Bankruptcy Law

Bankruptcy Law 2018-02-05T13:10:58+00:00

GET HELP FROM AN EFFICIENT AND QUALIFIED BANKRUPTCY LAWYER

It happens more frequently than many people imagine — financial difficulties turn into a financial crisis that turns into a financial emergency with no end in sight. Bills mount up, creditors call continuously and you may feel like you are at the bottom of a financial hole with no ladder in sight.We are Thesenvitz & Mickelson, LLP, and we represent individuals in consumer bankruptcy throughout Sioux Falls, South Dakota. We help our clients specifically in the areas of:

  • Chapter 7
  • Chapter 13

If your financial situation really is dire, then personal bankruptcy may be your best option. Consumer bankruptcy allows you a “fresh start” to rebuild your credit. Although the laws are stricter than in previous years, they still provide a solution for people who have become overwhelmed by money problems.

It can be easy to become overwhelmed and paralyzed during a financial crisis. The worries may seem insurmountable. Wage garnishment? Home foreclosure? Car repossession? Eviction? You may avoid answering the telephone for fear of creditors’ telephone calls. Don’t let the fear and inability to act keep you from placing one of the most important phone calls you can make during this time — to an experienced bankruptcy attorney who can guide you through the bankruptcy filing process and start you down the road toward rebuilding your credit and starting a new financial life.

DON’T DELAY  BANKRUPTCY HAS MANY BENEFITS

It doesn’t matter whether your financial crisis was caused by mounting medical bills, divorce, unemployment or overuse of credit cards. As soon as you file a bankruptcy petition, the harassing phone calls from creditors must stop immediately. You may be able to either discharge your debt completely (sometimes called “liquidation bankruptcy”) or work out a payment plan with the court that is more reasonable than the payment schedule currently demanded by your creditors (called a “wage earner bankruptcy plan” or “reorganization”). Many of our bankruptcy clients feel an extraordinary weight lifted from their shoulders as soon as they file — they feel like they are finally taking action to regain control of their financial situation.

WHAT DOCUMENTATION DO I NEED FOR MY CONSULTATION?

We ask that you bring the following information to your consultation:

  • A listing of your monthly income
  • A listing of your monthly payroll deductions
  • A listing of your monthly expenses
  • Copies of the past six months of pay stubs (from all of your employers)
  • A listing of the most recent six months of income from any sources besides your job

CALL EXPERIENCED BANKRUPTCY LAWYER RICK A. MICKELSON TODAY

Our bankruptcy practice is led by attorney Rick A. Mickelson, who has focused his practice on personal bankruptcy for more than 20 years. Appointments are available immediately. Please call 605-334-9448 or contact us by email to schedule a consultation.

This law firm is a debt relief agency and we help people file for bankruptcy relief under the bankruptcy code.

Consumer Bankruptcy:

IS CHAPTER 7 BANKRUPTCY RIGHT FOR YOU?

Do you continually receive harassing phone calls from creditors? Are you unable to make your mortgage payments? Are credit cards, medical bills and other debts piling up? Bankruptcy may be a smart choice for your situation.At Thesenvitz & Mickelson, LLP, we help the Sioux Falls, South Dakota, community in bankruptcy law matters, including Chapter 7 and Chapter 13 bankruptcies. When financial distress is taking over your life, you do not need to suffer. You have legal options, and a lawyer at our firm can help you find a solution that best suits your needs.

SIOUX FALLS CHAPTER 7 ATTORNEYS WORKING ON YOUR TEAM

Even after the new bankruptcy laws passed in 2005, most people still qualify for Chapter 7. Chapter 7 is known as a liquidation or “straight” bankruptcy, where your unsecured debts are discharged in the bankruptcy court. Prior to filing bankruptcy, it is critical to speak with a lawyer about the best way to proceed. Certain actions could be detrimental to your situation, such as transferring property and paying off certain debts in large amounts.

It is a common misconception that you will lose all your personal belongings, such as your home and car. At our firm, we will counsel you on the benefits of bankruptcy and how you will likely be able to keep most (if not all) of your personal property. If you have recently considered bankruptcy, call our firm at 605-334-9448 to schedule a meeting with a lawyer. There is a light at the end of the tunnel, and we can help you get there.

WHAT ARE THE BENEFITS OF CHAPTER 7?

Bankruptcy has many benefits. Our clients often comment that as soon as they file their bankruptcy petitions, they feel a weight lifted off their shoulders. As soon as you file Chapter 7, an automatic stay is ordered by the bankruptcy court, which means:

  • Creditors are no longer allowed to contact you
  • Wage garnishments are halted
  • Repossessions stop

CONTACT US TODAY TO LEARN MORE

Contact our firm online or by calling 605-334-9448 or 877-334-9448 to schedule an initial consultation.

WHAT DOCUMENTATION DO I NEED FOR MY CONSULTATION?

