Eliminate Your Credit Card Debt
Most people do not plan to take on too much credit card debt. Most families start with one or two credit cards, then transfer balances to additional cards offering low introductory rates. Suddenly, the spouses are carrying two or three different cards each and juggling minimum payments becomes a real problem. If you are suddenly feeling overwhelmed by credit card debt and personal loans, you are not alone. According to the Nilson Report, the average credit card debt for American households in 2008 was nearly $10,700.*
Chapter 7 bankruptcy is known as the debt elimination option. Through Chapter 7, you can eliminate essentially all of your consumer and credit card debt, and usually keep your house and car payment. Under Chapter 7, you can eliminate tax debt under certain conditions, but you cannot eliminate your student loan payments or other government-backed loans, such as business loans from the Small Business Administration.
Free initial discussion • Cost-Effective • Stop Collections Calls Immediately
By the time most people realize they are in over their heads with personal debt, it is already time to file Chapter 7. If you think it might be the best option for you, the law offices of Burns & Hansen, P.A. is ready to help. With offices in Minneapolis, we guide individuals and families through the Chapter 7 process throughout Minnesota. Contact us to arrange a free initial discussion to discuss our circumstances. We will explain the bankruptcy process and help you decide if bankruptcy is right for you.
Filing Chapter 7 personal bankruptcy will:
- Stop foreclosure
- Stop car repossession
- Protect your assets
- Prevent wage garnishment and tax liens
- End harassing collections calls immediately
Will You Qualify for Chapter 7?
The Bankruptcy Reform Act of 2005 requires individuals who want to file for bankruptcy to take a "means test" to qualify for Chapter 7. Individuals and couples who do not qualify for Chapter 7 bankruptcy may still be able to resolve their debt settlement issues by restructuring under a Chapter 13 court-supervised plan.
Many prospective clients who come to our firm believe that this means test will prevent them from getting the debt relief they need. Fortunately, Burns & Hansen, P.A. understands the means test. Bankruptcy law can be confusing, but having an experienced attorney can make the process much easier. Even if you have been told by other lawyers that you do not qualify, you owe it to yourself to consult with attorneys experienced with close cases.
When we first discuss your consumer bankruptcy, we will gauge if you qualify through the "means test". We will go over your income, your assets and your outstanding debts in our comprehensive intake process. It is important that our firm and our clients both understand what we are getting into. Once we have made the determination that you qualify for Chapter 7 or Chapter 13 bankruptcy, we will begin to focus on how to get you through the process as efficiently as possible. While our lawyers will not cut corners to complete the process, we understand that most of our clients want it over with as quickly as it can be done.
Contact Burns & Hansen, P.A. for Consumer Debt Relief
*Statistics cited from www.creditcards.com
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.