Bankruptcy is something that we all want to avoid but this is not always possible. Sometimes filing for bankruptcy is the only thing that can break the vicious debt cycle and allow you to walk away and start again. If you are faced with tremendous pressure, stress and hardship due to the overwhelming debt in your life, then you may consider filing for bankruptcy. But how does this work?
Step One: Meeting with a Minnesota Bankruptcy Lawyer
The first thing you need to do is talk to an experienced Minnesota bankruptcy attorney about your situation. At the Buettner Law Group, LLC we offer a free initial consultation to discuss your situation. During this time we will assess your case and determine if chapter 7, chapter 11, chapter 13 or another alternative is the best option for you. Chapter 7 and chapter 13 bankruptcy follow very similar processes but the differences will be explained during our initial meeting.
During the first phrase we will need to collect documentation to file for bankruptcy. This means we will need income statements, expense sheets, assets documentation and several other pieces of information which we will talk to you about when we meet with you. After we have all the documentation, we can file for bankruptcy on your behalf. As soon as the petition is filed an automatic stay will protect you from harassment, wage garnishment and foreclosure.
Step Two: Creditor Meetings
You will need to attend one financial management counseling session when you file for bankruptcy. You must also attend a creditors meeting known as 341 meeting. Creditors are also invited to attend but they rarely do. Creditors will have 60 days to file objections on your bankruptcy claim. If there are no objections within 60 days, then your debts will be discharged. In a chapter 13 bankruptcy, your debts will not be discharged until the completion of the debt management plan after three to five years.
Step Three: Debt Discharge and Management
After your debts are discharged, the bankruptcy will be placed on your credit rating which means you will most likely be unable to obtain a loan for a period of time. Take this period of your life to focus on saving, on gaining financial control and on ensuring that this doesn’t happen again.
During this time in your life you are probably faced with enough stress as is without worrying about the logistics of filing for bankruptcy. This is why we do the hard work for you. We will ensure that you understand all your financial options and that the process is made as simple as possible. Brea Buettner-Stanchfield and her team at the Buettner Law Group, LLC are available any time of the day and can help you with any problems or concerns you have during this process. Contact us today at 612-377-5311 for a free initial consultation.