Filing Bankruptcy can be a very personal and challenging decision because of its legal, moral, emotional and financial dimensions. The bankruptcy process also requires you to organize everything that has to do with your financial life - your debts, assets and income. There’s work that we ask our clients to do to help us prepare a petition and schedules that are accurate and complete to file with the Bankruptcy Court. It can take some time and effort. However, very few clients regret filing bankruptcy - they regret waiting too long! Time and time again my clients tell me that filing was the best decision they’ve ever made. Their bankruptcy case allowed them to put everything behind them and get their life back. But bankruptcy is not for everyone. Before contacting one of the Kain & Scott Bankruptcy Attorneys in Roseville, MN for a free consultation here’s a few questions you will want to ask yourself first:
Have you lost your job and are upside down in credit card debt?
Unfortunately this happens to thousands of Minnesotans every year and is typically unexpected. Losing your job can take a toll on your finances very quickly. You might be able to supplement your income by the use of credit cards but if you’re unable to find a replacement job quickly enough this strategy could leave you with overwhelming debt. With interest rates upwards of 28-29% on some cards it’s not hard to acquire so much debt that you literally can’t afford to pay it back. If you’ve gotten to this point you can try to fight it and do the pay one credit card off with another then reverse the action scheme but eventually it’ll get so overwhelming you’ll want to seek help from one of the Kain & Scott Bankruptcy Attorneys in Roseville, MN.
Do you have to use credit cards to make ends meet?
Life is humbling and bad things can happen to good people. The Kain & Scott Bankruptcy Attorneys in Roseville, MN never see people after they get back from a lavish vacation knowing that they intended to file bankruptcy. We see people because of things like business failure, income drops, divorce or high medical and credit card debt leaving them pressured to use credit cards to pay for their reasonable and necessary expenses. Trying to make ends meet by using credit cards is like trying to cross the desert without enough water to make it to the other side. Once you get halfway and run out of water you better hope there is an oasis. In a lot of cases filing a bankruptcy petition becomes the oasis. Because when you file bankruptcy you are able to discharge any debt that has provoked you to resort to credit cards in the first place and/or enroll in a government sponsored Chapter 13 plan that ensures you and your family can afford what you need.
Do you have unmanageable medical bills?
Let face it: in the blink of an eye something could happen unexpectedly leaving you with no other option than seeking medical care. And we all know that medical care is not cheap! If you happen to acquire an overwhelming amount of medical debt don’t be worried! A Chapter 7 or 13 bankruptcy petition will wipe it clean forever with no tax penalties. If you are below the median household income a Chapter 7 Bankruptcy will allow you to wipe it clean in as little as 3-4 months. If you’re above the median income a Chapter 13 Bankruptcy will allow you to just pay a portion of it back over the course of of 36 to 60 months. If you look at the big picture that’s pennies on the dollar compared to paying back the full amount of debt. The payments on the Chapter 13 plan will also be based on what you can afford after all your reasonable and necessary expenses. This means you and your family come first, not the creditors!
Are you being chased aggressively by credit or debt collectors?
If you’re being called or sent letters regularly from credit or debt collectors harassing you for payments you should consider contacting one of the Kain & Scott Bankruptcy Attorneys in Roseville, MN for a free, no-obligation bankruptcy consultation to talk about your debt relief options. When in this position pursuing a Chapter 7 or 13 Bankruptcy might be a favorable solution for you because the day you file a Chapter 7 or 13 Bankruptcy Petition will be the last day any of your creditors or debt collectors will be legally able to contact you! The creditors will receive a notice from the Bankruptcy Court known as an Automatic Stay. This is the legal document filed with the court that immediately ends even the slightest credit and debt collection activity taking a huge weight off your shoulders. You’ll be able to sleep well again knowing you don’t have to stress out any more about how you are going to make payments that you can’t afford.
Is anybody suing you?
If someone has filed a complaint against you to obtain a judgment against you might want to consider filing a bankruptcy depending on your specific case. Once a creditor has a judgment the creditor can place a lien on your assets and use court processes to levy your bank accounts and garnish your wages. But don’t be alarmed - this process takes weeks or even months before the creditor actually receives a judgment. Plus, if the creditor gets a judgment it can be discharged just the same as debt that has not gone to judgment. This is something you will want to seek the legal advice from one of our experienced Bankruptcy Attorneys in Roseville, MN about for further details.
Are your wages being garnished?
If you have your wages garnished and you would like to stop it right away filing a bankruptcy petition will stop the garnishment dead in its tracks. Shortly after you file a bankruptcy case the judgment creditor and your payroll department will receive a notice to let them know they have to stop the garnishment immediately. The creditor’s attorney will send a release of garnishment to your employer. The amount garnished in the 90 days before you file a bankruptcy case can be recovered in some cases. Keep in mind that one of The Benefits of Using Our Bankruptcy Attorneys in Roseville, MN is that we can help you to stop a wage garnishment in as little as 24 hours.
Are you facing a foreclosure?
If you’re on the verge of losing your house you can save it through a Chapter 13 Bankruptcy. Here’s how: Let say you have a $1000 a month house payment but are behind on your payments by $6000. A Chapter 13 Bankruptcy Plan will allow you to pay back the $6000 over the course of 36 to 60 months and keep your house as long as you kept making the ongoing payments. So, hypothetically speaking let’s say you pay back the $6000 over 60 months. In other words a $100 a month. Your total payment will be $1100. Yes it’s slightly risen but you’re not facing foreclosure anymore and you get to keep your house.
Still Not Sure? Contact The Bankruptcy Attorneys in Roseville, MN
There are a lot of reason why you might want to consider a Chapter 7 or Chapter 13 Bankruptcy. If you are still unsure if you want to pursue Filing Bankruptcy in Roseville contact us for a free, no obligation bankruptcy consultation. By the end of it you will have a clear understanding of what your debt relief option are and if bankruptcy is right for you. Either call or sign up online and we will set you up with an appointment that is most convenient for you to talk by phone, Skype, Facetime or in person at one of our 7 convenient Bankruptcy law firms in MN.
