Dedicated Attorney Helping Fargo-Moorehead Residents Process Their Bankruptcy Cases
It’s not an easy decision to file for bankruptcy—it can make an immediate impact on your financial life, and stigmas still surround it. Plus, if you don’t plan well, you can make the process even harder. Bankruptcy isn’t for everyone, and it should be your last resort after you’ve exhausted all other methods of covering your financial obligations. But if you face foreclosure, garnished wages, repossession, or debts that you can’t possibly pay, procrastinating can have disastrous results. You may lose your car and other property, including your home.
Declaring bankruptcy may enable you to stave off foreclosure and even result in a payment structure that can help you catch up. Bankruptcy can also get your utilities back on or your car back to you if a creditor has repossessed it. Bankruptcy can potentially help you reduce or cancel out your large medical bills, especially if you’ve lost employment. Filing bankruptcy can stop creditors from harassing you or trying to take more than you owe, and end wage garnishment, allowing you to afford life’s necessities along with your peace of mind.
Chapter 7
Chapter 7 is a liquidation bankruptcy. With a Chapter 7 filing, you may be able to discharge most unsecured debts—including medical bills and credit card debts—in a few months if you can meet specific income thresholds. Student loans, alimony, child support payments and some tax debts don’t qualify to be discharged.
Chapter 13
If you don’t qualify for a Chapter 7 and you’re struggling with extraordinarily large debt, Chapter 13 bankruptcy lets you pay off debts incrementally while you retain your family home, exempted property and other assets. It peels debt collectors off your back, giving you room to make mortgage payments, pay car loans and catch up on other debts. It also lets you extend the repayment periods of non-dischargeable debts like child support, alimony, student loans and tax debts. If you have reliable income that exceeds the state’s median average, filing a Chapter 13 establishes a debt repayment plan with your creditors and lets you get a fresh start in a few short years.
Knowledge is Power
The essential part of our bankruptcy practice is to make you a fully informed client. We sit down with you to review your financial circumstances, review your options, help you fully understand the benefits and liabilities, and determine the type of filing for which you qualify. If you decide that doing a bankruptcy would benefit you in the long run, we’ll walk you through filing your bankruptcy petition.
