If you’re preparing to file for bankruptcy, either as a business or an individual, it is crucial that you recognize that there are different chapter types of bankruptcy that you may be eligible for, each of which has its own advantages and disadvantages. If you are an individual with a regular source of income, with debts not exceeding a set amount, then you may be eligible to file for a chapter 13 bankruptcy. Seen by many as the least invasive form of bankruptcy, this specific filing implies that a debtor forms a plan in which to pay back those creditors owed money over a three to five year window, without jeopardizing your assets and belongings.While this may seem to be the way to go as a person or persons preparing to file for bankruptcy, the eligibility requirements are extremely strict, with a minimum regular income and a maximum collective value of debts, both secured and unsecured. If you feel you might be able to qualify for this specific chapter of bankruptcy, you should investigate your options with legal aid. It is important to take immediate action in declaring bankruptcy so as to ensure that no more assets are lost and no more debt is accrued due to hounding collection agencies.Pick up your phone right now and call Hoverson Law Offices, P.A. For over 27 years, Michael K. Hoverson has been providing the greater Minneapolis and Bloomington Minnesota communities with expert legal representation in bankruptcy court and has successfully helped thousands of individuals such as you to stabilize their lives through this specific bankruptcy plan. Attorney Hoverson will help you throughout the court process, file your paperwork properly, as well as draft a legally sound plan for debt repayment. Call today to schedule a free consultation with a professional bankruptcy attorney and take the first step towards freedom from debt.
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