  Under Minnesota Law, you home is exempt up to $450,000.00 or if used for primarily agricultural use, its up to $1,125,000.00 Either way, as soon as an individual files for bankruptcy, any garnishments or foreclosure proceedings that are currently underway are halted and collection agencies and creditors are no longer allowed to contact them except through the bankruptcy court.  At Kevin K. Shoeberg, P.A., we know that filing can be a traumatic event.  That’s why we will not suggest that you and your family declare bankruptcy until we are absolutely convinced it is necessary.  If bankruptcy isn’t the right response to the challenges you are facing, we will help you find another practical solution. If bankruptcy is the right answer to your financial problems, we will guide you through the process and make sure that your filing for Chapter 7 or Chapter 13 bankruptcy can help you get a handle on your overwhelming debt and keep you and your family financially stable in difficult times.

Chapter 7 Bankruptcy Attorney

As soon as you file for bankruptcy with the assistance of a Chapter 7 bankruptcy attorney, calls from collection agencies will cease and any foreclosure proceedings presently underway will be halted.  Additionally, any garnishments to which your paychecks are currently subjected will be stopped.  Declaring Chapter 7 bankruptcy is like requesting a timeout.  It allows you and your family to take a deep breath and find a realistic solution to overwhelming debt. Debts than can be erased after a Chapter 7 liquidation include outstanding credit card bills, medical bills, utility bills, and balances owed on unsecured loans.  Other debt, such as student loans or victims’ restitution payments, are usually not dischargeable under the terms of a Chapter 7 liquidation.  Most debtors assets are exempt, either by MN Statue or Federal Law. While you must pick which law will apply to you, we will help you maximize your exemptions.

Chapter 13 Bankruptcy Attorney

Declaring Chapter 13 may be an ideal solution to a significant debt, if you have sufficient income that you would be able to meet the terms of a debt restructuring.  As long as you continue to make your payments on time, any remaining dischargeable debt that exists after the time period of the established repayment plan, will be erased.  Best of all, you can retain ownership of important assets such as your house and your vehicle under terms of a Chapter 13 bankruptcy even if you are drastically behind on your payments right now.

Debt Negotiation

The first thing we do when a client contacts us about the possibility of declaring bankruptcy is conduct a thorough review of their financial situation.   Our knowledge of the law and experience dealing with creditors can help you in negotiating a valid agreement to restructure any outstanding debt.  This could be for a reduced lump sum or a payment plan that fits your current income.  By gaining a clear understanding of your debt and income, we can help you determine if debt negotiation is possible and help you put a plan into motion.  Schedule a consultation so that we can begin moving forward with an option that promises better things ahead.