Working hard to help you achieve your financial goals.
At JD Haas & Associates, PLLC, our attorneys and staff understand the difficult times many families are facing. As experienced consumer rights litigators, we assist clients in understanding their financial needs and overcoming challenges. We work with individuals and families of all sizes and income levels to help them regain control of their financial situation.
Many people have the ability to free themselves from debt by filing for bankruptcy. Most clients file one of two chapters of bankruptcy – Chapter 7 or Chapter 13.
What is a Chapter 7?
Chapter 7 debt is a liquidation of your debt. Most debts are discharged between 90-120 days from when their case is filed. Not all debts are discharged in a Chapter 7, but many are.
The most common types of debts discharged in a Chapter 7 bankruptcy are:
- credit cards
- personal loans
- medical or dental debt
- legal debt
Do you qualify for a Chapter 7 bankruptcy?
For most people to qualify for Chapter 7 protection, they must have income at or below the median family income for their state. Some families do make more than the median family income and still qualify for Chapter 7. That is why it is so important to discuss your eligibility with an experienced bankruptcy attorney.
For example, below is the chart of median incomes for families in the State of Minnesota.
|Family Size||Median Income|
|*Add $8,100 for each individual in excess of 4.|
(current as of 5/27/2014)
What happens in a Chapter 13 bankruptcy?
People not eligible for Chapter 7 protection may file for Chapter 13 protection. Chapter 13 provides for a debt repayment plan to unsecured creditors with payments lasting from 3 to 5 years depending on income.
Your plan payments are determined by many factors. It is important to know, however, that Chapter 13 plans are designed to make the plan payments reasonably affordable for your family. It is important that you work with an experienced Chapter 13 bankruptcy attorney to assist you in carefully crafting your Chapter 13 plan.
How can our Minneapolis, MN office help?
At JD Haas & Associates, we assist people through the bankruptcy process at a low price, and we never hide fees or conceal the amount we are asking. If you are struggling with debt and want a law firm that will always explain the costs up front, please contact our office at (952) 345-1025 or at firstname.lastname@example.org.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.