Our Northfield, MN Chapter 7 & 13 Lawyers Guide You Toward a Clear Financial Future

Lawyers Who Take the Time to Explain Your Bankruptcy Options

Understanding bankruptcy requires knowing the legal and financial vocabulary that applies to it. The well-versed attorneys of Reppe Law Office PLLC can explain the terminology and walk you through the complex process of bankruptcy to ensure a smooth transition into your improved financial life.

A number of issues may affect your choice between Chapter 7 and Chapter 13 bankruptcy. For example, if you have a lot of unsecured debt, such as credit card debt, and an unpredictable income, then Chapter 7 may suit your needs. However, if you earn a steady monthly income and merely need time to reorganize your finances, Chapter 13 may be the better option for you.

The Basics of Chapter 7 Bankruptcy

Chapter 7 allows you to discharge some of your unsecured debts by using your assets to satisfy creditors’ demands. Some assets are exempt, such as tools of your trade and precious family heirlooms, but many must be turned over to the bankruptcy trustee in charge of your case. Key features of this debt-relief plan include:

  • Discharge of some unsecured debts, such as credit card balances and medical bills
  • Relinquishment of all nonexempt property to the bankruptcy trustee for sale in satisfaction of your debts
  • Requirement to pass a special means test to qualify for Chapter 7; if you do not pass, then you must file under Chapter 13 instead
  • Debt that may not be discharged, such as taxes, child support, and student loans

Our attorneys in Northfield, MN ensure that you are informed about your options before we create a feasible plan to resolve your financial issues.

Understanding Chapter 13 Bankruptcy

A Chapter 13 filing allows you to consolidate your different debts into a manageable monthly payment. It generally takes three to five years to eliminate debt under Chapter 13. Benefits of filing Chapter 13 include:

  • Stopping home foreclosure
  • Halting vehicle repossession
  • Reassessing and reorganizing mortgage, loan, and personal property debt payments

Chapter 13 bankruptcy generally remains on your credit history for seven years after the reorganization, which affects your ability to obtain a loan during that time. The bankruptcy lawyers at Reppe Law Office PLLC in Northfield, MN can help you decide whether this process is a reasonable option for you.

Choose Workable Strategies with the Advice of Our Bankruptcy Attorneys

The decision to file for bankruptcy depends on many factors. The attorneys at Reppe Law Office PLLC offer considerable experience to aid you in your financial recovery. If you have questions about filing for bankruptcy, contact us online or call us at 507-645-5569 for a free initial consultation at either of our office locations.

Reppe Law Office PLLC 107 6th Street, Northfield, MN 55057 | Phone: 507-645-5569 | Fax: 952-223-1124
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