Bankruptcy is a frightening word and one normally associated with financial ruin and despair. Money problems in general is something that has been a common issue for more people around the world, particularly since the 2008 financial crisis, which wiped out the value from homes and businesses and took many long-standing financial institutions down with it.
However, bankruptcy is not necessarily a negative thing and can actually help people out of difficult situations caused by debt. It can be a useful tool in lifting financial burdens and giving those in debt the breathing space to recover and make a new start in life. As with many activities associated with the financial world, though, bankruptcy is a complicated process with complex laws – getting the basics right is essential in effectively exploiting its numerous uses and benefits.
Sam Calvert is a St Cloud, MN bankruptcy attorney who specializes in numerous practice areas within bankruptcy law. Providing services across many areas of Minnesota, Sam Calvert has expertise in Chapter 7, Chapter 11 and Chapter 13 bankruptcies, business bankruptcy and bankruptcy litigation. Although they sound similar, Chapters 7, 11 and 13 bankruptcies are quite different and are undertaken for different reasons.
A Chapter 7 bankruptcy can only be filed once every eight years but observes no limit on the amount of debt someone must have to file one. They are usually filed by an individual or jointly by a married couple, and can be handled by Sam Calvert as long as they have numerous documents, including copies of all bills or a list of all creditors with details of their claims; details of income and monthly outgoings; details about property owned; the last two years of tax returns and six months’ worth of pay checks.
Following the filing of relevant paperwork, a creditors’ meeting is held to discuss the relevant matters, following which a discharge is given that releases the debtor(s) from most debt, including the claims from creditors. A Chapter 13 bankruptcy is similar in its goal although the main aim is to prevent a property foreclosure. Using similar documents as required for a Chapter 7 bankruptcy, Sam Calvert can work to secure a discharge from most debts – while a Chapter 13 plan lasts between three and five years, during which time creditors cannot start or continue collections, although the debtor must use this period to keep up with mortgage payments that continue to be due after the filing of the case. A Chapter 11 bankruptcy is typically used to reorganize a business to help it overcome its debts.
Sam Calvert typically works with individuals in financial difficulty, and creditors who are also individuals or small businesses – he does not handle matters for large corporations. With the complex array of bankruptcy options, it is not easy to know which route to choose –Sam Calvert can work with individuals and recommend the best course of action, depending on the particular circumstances.
About Sam Calvert
Sam Calvert has practiced law in St. Cloud since 1978, and graduated from William Mitchell College of Law in St Paul, Minnesota. He specializes in bankruptcy law and works most commonly with individuals facing financial problems, and creditors who are individuals or small businesses.
Company Name: Sam Calvert, Attorney at Law
Contact Person: Sam Calvert
Email: Send Email
Phone: (320) 252-4473
Address:1011 2ND St. North, STE 107
City: St. Cloud
State: MN 56303
Country: United States