Chapter 7 Bankruptcy & Chapter 13 Bankruptcy Attorney
Filing for protection under Chapters 7 or 13 of the U.S. Bankruptcy Code are the two most common bankruptcy means consumers and businesses employ to safeguard assets and income when serious financial troubles become unmanageable. Given the current condition of our national and local economies, it is important to understand one's consumer rights and the variety of debt relief options available. At Thompson Legal Services, LLC, we can help you explore these options and take concrete steps to develop a solution for your debt problems, while at the same time work hard toward safeguarding the assets you have worked hard to acquire for your family, yourself, or your business.
Contact us at 320-310-4040 to speak directly with an experienced bankruptcy attorney serving the entire state of Minnesota including St. Cloud, Brainerd, Willmar, and the Twin Cities Metro Area.
Chapter 7 Bankruptcy: Achieve total debt relief and discharge of liability
Chapter 7 bankruptcy is by far the most utilized consumer bankruptcy option as it provides consumers and in some instances, business owners, with a complete "discharge" of all unsecured debts allowable by law. In most cases a successful bankruptcy discharge permanently removes a consumer's obligation to pay or to be further financially responsible in any way for the consumer's existing unsecured debts, including most credit card bills, medical bills, deficiency amounts on repossessed vehicles or foreclosed homes, some tax obligations (in many cases those tax debts over three years old), etc. Under Chapter 7 in some cases it is also possible to "look-back" a few months from the date of filing and recover funds taken by the creditor in a garnishment or levy action against the consumer.
Chapter 7 generally does NOT allow the discharge of secured debts like a home and/or vehicles a consumer intends to keep and continue making payments on, more recent unpaid tax liabilities (generally less than three years old), most student loans, domestic support obligations such as child support or spousal maintenance, and other secured or court ordered obligations. It should be noted, however, that vehicles in the process of being repossessed, and homes in the process of being foreclosed on may often be included in a bankruptcy filing so that any difference in what is still owed on the reclaimed property by the consumer minus what the reclaimed property may be sold for at auction or sale (known as the deficiency amount), may be discharged as the bankruptcy process concludes. To develop a more thorough understanding and plan to address your specific financial situation, please contact us directly.
Chapter 13 Bankruptcy: Stop foreclosure, protect your home & assets
Chapter 13 Bankruptcy is another, less common bankruptcy option implemented to help consumer and business debtors with difficult debt situations. Although the much quicker and often preferable opportunity to discharge all allowable unsecured debt does not exist in a Chapter 13 as it does in a Chapter 7, other benefits exist in a Chapter 13 which do not apply to Chapter 7 filers.
In exercising a Chapter 13 debt relief plan option, a plan is put together by the debtor and the debtor's attorney which addresses nearly all debts, including past due balances on secured and unsecured obligations. The plan, generally 3-5 years in length is then placed before a special Chapter 13 trustee for approval and/or modification. Once approved and implemented, the plan, throughout its course, will require the debtor to make payments to the trustee in exchange for certain bankruptcy protections generally allowing the debtor to keep property and "catch-up" on many past due balances. At the conclusion of the plan the debtor generally emerges caught up, and certain remaining balances are forgiven or discharged. For information about Chapter 13 or Chapter 7 filing options, please contact our office directly.
Other Bankruptcy Chapters: Businesses, farmers, fisherman, and municipalities
Chapters 7 and 13 are far-and-away the most common bankruptcy filing types utilized by Minnesota consumers to obtain lasting, comprehensive debt relief under Title 11 of the U.S. Bankruptcy Code. Notably, these are also the only types of bankruptcies handled by Thompson Legal Services, LLC, at the present time. Consumers and other business involved persons, however, should be aware that additional chapters exist under the "Code" which may better suit parties in need of bankruptcy relief. As such, Thompson Legal Services is pleased to make referrals to competent attorneys practicing in these other bankruptcy sub-areas. The following are a general description of the bankruptcy chapters available to qualified filers (note - - not all consumers may necessarily qualify under every, or for that matter any of the below listed chapters):
- Chapter 7: general liquidation chapter for individual and business debtors;
- Chapter 9: bankruptcy for municipalities;
- Chapter 11: reorganizational bankruptcy used primarily by business debtors, less often by substantially endowed individual debtors for financial rehabilitative purposes;
- Chapter 12: rehabilitative bankruptcy option for commercial fisherman and family farmers;
- Chapter 13: rehabilitative bankruptcy option involving a trustee approved payment plan for debtors often unqualified for, or requiring relief other than that available under, Chapter 7; and with a regular source of revenue and/or income sufficient to fund a prospective Chapter 13 plan;
- Chapter 15: bankruptcy option for ancillary and other international case types.
If you think you may need to further explore your bankruptcy options under any of the above described chapters, please do not hesitate to contact us for a free initial telephone or in-person consultation. It is not uncommon that individuals mulling bankruptcy and other options may need good advice and opportunity to visit with competent legal counsel several times before making a filing decision. John Thompson and his staff understand the difficulty involved in making major family and business decisions, and are in no rush to get folks "in-the-door" and filed. At Thompson Legal Services, LLC, consultations frequently involve several conversations between the consumer and the attorney before any money is exchanged or agreements are signed. Take your time, do your research, think calmly and deliberatively, talk to people you trust, and then let us know if and when YOU are ready to proceed.
Contact Thompson Legal Services, LLC bankruptcy lawyers serving the entire state of Minnesota including St. Cloud, Brainerd, Willmar, and the Twin Cities Metro Area.
Free consultations
· Offering 24/7 support • Affordable legal services • Call now at 320-310-4040 to protect your rights
Thompson Legal Services, LLC
P.O. Box 5060
St. Cloud, MN 56302
Phone: 320-310-4040
Fax: 320-310-4221
Email: john@mnchapter7.com
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
