Lamey Law Firm P.A. has been serving the residents of Oakdale for more than 25 years. Below, you will find brief answers to some of the questions we receive most. To learn more, dial (651) 309-8180 to schedule a free bankruptcy consultation.
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
To be eligible for a Chapter 7 bankruptcy-which can cancel all unsecured debts, you must make less than the median income for the state of Minneapolis. A Chapter 13 bankruptcy is the "wage earner" alternative to Chapter 13. For about 5 years, all of your disposable income will go to a trustee who will distribute the money amongst your creditors.
What are the most common reasons for filing for bankruptcy?
Common reasons for bankruptcy filings include:
What will happen to my stuff if I file bankruptcy?
There are a lot of variables concerning the amount of personal property you will be allowed to keep. However, most of our clients get to keep all of their possessions.
How long does the bankruptcy process take to complete?
A Chapter 7 bankruptcy can be completed in about three months. Chapter 13 bankruptcies usually take five years to conclude. In either case, your creditors can no longer contact you directly once you've filed for bankruptcy.
Why should I hire an Oakdale bankruptcy attorney?
Determining whether or not bankruptcy is in your best financial interests is a complex question. We also understand that you may be hesitant to retain an attorney, especially if you are not sure whether it is worth it. At Lamey Law Firm P.A., the initial consultation is always free-which means you don't have to hire a bankruptcy attorney until you've first spent some time with one! We can go over your finances and discuss your potential options, all at no cost or obligation to you. Then you can decide for yourself whether or not you will benefit from our services.