We ask that you bring copies of the most recent six months of pay stubs from all employers to your consultation. Also, bring the following information: a listing of the most recent six months of income from any sources besides your job; a listing of your total monthly income; a listing of your monthly payroll deductions; and a listing of your monthly expenses.

This law firm is a debt relief agency and we help people file for bankruptcy relief under the bankruptcy code.

UNDERSTANDING CHAPTER 13 BANKRUPTCY

The recent downfall in the economy has caused hardships on many Americans. Whether the loss of a job, medical emergency, a divorce or another situation has caused financial distress, it is important to know that you do have options for debt relief. Do not delay; speak to a lawyer today about the benefits of bankruptcy.Thesenvitz & Mickelson, LLP, is committed to helping those in need of financial relief throughout Sioux Falls and the surrounding areas in South Dakota. We represent individuals in consumer bankruptcy, in Chapter 7 and Chapter 13 bankruptcies.

Our bankruptcy practice is led by attorney Rick Mickelson. He has spent more than 20 years specifically in bankruptcy law, and is highly knowledgeable of the requirements and procedures involved. He takes time to listen to his clients’ goals and achieve favorable outcomes in an efficient manner.

WHAT IS CHAPTER 13 BANKRUPTCY?

Chapter 13 bankruptcy is a reorganization where the bankruptcy court determines a manageable monthly payment that spans a three- or five-year period. At the end of that period, the remainder of your unsecured debt will likely be discharged.

If you make over the median income for your geographic area, you may only qualify for Chapter 13. It is important to know that the law will determine which chapter you have to file. Based on your debts (such as credit card debt), income and other factors, an attorney can inform you of your legal options. Call our firm today at 605-334-9448 to speak directly with a lawyer.

CONTACT OUR CHAPTER 13 BANKRUPTCY ATTORNEYS IN SIOUX FALLS

Many of our bankruptcy clients feel an extraordinary weight lifted from their shoulders as soon as they file bankruptcy. Contact our firm today to find out the benefits to bankruptcy. We can be reached via email or phone at 605-334-9448 or 877-334-9448. Please bring the following documents to your consultation so that we have the information necessary to answer your questions: copies of the most recent six months of pay-stubs from all employers; a listing of the most recent six months of income from any sources besides your job; a listing of your total monthly income; a listing of your monthly payroll deductions; and a listing of your monthly expenses.

This law firm is a debt relief agency and we help people file for bankruptcy relief under the bankruptcy code.

DON’T FALL FOR BANKRUPTCY MYTHS

If you are struggling with debt, you might consider bankruptcy. Filing for bankruptcy protection allows you to eliminate or reduce debt to achieve a fresh financial start. Unfortunately many people have a hard time determining whether bankruptcy is the right option for them because of numerous myths.The best thing you can do is to talk to a reputable bankruptcy lawyer about your specific situation. If you live in Sioux Falls, South Dakota, call Thesenvitz & Mickelson, LLP, today at 605-334-9448 or 877-334-9448, or contact us by email. You can also read about some common bankruptcy myths below.

FIVE BANKRUPTCY MYTHS REVEALED

  1. Bankruptcy will permanently ruin your credit. The truth is, bankruptcy will appear on your credit report for 7-10 years, but you can repair your credit after bankruptcy. In fact, you may have a better chance of rebuilding your credit if you file for bankruptcy than if you remain in debt and continue to default. Immediately after your bankruptcy, credit will still be available to you but it will be both limited in amount and expensive. If you are careful about how much you borrow and you pay all of your bills on time, your credit can begin to rise steadily very soon after bankruptcy.
  2. Bankruptcy erases all debt. Many people file for bankruptcy protection hoping for a fresh start, but not all debt is eliminated by bankruptcy. Child support, spousal support (alimony), restitution, student loans (in most cases) and certain tax obligations are among the debts you cannot discharge in bankruptcy.
  3. If you file for bankruptcy, you will lose all your property. Chapter 7 bankruptcy has been nicknamed “liquidation bankruptcy” because of this very myth. In reality, you will likely be able to keep most, if not all, of your personal property through the use of exemptions. Additionally, when you file for bankruptcy, repossessions stop and foreclosure actions come to a pause.
  4. You can’t file for bankruptcy if you have a job. This myth comes from the fact that you will not be able to file for Chapter 7 bankruptcy if you do not pass the means test. If you earn too much money to be a candidate for Chapter 7 bankruptcy, a Chapter 13 filing may suit you better. Under Chapter 13, you create a manageable repayment plan (typically lasting three to five years), through which you will repay your creditors in part. Once the plan is complete, the outstanding debt is discharged.
  5. You can’t get rid of medical bills in bankruptcy. This is completely untrue. Medical debt is the leading cause of bankruptcy. Medical debt can be discharged. Most unsecured debt, including medical debt, credit card debt and personal loans can be completely eliminated in bankruptcy. If a creditor has told you otherwise, it is wise to talk to an attorney. Creditors are not allowed to harass, illegally threaten or lie to you about your obligations. When you file for bankruptcy, your creditors will be barred from contacting you altogether.

