So, you live in or around Monticello, Minnesota and you know you need to file bankruptcy but you are not sure which bankruptcy you need to file. There are some simple questions to ask to figure out which bankruptcy makes sense for you.
QUESTION 1: DO YOU HAVE MONEY LEFT OVER AFTER YOU PAY YOUR MONTHLY BILLS?
If you believe you do have money left over after you pay your bills, then we would likely recommend you consider a Chapter 13 Bankruptcy- or sometimes called a government sponsored debt consolidation plan. You make payments based upon what you can afford to pay, and whatever does not get paid off, gets wiped out, tax free!
If you don’t have disposable income, you would likely file a Chapter 7 Bankruptcy. Note that disposable income means money left over after you pay your reasonable and necessary expenses but excluding payments you would no longer make back on say, credit card debt.
QUESTION 2: ARE YOU BEHIND ON A CAR, HOME, OR TAXES?
Chapter 13 Bankruptcy is a great tool to use if one is behind on a home or car you want to keep. We can file a Chapter 13 Bankruptcy- stop a foreclosure or repossession and spread the arrears out over years and you don’t lose the house or car.
If you owe back taxes, many times we can file a Chapter 13 Bankruptcy and reduce the amount of taxes owed substantially by either eliminating taxes debt or reducing penalties.
QUESTION 3: DO YOU NOT QUALIFY TO FILE CHAPTER 7 BECAUSE OF A PREVIOUS FILING?
No worries, we can file you as a Chapter 13 Bankruptcy and stop garnishments or levies.
When the time is right, or when you are ready, reach out to Minnesota’s 24/7 Chapter 7 and 13 Bankruptcy Help Line at www.kainscott.com.
Kain & Scott, P.A.
100 South 5th Street #1900
Minneapolis, MN 55402