In Roseville, the vast majority of us don’t think to seek help from the strain of an overwhelming debt problem until it has eroded away so many great aspects of our lives. We’ll forgo home and automotive expenses just so that we can buy food and clothing. This “rob Peter to pay Paul” financial black hole can be very easy to fall into and even more difficult to climb out of. Unfortunately, usually by the time you think to turn to a Roseville MN Bankruptcy Lawyer for help you’re already left with nothing. In these circumstances Filing Chapter 7 Bankruptcy would generally be advised but what if you would have looked to Bankruptcy for financial relief at the onset of your struggles?
When Filing Chapter 13 Bankruptcy Is A Good Option
Most of us are aware that Filing Chapter 13 Bankruptcy doesn’t discharge all of our unsecured debts like a Chapter 7 does but rather restructures them into an easy repayment plan so we can afford to live again. However, even with this basic knowledge many people that our Roseville MN Bankruptcy Lawyers meet with still want to File Chapter 7 Bankruptcy.
We all know their is many situations in life that can be absolutely devastating and to even the most financially secure. Natural disasters, unexpected medical expenses or the sudden loss of a revenue stream just to name a few. Even though it might seem comfortable to drastically change your normal way of living in order to handle these unintended financial difficulties, it is not necessary. At this time, if you have a steady income or are in possession of assets with moderate to sizeable value, Filing Chapter 13 Bankruptcy would be a great solution for you.
A Few Reasons Why
One of the most significant advantages of Filing Chapter 13 Bankruptcy in Roseville is the courts authority to approve your repayment plan without consent from your creditors. Unlike Filing Chapter 7 Bankruptcy in MN which provides several opportunities for your creditors to raise objections with your Bankruptcy Petition, a Chapter 13 Bankruptcy can be approved by the courts alone provided your petition meets all the statutory requirements.
In a Chapter 13 Bankruptcy as an individual you can take up to as much as five years, depending your income, to complete an affordable repayment plan. Chapter 13 Bankruptcy also provides you the same protections as a Chapter 7 would in regards to collection actions and foreclosure proceedings.
Once your Bankruptcy Petition is filed the Automatic Stay Law goes into effect which ceases any aggressive collection activity form your creditors. Often times this stoppage of aggressive collection activity combined with your Bankruptcy Discharge are all you need in order to start enjoying a debt free life again.
If you find yourself struggling with overwhelming debt and are uncertain of the future of your property and assets, yet earn too much income to qualify for Chapter 7 Bankruptcy, a Chapter 13 Bankruptcy will be a simple and safe solution to your problems.
The Two Main Advantages
There are many advantages to Filing Chapter 13 Bankruptcy in Roseville that are often overlooked. For one, a Chapter 13 Bankruptcy will not remain on your credit report as long as a Chapter 7 Bankruptcy, allowing you to reestablish your credit report in less time. Chapter 13 also allows you to keep all of your assets and property which could otherwise be liquidated when Filing a Chapter 7 Bankruptcy.
The Greatest Fear
The greatest fear for many people who are considering Chapter 13 Bankruptcy is the strict guidelines surrounding obtaining new debts or credit moving forward. Because Chapter 13 provides you with legal protection from collection actions and time to catch up your debts there are very strict guidelines regarding accruing more debt while working through your repayment plan.
However, there are allowances. Within a year time you’ll be eligible to obtain new credit and within 2-3 years you should be able to get a home mortgage again. Although keep in mind shouldn’t be much of a concern because the property you own at the time of filing will be protected under the Chapter 13 Bankruptcy Law.
How Our Roseville MN Bankruptcy Lawyers Can Help
Filing a Chapter 13 Bankruptcy in Roseville does not wisp away all of your debts and obligations as quickly as a Chapter 7 Bankruptcy but it does provide us with many of the same protections and will allow you to keep moving in a positive direction with your life financially. Ultimately it is best to sit down with one of our Roseville MN Bankruptcy Lawyers for a Free Consultation to make the best decision for you. At Kain & Scott in Roseville we have a team of experienced professionals, highly skilled and eager to help you get the Debt Relief you need from harassing creditors and overwhelming financial strain.
Whether you are considering Filing a Chapter 13 Bankruptcy or a Chapter 7 Bankruptcy we have the knowledge and expertise you need in order successfully discharge your unsecured debts. Contact us today an let us help you get on the road to debt freedom!
Roseville, MN 55113