When you have a business that goes into Chapter 7 — or “total bankruptcy” — it’s a long, involved process with a very happy ending: a total absolution of all of your business debt. Of course, there are significant downsides in terms of your long-term credit rating and your ability to get a new business loan, so generally business owners only take this route if there are no other options. But when there are, in fact, no other options, everyone who needs it is grateful to have the option of Chapter 7.
It’s sheer folly, however, to attempt to navigate the legal waters of total bankruptcy without a solid chapter 7 law firm at your side. That’s because there’s a strict ‘order of operations’ within total bankruptcy — an order of operations that any bankruptcy law firm is going to make you follow to a T.
First, you must participate in creditor counseling. This means having a certified professional talk to you about how to avoid debts in the future — no one wants you to have to go through bankruptcy a second time in your life.
Then, you’ll have to draft a petition of bankruptcy. This requires your attorney to help you gather the relevant information and present a petition to the court. It’s critical that you go through this process carefully, because the petition is going to be used by the court to determine which assets you’re allowed to keep. You’ll turn this into the court, and about a week later, you’ll receive a case number.
After that, you will typically wait about a month for the date of your first court hearing. During this time, a stay is placed on your accounts telling creditors that you’re in bankruptcy and they should make no attempts to collect from you.
At your court dates, your bankruptcy attorney(s) will represent you; you hardly need to speak except to answer a few questions — and your lawyer will prepare you for those as well. Almost everything will be handled by your legal team.
After your time in court, you should need to wait no more than two months to receive your Notice of Discharge — and then you can breathe a huge sigh of relief, because it means your debts have been absolved.
It’s perfectly normal for a Minnesota entrepreneur to want to squeeze every last dime out of his business — especially when that business is going under. With the economy still not really out of the recession no matter what the Feds say, every businessman in the country is walking a finer line in the last 4 years than they ever have before, and the level of tricks and tactics that they’re willing to use to stay afloat is — and should be — just a bit more desperate than it’s ever been before.
That’s why, these days, you see an awful lot of people in business considering bankruptcy, even though there are some significant downsides. If you’re wondering whether a Minneapolis business bankruptcy lawyer is going to be the right thing for your long-term financial well-being, the best thing to do is call one. If you’re not quite ready to take that step, here’s more reasons why.
The first thing you need to be aware of is the complexity of bankruptcy law. Every state has it’s own specifics, and Minnesota isn’t one of the ‘simple’ ones. Without the right bankruptcy services on your side, you can easily end up failing your entire bankruptcy petition on a technicality. Even with a lawyer on your side, if you fail to disclose every single detail to your lawyer, you still might end up in the same position.
The bankruptcy attorney will deal with your creditors , your stakeholders, and the bankruptcy judge, trying to bring all of them together on an agreement about how the debts and expenses of the business should be settled. It’s a complex and painful task that’s primarily made up of intense negotiations followed up by detailed contracts to be signed by everyone involved.
After all of the contracts are signed, and everyone agrees about how the money is going to be spent, your bankruptcy lawyer will present the bankruptcy judge with the plan, and the judge will certify it. Only once that happens — and it will never happen without the help of a good bankruptcy lawyer — can you rest assured that your debts are taken care of and you won’t have to worry about getting hassled by the creditors any more.
You don’t need a faceless firm with a long and impressive name to handle your financial affairs. You want someone you can call by their first name, someone with experience who cares about what you’re going through. You need a personal bankruptcy attorney like Michael K. Hoverson. With over two decades practicing bankruptcy law, he has the solution that you need to right that sinking ship. Have no fear. Your own personal bailout is available to you. Michael K. Hoverson can show you how to get it.
Broken down to simple facts, we are local Minneapolis business bankruptcy attorneys that also do personal bankruptcy filings. We’re not as large or expensive as some of the other firms in this city and we have more experience than most. Michael K. Hoverson has been practicing bankruptcy law for twenty four years and he taught it at Hamline University. Our office has seen hundreds of bankruptcy cases over the years, so we can honestly make the claim that we’re one of the most knowledgeable firms around.