LEARN MORE. SCHEDULE A CONSULTATION.

We are ready to answer any questions you may have about debt relief and help you determine whether bankruptcy can help you. Contact us today to make an appointment with attorney Rick A. Mickelson, who has practiced personal bankruptcy law for more than 20 years. Call 605-610-4524 or 888-883-0761 toll free, or contact us by email today to schedule a consultation.

DOCUMENTS TO BRING TO YOUR CONSULTATION

We will be able to provide you with answers to your questions if you bring the following documentation to your consultation:

  • Copies of pay stubs from the previous six months, from all employers
  • Information about any other income you earned in the past six months, outside of your job
  • A listing of your total monthly income, your monthly payroll deductions and your monthly expenses

This law firm is a debt relief agency and we help people file for bankruptcy relief under the bankruptcy code.

GET YOUR BANKRUPTCY QUESTIONS ANSWERED

You probably have a number of questions on your mind if you are considering consumer bankruptcy. What are the pros and cons? Is this the right choice? Will bankruptcy ruin my credit?If you are seriously considering bankruptcy, it is important to talk to a reputable attorney about your situation. A skilled lawyer can review your case and advise you regarding your debt relief options. Should you choose to pursue bankruptcy, a knowledgeable lawyer can help ensure you receive the maximum benefits. If you live in or near Sioux Falls, South Dakota, contact Thesenvitz & Mickelson, LLP, at 605-334-9448 or 877-334-9448 to discuss your case with an experienced attorney. You may also contact us by email.

Below, you can find some answers to frequently asked questions about bankruptcy.

BANKRUPTCY FAQS

  1. What is the difference between Chapter 7 and Chapter 13 bankruptcy? Chapter 7 bankruptcy may be a good option if you have little or no ability to repay your debt. In Chapter 7, you may forfeit some of your nonexempt assets in exchange for having your debt discharged (erased). Chapter 13 bankruptcy is for people who have the means to repay some of their debt, with a bit of assistance. Filing for Chapter 13 bankruptcy will allow you to reorganize your debt into a reasonable payment plan through the court. You will not need to repay all of your debt.
  2. What is the means test? The means test is a way to determine whether you qualify for Chapter 7 bankruptcy. It is a formula that considers your income and expenses. If you do not pass the means test, you may qualify for Chapter 13 bankruptcy.
  3. What debts can I discharge in bankruptcy? Bankruptcy allows you to discharge or reorganize some, but not all, debts. Most unsecured debt can be discharged. This includes medical debt, credit card debt, personal loans, collection agency accounts, past due utility bills, past due rent, certain tax debt and tax penalties and more. Debts that generally cannot be discharged include student loans (unless an undue hardship exists), child support, spousal support (alimony) and some taxes.
  4. Will bankruptcy stop foreclosure? Filing bankruptcy in and of itself will not save your house. However, bankruptcy will put an automatic stay (pause) on all collections efforts, including foreclosure. The stay may give you time to find out if there is a viable way to fight foreclosure. Additionally, by eliminating your unsecured debt in bankruptcy, you may free up income to be able to afford your house payments. It is important to speak to a lawyer about your specific circumstances to learn whether bankruptcy can stop foreclosure in your case.
  5. How long will bankruptcy remain on my credit report? Chapter 7 bankruptcy will stay on your credit report for 10 years from your filing date; Chapter 13 bankruptcy will remain on your credit report for seven years. However, while it will remain on your credit report for a number of years, it has much less of an impact over time. And, bankruptcy does not permanently ruin your credit.
  6. Will I lose my property if I file for bankruptcy? The main drawback of Chapter 7 bankruptcy is that some types of property are eligible for liquidation to repay your creditors. A skilled lawyer, however, can help you use exemptions to keep some of your property. We are often successful in protecting most, if not all, of our clients’ property. Your property is not in jeopardy at all in Chapter 13 bankruptcy.
  7. If I use my credit cards or take out loans right before I file for bankruptcy, will this be discharged? Be careful with your spending if you are considering bankruptcy. If you rack up debt shortly before filing for bankruptcy, you could be accused of fraud. Debt that is incurred as a result of fraud cannot be discharged. Do not do anything that would give the impression of incurring debt for the purposes of discharging it.
  8. What documentation do I need to bring to my bankruptcy consultation? To learn more, we invite you to contact us and schedule a debt relief consultation. Call 605-334-9448 or 877-334-9448 toll free, or contact us by email today to schedule a consultation. To make the most of your consultation, please bring the following documentation if possible:
    • Copies of the most recent six months of pay stubs from all of your employers
    • A listing of the most recent six months of income from any other source besides your job
    • A listing of your current monthly income
    • A listing of your current monthly payroll deductions
    • A listing of your current monthly expenses

This law firm is a debt relief agency and we help people file for bankruptcy relief under the bankruptcy code.