Finding Debt Relief Solutions For Individuals

Last updated on March 28, 2023

Addressing an overwhelming amount of debt is no easy task. With more than 20 years of experience helping North Dakota and Minnesota residents, the Bulie Diaz Law Office can provide guidance for individuals looking to file bankruptcy and regain control over their finances.

Filing for bankruptcy is not a decision to be made lightly. Our attorneys help individuals regain financial health with a bankruptcy that can remove debts and help you move towards a brighter financial future.

Understanding Chapter 7 Bankruptcy

Chapter 7 helps you recover your financial health by eliminating most of your debts. It can often be completed in less than 180 days. For Chapter 7, you first must pass the ‘means test,’ which determines eligibility for Chapter 7. We will help you with this test and explain how it works. For individuals where Chapter 7 is not available, we can help you with a Chapter 13 filing.

While Chapter 7 is sometimes referred to as ‘liquidation,’ most personal bankruptcies under Chapter 7 are filed as ‘no asset,’ meaning the trustee does not actually liquidate any of the debtor’s property. This is because there are ‘exemptions’ that protect many items that are necessary for you to move on in life. We will explain how exemptions work in North Dakota and Minnesota.

Understanding Chapter 13 Bankruptcy

Chapter 13 typically allows you to retain most of your assets during bankruptcy. Instead of liquidating assets, Chapter 13 bankruptcy reorganizes the debt, allowing you to repay your debts over time. We examine your finances and help you develop a repayment plan. You make your monthly plan payments to the Bankruptcy Trustee. Payment plans range between three and five years, depending on your average monthly income.

With Chapter 13, in most cases, you can keep your home and car. Because you can pay mortgage arrears through the plan, you can prevent a default and foreclosure, taking up to five years to ‘catch up’ those arrears. Depending on your circumstance, you may be able to also discharge much of your unsecured debt, allowing you to have more financial resources to focus on saving your home or vehicles.

Is Your Business In Distress?

While a business with a sole proprietor may be eligible for Chapter 7 and Chapter 13, corporations or partnerships may not be eligible. We can help you sort out these challenges and help you file the type of bankruptcy that best fits your needs. If you are seeking bankruptcy for a business, you may need to file Chapter 11. Farms and agricultural businesses are eligible to file for Chapter 12 bankruptcy.

Contact Us For Assistance

When deciding whether to file or deciding which form of bankruptcy to file, it is crucial you speak with a bankruptcy professional. We can help you choose the strategy that is right for you and set you on the path to a genuine financial ‘fresh start.’

Call us at 1-701-800-2685 or contact us online to schedule a free initial consultation and learn more about what kind of debt relief is the best option for you. We have convenient locations across North Dakota and Minnesota to help you get out from under your debt.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.