Bankruptcy
Chapter 7 and Chapter 13 bankruptcy lawyer in Carver County, Minnesota and the Southwest Minneapolis Metro Area
Debt solutions for clients throughout the Twin Cities region—call for a free initial consultation
Do you want to find a way to prevent or delay home foreclosure and get relief from overwhelming consumer debt? Bankruptcy may be your best option. Before you make any decisions, however, it is important to understand your options and the implications of resolving your financial problems.
At the Chaska office of Sugar Creek Legal Services, Attorney Richard Haefele helps you understand if bankruptcy is right for you. Richard Haefele has been counseling clients throughout the southwest Twin Cities Metro Area in their bankruptcy concerns for over 35 years.
Chapter 7 bankruptcy: Liquidation
Following recent changes in the bankruptcy law, many people are under the mistaken impression that they can no longer file for bankruptcy. While there is an income eligibility requirement for Chapter 7, exceeding the state median income does not mean you are without options in dealing with your debt.
If you are "upside-down" on your real estate/homestead—you owe more than the value of your house and otherwise qualify—you may have more liberal exemptions and can protect most of your personal property, cars, and motorcycles.
Generally speaking, if your income is below the state median, you qualify for Chapter 7. If your income exceeds this limit, but you pass a means test, you may still be eligible to file for Chapter 7 and put an end to most of your debts. If you do not pass the means test or most of your debt is credit card debt, Chapter 13 bankruptcy may work for you.
The Chapter 7 bankruptcy process usually takes about six weeks, and Richard Haefele guides you through all of the necessary steps:
- Gathering all information about your debts and assets
- Filing the bankruptcy petition with bankruptcy court
- Representing you at the first meeting of creditors, where you are questioned about the accuracy of the assets and debts reported
About one month after that meeting, you receive the order from the court discharging the debt.
Chapter 13 bankruptcy: Wage earner's bankruptcy
If you do not meet the income and asset eligibility requirements for Chapter 7 bankruptcy, you may be eligible for debt relief through Chapter 13 bankruptcy. Through a structured repayment plan, Chapter 13 provides individuals a way to pay back debts at a rate they can afford over a period of three to five years. Chapter 13 bankruptcy is a good option for people who have assets but face such situations as—
- Home foreclosure
- A lot of consumer debt without the option to borrow equity from the house
- Credit card and house payments are behind
Contact us
If you want to put an end to creditor harassment, stop foreclosure, and get the debt relief you need, bankruptcy under Chapter 7 or Chapter 13 may be right for you. Located near the Carver County Courthouse, our Chaska law office is open from 8 a.m. to 4:30 p.m., from Monday through Thursday, and 8 a.m. to 12 p.m. on Friday. We offer evening and weekend consultations by appointment. Contact us today to schedule a free 30-minute initial consultation to discuss your bankruptcy concerns with an experienced attorney.
