Winona Bankruptcy Attorneys
Bankruptcy Lawyer in Winona Helping Consumers Obtain a Fresh Financial Start
At Kain & Scott, we are dedicated to helping consumers reduce or eliminate their debt through bankruptcy. We will review your financial situation at no cost to you and advise you as to your legal options. In addition, we'll help you get back on your feet with our unique FREE 90-Day credit repair program. To schedule your free consultation with a Winona bankruptcy attorney, contact our office today.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most popular type of consumer bankruptcy. It's often referred to as a "fresh start" bankruptcy because it can result in the elimination of all of your debts. Notably, there are certain debts that cannot be discharged through Chapter 7, so you should always talk to a lawyer to see if Chapter 7 can benefit you. Here are some of the debts that Chapter 7 can eliminate:
- Past-due rent
- Utility bills
- Auto loans
You may have heard that Chapter 7 is also called a “liquidation bankruptcy” because all of a debtor’s nonexempt assets are sold in order to pay creditors back. It’s important to understand that there are generous exemptions available, and the majority of Chapter 7 cases are “no asset” cases, which means that debtors have no nonexempt assets to be sold. This means that most people who file for Chapter 7 obtain the discharge of all of their eligible debts without having to part with any of their assets. An experienced attorney can help you determine whether any of your assets are nonexempt.
Chapter 13 Bankruptcy
In a Chapter 13 bankruptcy, your debts are reorganized, and you enter into a court-approved repayment plan that will last from anywhere from 3 to 5 years. The main benefit of filing for Chapter 13 is that you are able to keep your property and are protected from any collection attempts so long as you are making payments on your plan. In order to file for Chapter 13, you need to be able to make regular payments, and your debts may not exceed:
- $1,149,425 in secured debt
- or $383,175 in unsecured debt
At the conclusion of your bankruptcy plan, many, if not all, of your remaining debts can be discharged.
Call Us Today to Speak with a Bankruptcy Attorney Serving Winona
If you are having trouble keeping up with your bills and your debts are only getting larger, bankruptcy may be able to help. Kain & Scott is Minnesota’s largest bankruptcy only law firm, and we are committed to helping consumers obtain a fresh financial start through bankruptcy. To schedule a free case evaluation with one of our experienced Winona bankruptcy lawyers, call Kain & Scott today at 800-551-3292 or contact us online.