Chapter 7 Lawyer Minneapolis

Talk to a knowledgeable bankruptcy attorney for FREE. Attorney Gregory Wald has 25 years of experience in bankruptcy. This is ALL HE DOES. He teaches other lawyers how to practice bankruptcy effectively. He will give you a FREE telephone consultation and up to 1/2 hour FREE office consultation. He will help you understand your options so that you can make an informed decision as to whether bankruptcy is right for you.

Here are 5 indications that you may need to file bankruptcy:

• 1. If your unsecured debts are close to twice your annual income.
• 2. If you are having trouble making the minimum monthly payments on your debts.
• 3. If you are behind on mortgage or car payments or back taxes.
• 4. If your debts are continually growing larger.
• 5. If you have looked into other alternatives and have not been able to figure out a way to get out of debt.

Bankruptcy Protection

Protection from Creditors.

We offer immediate protection from creditors upon filing your bankruptcy petition. When we file a bankruptcy petition with the court, it creates a blanket court order called an "automatic stay" against creditor collection efforts. All collection efforts will cease. We stop harassing calls from collection agencies. We can stop repossession of your car and in some cases we can obtain the return of repossessed vehicles. We can stop foreclosure to give you time to get caught up on payments. Stop the worry and the stress now.

Types of Bankruptcy

Chapter 7

Chapter 7 is a federal law that gives you freedom from burdensome debts and a fresh start in your finances. Some examples of debts that may be eliminated include credit card debts, medical bills, personal loans, judgments arising from car accidents, balances remaining on repossessed vehicles, and some types of income taxes.

Most people do not lose any of their property in Chapter 7 bankruptcy. The law allows us to exempt certain types and amounts of property from creditors, so that you have a true fresh start. We can make sure that you exempt everything that the law allows. If a debt is collateralized by your home or car, you can usually keep the property by continuing to make the loan payments. We can also arrange for “reaffirmation” of the mortgage or car loan. To get the full benefit of your bankruptcy, you need the guidance of an experienced bankruptcy attorney. Our goal is for you to keep your home, car, household goods and other belongings and get rid of your burdensome debt.

Chapter 13

Chapter 13 is a plan for partial repayment of debts. Chapter 13 allows you to consolidate your debts and repay at least a portion of the debt over a three to five year period. There are no interest charges and the principle does not have to be paid in full. You pay only the amount that is reasonably affordable for you, and there is no set percentage of debt that must be paid back. It allows you to pay back only the amount that is affordable for you over a reasonable period of time.

Chapter 13 allows you to consolidate mortgage arrears and bring your mortgage current over an extended period of time. Other examples of debts that can be consolidated are back taxes, car loans, student loans, credit cards and other types of unsecured debts.