Personal Bankruptcy | Chapter and Verse
Author: Lauri Schmid ( email author ) ( download author’s v-card )
If your debts have become overwhelming and you are looking for ways to get control of your finances, you may be considering bankruptcy. While Chapter 7 bankruptcy allows you to immediately erase many debts, the price you must pay in return is that you must give up any property you own that is not protected by state and/or federal exemption laws. Chapter 13 bankruptcy permits you to retain your property, such as your home, while utilizing your income to repay some, or all, of your debts. Thus, Chapter 13 bankruptcy may be a good option for those who need time to pay off certain debts and have sufficient income to meet the Chapter 13 requirements.
If you have any questions about saving your home, or about bankruptcy in general, please call our office. Our attorney provides a balanced range of legal services combined with a singular commitment to our clients. Our staff is positive and energetic, responding to our clients’ needs with clarity, diligence, and integrity. In addition to help with bankruptcy, we offer counsel for issues dealing with estate planning, contract law, and business law.
HINT: When you file Chapter 13, you must submit a repayment plan that demonstrates that you can pay your mandatory debts, and perhaps repay all (or a portion) of your other debts, over a three- to five-year repayment period.
If you would like to make an appointment to discuss debt relief or a personal bankruptcy, please call our offices at (952) 953-8843 or reach out to us by using our online contact form.