All of the above is exactly what you want when your personal finances are in need of legal assistance. Bankruptcy services don’t come cheap, but we are definitely more affordable than most. You’re welcome to shop around if you like, but we’re certain you’ll end up back here. Those who have come through our door before you have always come back. It’s more than what we offer and how much we charge; it’s the feeling of confidence that they get from meeting with our staff and attorney. We want you to have that feeling also, so contact us as soon as possible.
What is the right choice for you? There are different types of bankruptcy and there are options other than bankruptcy that we would be happy to explain to you. There are books on the subject, websites you can study, and free advice from a variety of sources, but nothing compares to the services you get from an authentic business bankruptcy attorney. Michael K. Hoverson is one of the best, and you can afford him. Call us today.
It’s true. There are personal bankruptcy attorneys available online and on television. You see the commercials for them all the time, those confident and stern attorneys that claim they can help you out of your current predicament, promising an easy and worry-free bankruptcy filing that will leave you in good spirits in the end. Are they serious? Do they understand what we are dealing with here in Minneapolis? Record job losses, high fuel costs, and foreclosures are just a few of the problems we’ve had the past few years. Maybe their one-size-fits-all approach works elsewhere, but not here.
When you search for a service provider you always start locally. That’s the case with any other service you need personally or for your business, so why shouldn’t it be the same for bankruptcy services. Those high-priced (and yes, they are extremely high-priced) attorneys on TV or the ones showing up at the top of search results on the internet are usually firms that do business nationally. They might be licensed to practice law here in Minnesota, but that doesn’t mean they’re located here. That guy on TV is out in Los Angeles somewhere. Go to his offices here and you’ll be meeting with someone fresh out of law school, maybe even a paralegal.
Michael K. Hoverson has been a Minneapolis business bankruptcy attorney for twenty four years. He’s a local guy who understands local problems. He taught bankruptcy law at Hamline University right here in St. Paul. You don’t get any more local than that. Do you want someone like him handling your bankruptcy or would you prefer the TV guy with the huge advertising budget? Do you know why that guy can afford to run those commercials? Because he charges people like you a lot of money to file bankruptcy.
Those having financial difficulties shouldn’t have to pay high legal fees to solve their problems. Here at Hoverson Law Offices we understand what you’re going through. Many here in our office have dealt with similar problems in the past few years. Come to us if you need legal assistance to file bankruptcy. We’re local, we have decades of experience, and we’re happy to listen to you about your problems. Contact us any time to schedule your first appointment.
There’s more than one way to file bankruptcy; therefore there is more than one kind of bankruptcy services. Here at Hoverson Law Offices, we offer most of them. Whether you’re filing a personal or business bankruptcy, Chapter 7, Chapter 11, or Chapter 13, we have the knowledge and experience to help you. Michael K. Hoverson has been a bankruptcy attorney for twenty-four years so he’s seen a thing or two in his time. Your situation, though complex, is not unique. We’ve seen it before.
Every relationship begins with a first date. That goes for personal, professional, and attorney/client relationships. Before we can determine what you need for bankruptcy services, we’ll need to have an initial meeting with you to assess the situation. This will be a good time to evaluate your financial position, ask questions of one another, and come up with a plan to get you out of the situation you’re in. That plan could involve bankruptcy, but it might not. Many people come to us for the first time convinced that bankruptcy is the solution, but leave knowing there is another way.
Your debt is only part of the overall picture we’ll be looking at. Your ability to pay that debt is a factor too. Filing bankruptcy is not a substitute for paying off high bills. Lowering interest rates, asking for settlement offers, and discharging debt that is over seven or ten years old is part of the process too. Your Minneapolis business bankruptcy attorney will look to do that first, before we file any Chapter of bankruptcy for you. You may find once we’re done with that phase that you can handle the debt that’s left.
Of course, there are cases where bankruptcy is necessary. That’s ultimately what we’re here to help you with. If we can restructure your debt without a Chapter 7 or Chapter 11 we will, but if not we’ll make sure you get the best terms possible and keep as many of your assets as you can. There’s no reason you need to lose your house, or your car, or your retirement plan. There are ways to protect all of those. As your personal bankruptcy attorneys we’ll go over all your options and make sure you come out of the bankruptcy in better shape than when you walked into it.
