West Metro: One Corporate Office Plaza, Suite 390 ♦ 7400 Metro Boulevard ♦ Edina, Minnesota 55439
East Metro: Rosewood Office Plaza, Suite 340N ♦ 1711 West County Road B ♦ Roseville, Minnesota 55113
Central Scheduling Telephone: 952-831-6555
Facsimile: 952-831-2711
email us at info@neff-law-firm-pa.com
Bankruptcy provides a debtor with legal protection from his or her creditors in accordance with the federal bankruptcy laws. There are two types of bankruptcy that are most common for individual (consumer) debtors; Chapter 7, which provides for the discharge of all debts that are legally dischargeable, and Chapter 13, which allows a debtor to pay some or all of his or her debts back over a period of 36 or 60 months. Some of the types of debts that are not dischargeable under chapter 7 include domestic support obligations, fines, restitution, most student loans, most taxes, debts incurred through fraud, etc. Debts that may not be dischargeable under Chapter 7, may be able to be dealt with through Chapter 13.
An experienced bankruptcy attorney can go over your factual situation and related documents to help you assess your potential for debt relief under prevailing bankruptcy law. You can cover with the bankruptcy attorney financial probletms caused by investments turning bad, overextended credit, adjustable rate mortgage that has changed rates so that it can not be paid, past due mortgage obligations, unpaid auto loans, creditor harassment, foreclosure, or other related concerns.
Yes, there is more than one type of bankruptcy. Consumers may find relief for example, under Chapter 7 or Chapter 13 of the bankruptcy law. Each fact situation must be individually assessed to see if a person may qualify for relief under a particular type of bankruptcy. A bankruptcy attorney can discuss with you the different types of bankruptcy proceedings, such as Chapter 7 and Chapter 13, and how each may apply to your particular facts and situation. Questions related to situations with your secured and unsecured creditors will be reviewed as will your income and monthly expenses. If you have missed or are in danger of missing mortgage payments, automobile loan payments, contract for deed payments, other secured debt payments or have received notice from your mortgage company that it is considering foreclosure are also relevant considerations in assessing qualification for bankruptcy relief.
You may discuss any financial or related matters that are relevant to your considering seeking bankruptcy relief. The types of financial concerns that are commonly discussed include financial difficulties due to investments turning bad, overextended credit, Adjustable mortgage that has changed rates so that it can not be paid, past due mortgage obligations, unpaid auto loans, creditor harassment, foreclosure, or other related concerns.
In assessing a person ability to qualify for a bankruptcy it is important to understand all financial and related matters that are causing the person to consider seeking bankruptcy relief. It is common for lawyers to review papers and other documentary material related to past due mortgage installment payments, home improvement loan related debt, car loan payments, contract for deed installments, past due credit card payments or other similar financial obligations.
Typically a debtor seeking bankruptcy provides all financial documents to the lawyer for his or her review. This includes a comprehensive schedule of all creditors with their complete addresses and telephone numbers. The schedule of creditors should also list the balanced owed and related billing statements and collection notices. A debtor should also provide tax retruns for at least the last two years, pay stubs from all employers for at least the last 60 days and all available evidence of income for the previous seven months. It is also necessary to provide copies of all documents related to secured debts such as a home mortgage, second mortgage, contract for deed, home loan, home improvement loan and/or car loan. The debtor should also make sure to provide a full legal desciption for any house that he or she may own. In addition, a debtor seeking bankruptcy relief should be prepared to provide to his or her bankruptcy lawyer all documentary material related to past due financial obligations, past due credit card payments or other similar obligations.
You may ask questions related to your qualifications for seeking bankruptcy and basic applicable bankruptcy law. At a meeting with a bankruptcy lawyer you may ask related to your options to get relief. You may also ask questions related to how consumer bankruptcy filings are handled and, how a bankruptcy court may treat a debtor's application for financial relief. You may also ask questions related to basic bankruptcy information, bankruptcy forms, applicable bankruptcy law to your situation, Minnesota garnishment law, stopping debtor harassment, dealing with credit problems, repossession law in Minnesota, mortgage foreclosure, dealing with collection agencies, harassment for payment on credit card, creditor harassment at employment, penalties for defaulting on loan, how to stop wage garnishment, credit card harassment, predatory lending practices, legal rights of people facing repossession, debtor's rights, and creditor's rights.