Bankruptcy FAQ's

How do I know if I should declare bankruptcy or not?

There’s no way to know whether bankruptcy is the right solution to your problems without consulting a dedicated Minnesota Bankruptcy Attorney. We conduct a comprehensive review of your family’s financial situation and give you advice as to what you should do.  It might be that debt consolidation or negotiation might be preferable in your situation. We are convinced that declaring bankruptcy offers you and your family the best opportunity to resolve your financial challenges.  We will assist you in filing for Chapter 7 or Chapter 13 bankruptcy and keep you informed about your rights and options every step of the way.

What kind of debt can I erase by declaring bankruptcy?

Filing for bankruptcy allows families to wipe out dischargeable debt.  Although the process by which this takes place depends on whether a family is filing for Chapter 7 or Chapter 13 bankruptcy. Either way, debt-saddled families can expect that bills related to credit cards, medical expenses, utility payments, and unsecured loans can be immediately or eventually wiped out.  

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, also known as a liquidation, allows an individual to sell off assets in order to pay creditors under the oversight of a trustee appointed by the bankruptcy court, after which time any dischargeable debt remaining, is erased.  If a person is current with their home and vehicle payments, they may not have to sell the important assets in order to satisfy the terms of the bankruptcy court.  In practice, individuals filing for Chapter 7 bankruptcy who are not behind on their mortgages and vehicle payments, often end up not having to sell any property at all because they have nothing else of value besides these assets.  Ask Kevin K. Shoeberg, a dedicated bankruptcy attorney, if you might qualify for Chapter 7 bankruptcy based on your income, debt, and your property.  If so, we will get started on a review of your finances to figure out if declaring Chapter 7 bankruptcy really is in fact the best option for you and your family.

What is Chapter 13 Bankruptcy?

Declaring Chapter 13 bankruptcy is a way for individuals with substantial debt to restructure payments to creditors in a reasonable and practical way over a three to five-year period.  As long as they adhere to the terms established by the bankruptcy court, at the end of the time period, individuals who have filed for Chapter 13 can expect the remainder of their dischargeable debt to be erased.  Filing for Chapter 13 will also put an end to garnishments and harassing calls from collection agencies and may allow homeowners to remain in their homes even if they are behind with their payments at the time of filing.  



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Woodbury, MN 55125

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Serving the Twin Cities Metropolitan Area

Kevin K. Shoeberg, P.A. serves the Anoka, Chisago, Dakota, Hennepin, Ramsey, and Washington Counties including the communities of Afton, Apple Valley, Blaine, Bloomington, Center City, Coon Rapids, Cottage Grove, Eagan, Forest Lake, Grant, Ham Lake, Hastings, Hugo, Inver Grove Heights, Lake Elmo, Lakeville, Maplewood, Maple Grove, Marine on St. Croix, Minnetonka, Minneapolis, Mounds View, Newport, North Branch, Oakdale, Rosemount, Roseville, Shoreview, St. Mary's Point, St. Paul, Stillwater, White Bear Lake, Woodbury and Wyoming, along with the entire state of Minnesota.

Kevin K. Shoeberg, P.A. is a debt relief agency pursuant to an Act of Congress and has assisted consumers seeking relief under the U.S. Bankruptcy Code for over 30 years. This website is for informational purposes only. The information contained should not be interpreted as legal advice. Only a local attorney with actual knowledge of your personal situation can give you legal advice. Viewing this site website does not create an attorney/client relationship.