A good amount of the paperwork you’ll need to file the actual bankruptcy won’t be necessary until later on, so don’t worry about digging through old tax returns and receipt boxes just yet. The first meeting with a bankruptcy law firm is all about assessing needs. Before we can do anything to help you we need to know exactly what your situation is. Bring your bills and any demand notices you may have received. Leave the receipt box at home. The only thing we need right now that relates to your personal income is you last few w2’s or 10-99s. We’ll deal with the rest later.
During your first visit, there will be a lot of questions and answers between you and your attorney. You might want to make a list of the questions you have for us before you come in. One suggestion for you is to ask for an explanation of the different bankruptcy chapters and how they pertain to your case. We’ll cover that anyway, but make sure you ask about anything you’re not quite clear on. It’s a first time for most of the folks who come to us, so don’t feel foolish about asking lots of questions. It would be far more foolish not to ask. The only dumb question is the one never presented.
What exactly does a Minnesota business bankruptcy lawyer do? We specialize in making sure your business stays open and making money while you go through a bankruptcy. How do we do that? We make sure that we get the paperwork right and we discharge as much debt as possible before you file the bankruptcy. Creditors are often willing to settle for pennies on the dollar when faced with the prospect of possibly waiting for their money in bankruptcy reorganization. If we can get a few debts out of the way for you now, we will. That will be less you have to deal with later.
We’re hoping that you’ll leave our office after your first meeting with a better feeling about your financial future than the one you had when you came in. Our objective as your business and personal bankruptcy attorney is to offer you some hope and keep you out of fiscal destitution. Bankruptcy is not a bad thing. It’s protection against your creditors so you can rebuild your life. We all need a little help once in a while. Bankruptcy is one way you can get it.
Go to any local stationery store and you’ll see booklets on how to file bankruptcy yourself, without the help of an attorney. Why would you want to do that? For something as life changing as a bankruptcy, why on earth would you want to go through it without legal advice? Make sure you talk to a Chapter 7 Law Firm or personal bankruptcy attorney before you do anything. Bankruptcy might be the solution for you and it might not. Only a qualified attorney can tell you for sure. That kind of advice doesn’t come from inside a box at Staples or Office Max.
In some cases, bankruptcy is not the solution. For instance, a portion of your debt may be dischargeable due to statute of limitations. There are some debts that become uncollectible after a certain number of years. If they haven’t dropped off your credit report before now we could look into it for you and make sure they get removed. Once they’re gone you may find your overall debt is more manageable. Even tax debt, though not something you can include in a bankruptcy, has an expiration date.
As a Minneapolis business bankruptcy attorney, Michael K. Hoverson has seen dozens of cases where individuals have come to our office thinking there was no option available to them other than Chapter 7 or Chapter 11. With a little restructuring and a few phone calls to creditors and credit agencies, they were happy to learn that their choices weren’t as limited as they believed. In some cases, the bankruptcy filing was indeed necessary, but understanding how the process works and why makes it easier for our clients to deal with. Bankruptcy filings are actually pretty common these days.
Will a bankruptcy filing affect your ability to do business? In some cases, it actually opens up new opportunities for credit. Lenders see a bankruptcy filing and know that you cannot file again for a number of years, so they’re more willing to lend you money now. It seems a bit upside down, but that’s the way they look at it. Be careful though. It was borrowing and credit card debt that got you into this mess in the first place. Speak to your personal bankruptcy attorney before you make any loan decisions.
Have you ever filed a bankruptcy before? Most individuals and business owners who look into it are doing so for their first time, so don’t be afraid to ask as many questions as you like. What you are about to do, should you and your Minnesota business bankruptcy attorney feel it’s the right course of action, will affect your credit rating and immediate financial future. You’ll want to make sure you go into something like that with both eyes open. Not knowing exactly what you are doing could lead to disaster.
As your attorney, our firm will help you analyze your financial position and make the best choices for your situation. Make sure you ask us about bankruptcy options like Chapter 7 and Chapter 11. Chapter 13 is also a possibility. One of the first things we’ll want to do is make sure you know the difference between them. This is a place in the process where you’ll want to ask lots of questions and also provide us with some answers. If there’s property involved and you want to keep it you’ll want to make sure you’re filing the right type of bankruptcy. We can help you with that.
