Bankruptcy is the process where individuals or businesses attempt to resolve a hopeless financial situation. We have over 10 years if experience in helping individuals and married couples to file Chapter 7 bankruptcy. Filing bankruptcy can stop lawsuits, foreclosures, wage garnishments, bank levies, harassing collection phone calls, and repossession.

A trustee is appointed by the Court to gather and sell your non-exempt property and use the proceeds from the sale to pay your creditors. Any remaining balance owed to creditors is forgiven. Exempt property is property that a debtor is allowed to keep, as determined under state or federal law. Most Chapter 7 cases are “no-asset” cases, which simply means that you do not have any non-exempt property for the trustee to sell. A Chapter 7 bankruptcy can only be filed every eight (8) years. We can help you determine if bankruptcy is right for you.

The following are things to consider if you are contemplating bankruptcy:

  • Through bankruptcy, you should be prepared to fully disclose all income, assets, and debts. Failure to do so can put your discharge in jeopardy or even result in criminal prosecution.
  • You can discharge almost all debts except: most tax debt; most student loan debt; child support or spousal maintenance obligations; court fines and criminal restitution; and personal injury damages caused by driving drunk or under the influence.
  • A bankruptcy will be reported to the credit bureaus and will be found on your credit report. You will likely qualify for credit within 2-3 years of your discharge, assuming appropriate employment.

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Call us (507) 332-7483 or submit a request online

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COVID-19 UPDATE

We are open and here to help! In response to the ongoing COVID-19 pandemic, J. Scott Braden, P.A. is working remotely, and remains committed to meeting your legal needs. Please email us or call (507) 332-7483 to schedule a one on one meeting using our virtual conference rooms, or a telephone conference with our attorneys. We look forward to assisting you.