If you’re considering filing bankruptcy and live in Crow Wing County, Minnesota, you’ve come to the right place. The decision to file bankruptcy is life-changing. You want to make sure you have as much information at your fingertips when contemplating the pros and cons of filing bankruptcy.
Crow Wing County, Minnesota is a beautiful place to get away from the hustle and bustle of the big city. For people who live in Crow Wing County, their livelihood often depends on the tourist season. With the vast lakes and serenity offered by the peaceful nature, there’s no question why someone would want to live in Crow Wing County. However, staying on top of bills during the off season can be as difficult to navigate as some of the county highways during the dead of winter. If you’ve reached the point where your pocket book is depleted and it doesn’t look like there’s a way to manage your debt, bankruptcy may be the best option for you.
Our promise to residents of Crow Wing County is the same as our promise to residents of any other county in Minnesota. We promise to deliver the best customer service of any law firm around. Resolving the debt issue you’re confronted with and treating you like a rock star is our top priority. You will never be judged for what you’re going through.
What Options Do I Have For Debt Relief?
When contemplating bankruptcy, you really have four options. You can choose to do nothing, you can participate in a debt consolidation program, you can file a Chapter 7 bankruptcy, or you can file a Chapter 13 bankruptcy.
Do Nothing
If after meeting with one of our MN Bankruptcy Attorneys you decide to do nothing, there are few things you should know. If you fail to make payments towards your debts, creditors will likely sue you for the past due amounts and begin garnishing your wages. Honestly, some people are ok with this. The worst part of being garnished is creditors are legally permitted to take up to 25% of your paycheck, and they take every bit of 25%. The garnishments will continue until the debts are satisfied. For most people, this is not a financially viable option. Wage garnishment of 25% from your paycheck is a lot of money and can have a major impact on your financial well-being.
Debt Consolidation
Debt consolidation is sometimes a great option. When it comes to ease of paying your bills, consolidation is definitely a nice option. There are a number of companies that offer debt consolidation plans. Sometimes these companies can even negotiate a settlement on your behalf so you don’t have to pay the full amount of money owed. Although debt consolidation sounds like a great option at first, many of our clients have attempted debt consolidation and learned the benefits are not as great as they initially appear. Debt consolidation firms do not work for free. You are charged for the work they do and they will include interest on top of any loans they provide. Often, the interest alone is what makes debt consolidation such a difficult option for people who are experiencing financial distress. If you can be aggressive in paying off the debt consolidation loan, I think this is a great option. However, if you can’t, I would not recommend going this route.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the breath of fresh air most of our clients are searching for. Chapter 7 bankruptcy is a legal option where most of your debts are forgiven, forever! The process takes about four to six months from start to finish. As soon as your case is filed, you are no longer expected to make payments towards your creditors. In fact, once your case is filed, your creditors cannot contact you to collect on the debt. At the end of the Chapter 7 process, you have the ability to be 100% debt free! Any debts that are discharged through the bankruptcy are gone, interest/penalty free, forever!
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is an option to achieve a debt free life for people who either make a lot of money or have a lot of assets we’re concerned about protecting. So, if you own a lot of toys (boats, motorcycles, snowmobiles), we may look at filing a Chapter 13 bankruptcy for your in order to protect all of your toys. Also, if you make more than the median household income for your family size, we will look into filing a Chapter 13. The main difference between a Chapter 7 and a Chapter 13 is that you will make monthly payments in a Chapter 13 to pay off some of your debts. The payment plan we put together for you will always be something you can afford. Chapter 13 is essentially a government sponsored debt consolidation plan. This consolidation plan, however, is interest free! Once you have satisfied the terms of your repayment plan, any amounts of money you still owe to certain creditors will be forgiven.
How Do I Choose Between Chapter 7 and Chapter 13?
You might be asking, why would I file a Chapter 13 instead of a Chapter 7? Ultimately, we will discuss the specifics circumstances you’re in and recommend one option over the other. At the end of the day, you’re the boss. After having an initial consultation with one of our experienced attorneys, you will have all of the information you need to make an informed decision. If bankruptcy is the best option, we will be by your side the entire way.
Where Can I Get Professional Bankruptcy Help?
If you live in Crow Wing County, or one of the surrounding counties, please give us a call. We are more than happy to meet with you in Brainerd and discuss any questions you have over the phone. Alternatively, we can arrange consultations via Skype and Facetime. Feel free to swing into our Brainerd office and pay our assistant, David, a visit. He’s there five days a week and can get you scheduled for an initial consultation with one of our attorneys.
Thank you for having the courage to look into bankruptcy. We’re here to help you get your life back!
