Seeking Relief From Unmanageable Debt
If you are having trouble keeping up with your bills, don't be afraid to ask for help. Hard working people across the country are finding themselves in financial difficulty due to no fault of their own. Job loss, unexpected medical bills, business dissolution or failure and other causes can leave an otherwise financially stable person in a very difficult situation.
At the law firm of Grannis & Hauge, P.A., our Eagan bankruptcy attorney, David G. Keller, represent consumers and businesses in all aspects of Chapter 7 and Chapter 13 filings. From the preparation of your initial bankruptcy petition to securing your final discharge, your attorney will be there with you through the entire process. David Keller has practiced bankruptcy law for more than 30 years and is one of the few attorneys to have successfully obtained discharge of student loans through bankruptcy litigation.
Grannis & Hauge has a convenient location just off 35E in Eagan and has represented bankruptcy clients from the entire metro area, as well as outstate locations such as Rochester, Lake City, Red Wing, Cannon Falls, Faribault, Lonsdale, Belle Plaine, Montgomery, New Prague and northern Minnesota locations such as St. Cloud and Pequot Lakes.
Benefits of Bankruptcy
There are a number of benefits to filing for bankruptcy relief. Not only is it one of the most effective ways to regain control of your finances, it also forces creditors to stop all collection activity. This means the end of all harassing phone calls, threatening letters, repossession and foreclosure actions and any other efforts to settle your debt. Bankruptcy may also give you the opportunity to pay arrearages on secured and installment loans and keep the vehicles or other assets they secure.
Many people are hesitant to file for bankruptcy due to the many negative myths about it. We will debunk the myths and give you honest answers to all your questions. We will provide a complete review of your financial situation and give you our best recommendation for a solution. We will explain the pros and cons associated with bankruptcy and make sure you have all the information you need to make the best decision for you and your family. We explain not only bankruptcy law but also how it affects other areas of your life which are affected when you consider whether to seek relief in bankruptcy, including the following:
There is now an income test to bankruptcy regarding eligibility for Chapter 7 (liquidation) Bankruptcy. This test is based upon the number of people living in the household and the total income of the debtor(s). We have had numerous cases where the debtor's income was significantly above the income limit but clients were able to obtain relief in bankruptcy because of unusual financial obligations like high mortgage payments or car payments, delinquent taxes and child support.
It is also important to know that one spouse may file for bankruptcy without the other, particularly if the filing spouse was involved in a business that generates little or no income.
Exemptions are what a debtor is allowed to keep under Minnesota or federal law. In many cases, because mortgage debt is almost as much as the value of the clients' home, our clients have been able to keep all of their assets using the "wildcard" or "spillover" exemption available under the federal law. Using the proper exemptions has allowed our clients to keep an interest in real estate where the clients parents had the right to live in the property until they died, rental property that had no equity but had enough cash flow to pay the mortgage, an extra vehicle and an interest in a small business.
Elimination of Business Debt
Many owners of small businesses are personally responsible for loan guaranties, credit cards or leases for their businesses. We can assist in determining whether individual clients can limit personal business obligations without filing a bankruptcy petition for the business.
State and Federal Income Taxes
Some clients are able to obtain a discharge of old state and federal income tax obligations in bankruptcy proceedings, provided they filed timely tax returns. Our expertise in both tax and bankruptcy law enables us to analyze each situation for possible tax relief.
Real Estate Foreclosure
Many of our clients have benefited from filing a Chapter 7 Bankruptcy prior to the sheriff's sale in a foreclosure of their homestead. The filing requires that a mortgage company start the foreclosure over, giving a client additional time to save their money and find new housing. Our clients have also used Chapter 13 Bankruptcy to get caught up on mortgage payments while preventing a foreclosure sale.
A bankruptcy includes debts secured by a mortgage. Ordinarily, however, the mortgage lien continues and the mortgage must be repaid in order to save the property from foreclosure. But in cases where mortgage debt exceeds the value of the property, we can help clients eliminate or "strip" a second mortgage.
Representation for Creditors
Our firm also represents creditors in a variety of issues, including collections and matters relating to a debtor who has filed for bankruptcy. Attorney William Bernard is highly experienced in the areas of preference litigation and all types of adversary proceedings. We diligently pursue every available option in an effort to recover the money that is owed to our clients.
Call for a Free Initial Phone Consultation With a Minnesota Debt Relief Attorney
Contact our office to discuss your questions with one of our lawyers. We offer a free initial phone consultation to all new clients. We are available during regular business hours and by appointment on evenings and weekends. You can reach us by phone at 651-968-1296, toll free at 800-448-9799 or via e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.