You're In A Financial Mess. Now What?
In the wake of the "Great Recession," many responsible Minnesotans have found themselves burdened by crushing debts. Upside-down mortgages, job losses and generally tough economic times have drawn many into downward financial spirals they feel helpless to stop.
At Reppe Law PLLC, we understand the debt issues people in Northfield, Minnesota, and surrounding areas are facing, and we have the experience and knowledge to help. We would be pleased to discuss your financial issues with you in an effort to find a solution. If bankruptcy is an option for you, contact us today at 507-581-5720.
Rice County Chapter 7 and 13 Attorney
Minnesotans are proud people who tend to pay their debts, no matter what. Unfortunately, this laudable trait can make some people blind to a financial situation that is out of their control. Sometimes, the best way out of a bad situation is to cut your losses and start over.
Our Northfield bankruptcy attorneys can assess your personal or small-business income, assets and debts, and determine a legal strategy that will get you out of debt the quickest.
Most of our clients qualify for bankruptcy under Chapter 7 or Chapter 13 of the Bankruptcy Code. Here's a quick outline of the differences:
- Chapter 7 bankruptcy. The indebted party turns over non-exempt property to the bankruptcy trustee who converts it to cash and distributes is to creditors. In return, the indebted party is discharged of all qualified debts, usually within a matter of months. Exempt property can include your home, one motor vehicle (up to a certain value), household items, pensions, 401K savings, and most clothing.
- Chapter 13 bankruptcy. Indebted parties, that have a predictable income and the ability to pay both basic expenses and debts, may have the option to "reorganize" their finances by paying off debts over a period of three to five years. This option works best for those who have non-exempt property that they wish to keep, such as cash, investments, family heirlooms, second vehicles, vacation homes, or other non-essential properties.
Credit counseling is now required as a condition of all Chapter 7 and Chapter 13 bankruptcy actions.
Advantages of Bankruptcy - Stopping Creditor Calls
Bankruptcy has a few drawbacks — such as the damage to credit and difficulty in acquiring loans — but these are temporary conditions. Declaring bankruptcy will silence creditors, stop bill collectors, halt wage garnishments and allow you to concentrate on your future financial health. Failing to address your financial problems can pull you further into the hole, leading you to lose the very assets you wish to protect.
Post-divorce Bankruptcy
Divorce is one of the biggest reasons our clients fall into debt. It is an expensive process, and many people find that their standard of living falls considerably afterward. If you are considering divorce, or have been served with papers, contact us to discuss our cost-effective package deals for divorce and bankruptcy services.
Foreclosure Defense
Another little-understood advantage of bankruptcy is its power to stop foreclosure proceedings in their tracks. Your chances of keeping a home can be better if you declare bankruptcy than if you keep paying into an untenable mortgage that saps your assets and energy.
Debt Relief Is A Phone Call Away - Reppe Law PLLC - 507-581-5720.
We understand what a tough spot feels like. For a no-cost, no pressure consultation with a compassionate and non-judgmental bankruptcy lawyer, call us today in Northfield, Minnesota, at 507-581-5720.
