If you are facing financial difficulties, you must be overwhelmed. In fact, you would be thinking to file bankruptcy. This can be a hard decision and can leave you confusing with dead ends. If you are considering to file a bankruptcy case or have already filed it, you have come to the right place. Although, you can file a bankruptcy case in Minnesota without a bankruptcy attorney MN, however, it is best to seek help from him.
MN bankruptcy attorneys can determine whether filing a bankruptcy case is right for you. If not, bankruptcy lawyers in St. Cloud, MN can help you to approach other debt-relief options as well. You might not know about the Chapter 13-debt repayment plants, Chapter 7- debt discharge plans and Chapter 13- reorganization for debt relief. But a bankruptcy lawyer MN can explain to you all the Minnesota laws concerning bankruptcy so that you could take the decision sanely.
Even if you want to stop the wage garnishment, a bankruptcy attorney MN could help you with debt settlement in the best way possible.
If you have made the decision to hire one of the bankruptcy lawyers St. Cloud, MN, he could help you in file a chapter 13 and chapter 7 bankruptcy case and can also represent you in the court legally.
How Do I Choose A Bankruptcy Lawyer MN?
Here are some things you should see in a lawyer before proceeding towards your case:
You need to determine if you are comfortable with the lawyer or not in the first meeting. Are you comfortable enough to share all the personal information with his? Is he interested in solving your debt problems or just providing debt relief options that are pointless?
You are already running out of money, so you need to consider his fees as well. Ask him about the hourly rate so that you can estimate the total fees in advance.
Last but not the least, ask if he has worked on similar cases like you. The more experienced he is, the better for you.
Bankruptcy State/City Laws- Saint Cloud, Minnesota
Without wasting more time, let’s hop on to knowing what exactly is Chapter 7 and Chapter 13 bankruptcy cases.
Chapter 7 Bankruptcy
It is also known as the fresh start of bankruptcy. In this bankruptcy case, all the unsecured debts, such as utility bills, credit card bills, medical bills, student loan, and home loans are discharged. However, your bankruptcy attorney MN should provide a valid reason for discharging these debts.
However, you can only file a bankruptcy Chapter 7 case if you have no bankruptcy record for 6 to 8 years. Also, you have to pass the means test.
Chapter 13 Bankruptcy
It is known as the ‘repayment’ plan. A debtor has already paid some part of unsecured debts over a period of 3 to 5 years through debt yearly plan. So, your debt repayment is usually based on what you can afford to pay each month.
However, there are few specifications such as:
- The debtor must have the ability to pay according to the bankruptcy plan.
- The debt must not exceed.
Keep following to learn more about Minnesota civil laws and more.