Rochester Bankruptcy Attorneys | Video Transcript

[GRAPHIC: Ryan & Grinde, LTD., ATTORNEYS AT LAW, An Integrated Approach to the Law, 507-218-7935, www.ryanandgrinde.com, 407 14th Street NW PO Box 6667 | Rochester, MN 55901]

JAMES RYAN: Bankruptcy‘s a highly complicated process. And it’s important that people have the guidance of an experience attorney to help them through it.

KRISTINE DICKE: We recognize that it is stressful. And we make every effort to help alleviate that stress for the clients.

JAMES RYAN: The purpose of filing bankruptcy is to obtain a fresh start in the financial sense and to move on with your life without the burden of the old debt. At Ryan & Grinde, we find most of our prospective bankruptcy clients are familiar with Chapter 7 and Chapter 13.

KRISTINE DICKE: Chapter 7 is known as the liquidation bankruptcy. But really, it’s the most common type of bankruptcy to individuals, where the goal is to get a discharge from personal liability on the debt in a relatively short period of time.

JAMES RYAN: Chapter 13 sets up a debt-adjustment plan, through which a return is provided to the creditors. That plan payment, however, is based on the individual’s income and not so much on their debt.

[GRAPHIC: Ryan & Grinde, LTD., ATTORNEYS AT LAW, An Integrated Approach to the Law, 507-218-7935, www.ryanandgrinde.com, 407 14th Street NW PO Box 6667 | Rochester, MN 55901]