Twin City bankruptcy lawyers help you file Chapter 7
Oppressive debt affects every aspect of your life, including your mental health and well-being. Though heavy financial burdens can seem like an unsolvable problem, the St. Paul bankruptcy attorneys at Martin & Hedervare PLLC can help. When you contact our firm, you meet with an experienced lawyer who focuses on bankruptcy matters, and who is committed to helping you find the right debt solution.
For many people, Chapter 7 bankruptcy is the path to financial freedom
Chapter 7 of the United States Bankruptcy Code is known as the fresh start solution. In this type of case, our Minnesota bankruptcy lawyers help you compile their debts, then evaluate income and expenses with an eye toward whether the court is likely to review the budget and determine that your family should receive a discharge of the debts that are overwhelming you. There is also the much discussed but little understood second level of analysis called the Means Test. The Minnesota Means Test analysis begins with your household income and compares it to the U.S. Census Bureau Median Income by Family Size. If your income is above this threshold, further information is required to determine if you qualify for Chapter 7. Below are the annualized figures for Minnesota for 2018:
Once clients pass the Means Test, we file for Chapter 7 bankruptcy in Minnesota Bankruptcy Court. At that instant, creditors and collection agents must stop hounding you, wage garnishment stops, and foreclosure proceedings are paused. Your St. Paul bankruptcy attorney will be available to walk you through the process and answer any questions you have, but you will usually only meet with the bankruptcy trustee once. A bankruptcy trustee is another attorney who is appointed to review your case. Within 3-6 months of filing for Chapter 7, your bankruptcy is complete and you are debt-free.
With Chapter 7, you can expect:
Wage garnishments and creditor harassment to stop immediately
Any foreclosure proceedings to be paused
There is no minimum debt required to file
Only one meeting with the bankruptcy trustee
Your eligible debts to be wiped out in 3-6 months
Any income you earn after bankruptcy is all yours
Your Minnesota bankruptcy lawyer can advise you on the specifics regarding your case, but it is important to know that Chapter 7 has some caveats:
Any cosigners on loans included in bankruptcy are responsible for the balance
You cannot discharge student loans, child support, criminal restitution and certain other debts
In a small number of cases, some of your property goes toward wiping out your debt
Once you file Chapter 7 bankruptcy and get a discharge, you may not file Chapter 7 again for at least 8 years
Find financial relief with our Minnesota Chapter 7 attorneys
There is more to life than fearing phone calls and knocks on the door. Make your life better with the Twin Cities bankruptcy lawyers at Martin & Hedervare PLLC. We use our combined 38 years of experience to find specific debt solutions so you can have a fresh financial start. Call our firm at (651) 243-2974 or contact us online today to schedule your risk-free consultation.