Bankruptcy
Bankruptcy is not for everyone, but it exists to allow people who simply cannot afford to pay their debts - in part or in whole - to eliminate or restructure their debts, making their financial lives manageable again.
OVERVIEW
Bankruptcy can give debtors a fresh start, either by setting up a workable payment plan or by eliminating most types of debt. During an initial consultation, or experienced bankruptcy attorney will carefully outline the costs and benefits of bankruptcy, and help you evaluate your options.
While most debts are eligible for bankruptcy, there are some types of debt that are typically not dischargable:
- Child support and spousal maintenance/alimony
- Most income tax debt
- Student loans
- Debts relating to criminal or fraudulent conduct
Loans that involve collateral, such as home mortgages and car loans, are called "secured debts." Although secured debts can be discharged in bankruptcy, secured creditors can reclaim their property. You must continue to pay these loans unless you wish to allow the collateral property to be foreclosed or repossessed. However, a Chapter 13 bankruptcy repayment plan can give you some time to catch up on payments.
Johnson & Turner, P.A.
56 East Broadway Avenue Suite 206
Forest Lake, MN 55025
(p) 651-464-7292
(f) 651-464-7348
Johnson & Turner, P.A. is located in the heart of Forest Lake, Minnesota just East of I-35.
Off I-35...
Take the Broadway Ave. exit. On Broadway go East, crossing highway 61.
We are located in the large brown brick building with a clock tower. Look for the Johnson & Turner sign on the second floor. We are located on the second floor in Suite 206.