Michael K. Hoverson is also a personal bankruptcy attorney, so you don’t have to own a business to contact our office. We can help you get your personal finances in order too. Don’t feel as if you failed in some way because you need to file bankruptcy. It’s actually one of the best things you can do for yourself when you get too deep in debt and can’t see a way out. The restructuring that bankruptcy offers gives you a chance to take some time and start over again. The second time around will be much better.
How much do you owe? What kind of debt is it? Do you own a home? Is your car still owned by the bank or do you have the title for it? What kind of job/income do you have? These are the questions we’ll ask you. What questions do you have for us? Bankruptcy is a scary prospect; we can ease the pain and help you understand it better. That understanding will make it easier for you to deal with your bankruptcy filing. That’s what you hire a bankruptcy law firm for, isn’t it?
Are you struggling financially? Are you afraid of going to jail because you owe the IRS thousands of dollars and are unable to pay them? If so you are not alone. Approximately 8.2 million Americans owe more than $83 billion dollars in back taxes, interest and penalties. As the economy continues to decline these numbers are expected to rise over the next few years. Many individuals are worried that the IRS will seize their home or other property and put them in jail. If you find yourself in this situation it would benefit you to call an attorney. A Minnesota bankruptcy lawyer can work with your accountant to find a solution to your financial dilemma.
Dealing with the IRS can be difficult. The Internal Revenue Officer may not agree to a reasonable payment plan. For this reason, a person or business who owes the IRS a huge amount of money may want to consider filing bankruptcy. Your accountant will work closely with your attorney to weigh your options, decide which bankruptcy is most suitable and help you eliminate IRS debt while salvaging as many resources as possible.
Under a chapter 7 and 11 bankruptcy it is possible to have IRS debt completely discharged. A chapter 13 bankruptcy would set up a more favorable payment plan for the debtor allowing them ample time to repay the debt. The Minnesota bankruptcy attorney may decide to file a chapter 11 bankruptcy. The attorney and accountant would work together to create a bankruptcy estate. All assets and liabilities would be transferred to the estate. This is done to separate the taxable entity from the bankrupt individual. The estate would then have separate tax return from the debtor. The debtor can then keep personal assets that are considered exempt and separate from the estate.
If you are a business owner or individual facing IRS bankruptcy, make sure to gather all your records and be completely honest with your personal account and attorney. Filing bankruptcy can seem confusing at times; that’s why it’s extremely important to contact an attorney who deals solely in bankruptcy. The attorney and your personal accountant will work together to find a solution to your financial worries and help you get your life back on track.
The economy is worse today than it was a few years ago. The unemployment rate in this country is approximately 10%, the highest it has been in over 27 years. In addition, more than 15 % of working age Americans are being paid minimum wage or can only find a part-time job which fails to provide sufficient income. More businesses are closing everyday.
When the economy collapsed several people lost their jobs and medical insurance. Many individuals were forced to use their credit cards to merely survive. Some are still unable to find a job. Several people are finding it nearly impossible to pay their mortgage payment and keep food on the table let alone pay outstanding credit card debt or medical bills. In times like this people have no other choice but to file bankruptcy. Calling a business bankruptcy attorney is a smart move in this economy.
Bankruptcy is something that nobody wants to think about, especially small business owners. Unfortunately the economy is forcing business owners across the country to close their doors. When the unthinkable happens to you and your business sometimes there is no other solution. Don’t think of bankruptcy as an end but rather as a new beginning.
A business bankruptcy attorney is designed to protect you as well as your lenders. Generally there are two different types of bankruptcy that your business can file – chapter 7 or chapter 11. While chapter 7 is considered as liquidation, chapter 11 is more of a reorganization or rehabilitation of a business. When a business owner files chapter 11 they will work through the court to satisfy secured debt. Secured debt will be paid before unsecured debt. Once a business owner files bankruptcy, they are not permitted to transfer or sell their assets. Creditors are not allowed to make an attempt to collect a debt from the business owner.
If you are a business owner that needs a good start in a bad economy you may decide bankruptcy is the right decision. Make sure to get in touch with a competent attorney who deals with business bankruptcy. The right Minnesota bankruptcy attorney can help you rebuild your business and your life again.