Seasoned Bankruptcy Lawyer Helps You Surmount Debt in Minnesota
Knowledgeable support for clients declaring Chapter 7 or Chapter 13 bankruptcy
Many people find themselves deep in debt through no fault of their own. All it takes is a job loss, a medical crisis or another life-changing event for them to struggle financially, unable to pay off credit card debt, medical expenses, and other bills. If you find yourself in this financial situation, it’s important to know there are options for relief. At Kruger Law Office, LLC, in Rochester, I help businesses and individuals alleviate the burden of unmanageable debt through consumer bankruptcy proceedings. One immediate type of relief comes with the automatic stay: as soon as you file for bankruptcy, most collection attempts, including harassing phone calls and emails from creditors, come to an end. Whether you are looking to wipe the slate clean with Chapter 7 or pay back creditors over time with Chapter 13, I can help you develop a sound plan for discharging your debt. And if bankruptcy is not the best option, I can assist you with non-bankruptcy workouts.
Performing a thorough debt analysis
My first step in taking your case is to perform an exhaustive debt analysis to determine if bankruptcy is your best recourse. Before deciding to declare Chapter 7 or Chapter 13, you may wish to consider bankruptcy alternatives:
- Attend credit counseling — Some individuals simply need a debt management plan. Credit counseling agencies can help you gain control of your finances before debt builds up.
- Negotiate with creditors — If you have credit card debt, you may be able to reach out to your creditor to negotiate a settlement or payment plan.
- Change your lifestyle — Depending on your situation and level of debt, you may need to make certain sacrifices in your life until your debt is paid off.
By conducting a detailed analysis of your debt, I can identify your exempt and nonexempt property and determine if Chapter 7 or Chapter 13 is ideally suited for your situation.
Guiding clients through Chapter 7 filings
Individuals and businesses who have acquired a large amount of debt may find partial or full relief by declaring Chapter 7. Also known as liquidation bankruptcy, Chapter 7 allows you to discharge certain forms of debt such as:
- Credit card debt
- Medical expenses
- Overdue amounts on utility bills
- Motor vehicle accident claims
- Business debts
- Nonfraudulent dishonored checks
- Personal loans from employers, friends, and family
- Judgments from civil court
- Student loans (in rare cases)
However, it is important to understand that some of your assets may need to be liquidated to pay creditors back. One of the reasons Chapter 7 is widely used is because it discharges debt in a fairly short amount of time — approximately four to six months. I can review your case and determine if you qualify for Chapter 7, since there is an income limit. Additionally, I can attend the creditors’ hearing with you and ensure your rights are protected.
Repaying debt through Chapter 13
If you earn a consistent income and your debt burden isn’t too high, you may be able to qualify for Chapter 13 bankruptcy. Also known as reorganization bankruptcy, this chapter lets you pay back creditors over time, usually from three to five years. In addition to helping you draft a comprehensive repayment plan, I will represent your interests until all of your debt is discharged.
Whichever form of debt relief works best for your situation, you can depend on my guidance from start to finish, helping you to reach a firm financial footing.
Contact a trusted bankruptcy attorney in Southeastern Minnesota
Kruger Law Office, LLC assists clients with Chapter 7 and Chapter 13 bankruptcy matters and other debt relief options in Minnesota. Call 507-216-5200 or contact my firm online to schedule a free initial consultation with me at my Rochester office.