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Welcome to Hoverson Law Offices, PA
We Solve Financial Problems. We are able to stop creditor Harassment, Foreclosures,
Repossessions, Lawsuits, Garnishments, Tax Levies, and Utility Shutoffs. We also help consumers with
student loan problems.
Are you falling deeper and deeper into debt and don't know where to turn? It may be time to consider
filing for bankruptcy in order to resolve or reduce your current debts. With the help of Hoverson Law
Offices, P.A., you can work with a qualified bankruptcy attorney in Minneapolis to determine if
bankruptcy is the best option for you, whether you are an individual or business. Our talented personal
bankruptcy lawyer and business bankruptcy lawyer in Minneapolis is standing by to help.
At Hoverson Law, we help clients file for the following types of bankruptcies:

Chapter 7 for individuals or businesses seeking complete debt relief
Chapter 11 for businesses seeking restructuring of its debt
Chapter 13 for individuals seeking debt relief by restructuring their debt in a manageable
payment plan

Bankruptcy law in Minneapolis and Bloomington can be confusing, and the decisions that you make
during the filing process can significantly affect your financial future. When it comes to filing for
bankruptcy, it always pays to work with a bankruptcy law firm that you can trust. The right legal team
will ensure that you understand all of your options and will provide recommendations on how you
should proceed.
At Hoverson Law, we offer many different bankruptcy legal services. We help clients who are looking
to file for Chapter 7 bankruptcy for complete relief from debt, or for Chapter 13 bankruptcy for those
who are looking to restructure certain debts and pay them back on a more flexible, drawn out payment
schedule. Our business bankruptcy attorney also offers business bankruptcy services, helping
companies restructure under Chapter 11 bankruptcy. No matter what your needs are, we'll help you stop
the creditors from harassing you and help resolve your personal or business debts for good.

Hoverson Law Offices, PA is also proud to offer student loan attorney services for those looking to find
relief from student loan debt in the Minnesota cities of Minneapolis and Bloomington. Student loan
debt is, unfortunately, long-term debt that can be relentlessly devastating in times of personal economic
transition or hardship. With more and more people relying upon student loans to carry them through
their higher education, many of those people wind up fearful of when that lingering and sometimes
growing student loan debt will catch up with them. Our well-qualified student loan attorney services
will help them discover the options they may have to turn their fears around, such as student loan
Trust the team at Hoverson Law to get you on the right track for financial success. For many individuals,
bankruptcy isn't a bad thing, but instead, it's a smart choice that can be made when a person or business
is facing serious financial trouble and needs a fresh start. When you already have debt, taking on more
debt is never a good solution. Instead of trying to get another loan or ignoring your credit card bills,
contact Hoverson Law for a
free bankruptcy consultation and we'll show how restructuring your debt through bankruptcy can help
you get your financial life back on track.

About Our Firm

We Solve Financial Problems. We are able to stop creditor Harassment, Foreclosures,
Repossessions, Lawsuits, Garnishments, Tax Levies, and Utility Shutoffs. We also help consumers with
student loan problems.
Michael K. Hoverson has over 28 years’ experience as a qualified personal and business bankruptcy
attorney representing individuals, consumers and small businesses with their financial difficulties. As a
Minnesota personal and business bankruptcy lawyer, Mr. Hoverson delivers personal attention with a
clear commitment to each and every client, making certain that your decisions regarding your business
and personal finances are in your best interest. Choosing bankruptcy as an option for resolving debt can
be a stressful and confusing time. As a qualified Minneapolis personal and business bankruptcy
attorney, Mr. Hoverson ensures that you get the attention you deserve during this uncertain time.
A Minnesota personal and business bankruptcy attorney who has earned a reputation for exceptional
knowledge and attention to detail, Mr. Hoverson graduated from the University of North Dakota with
a B.A., Summa Cum Laude and Phi Beta Kappa Honor Society. He received his J.D., with Distinction,
in 1986 from the University of North Dakota School of Law and graduated in the top twenty percent of
his class.
Intimately familiar with all bankruptcy services, personal bankruptcy attorney Hoverson has taught
bankruptcy law and debtor/creditor law at Hamline University, St. Paul, Minnesota. He has also
volunteered as a Minneapolis personal bankruptcy lawyer through Volunteer Lawyers Network in
Hennepin County, Minnesota, for the past 27 years.

He is admitted to practice in Minnesota State Courts; United States District Court, District of Minnesota;
and Eighth Circuit Court of Appeals. Memberships include Minnesota State Bar Association;
Minnesota State Bar Association Bankruptcy Section; National Association of Consumer Bankruptcy
Attorneys; Eighth District Bar Association; and, Volunteer Lawyers Network. Mr. Hoverson is AV
rated by Martindale Hubbell and he has an A+ rating by the Better Business Bureau.
If you are an individual or a business owner in need of financial advice or assistance with bankruptcy
services, consider speaking with a qualified personal bankruptcy attorney. Call Michael K. Hoverson
and get peace of mind in knowing that your financial difficulties will be addressed promptly and
effectively so you can get on the road to recovery.

Bankruptcy Information

We Solve Financial Problems. We are able to stop creditor Harassment, Foreclosures,
Repossessions, Lawsuits, Garnishments, Tax Levies, and Utility Shutoffs. We also help consumers with
student loan problems.
There are three main types of bankruptcy that can be filed in bankruptcy court: Chapter 7, 11 & 13. A
bankruptcy lawyer typically reviews your financial history and your current situation to determine
which type of bankruptcy is most beneficial for you. Filing for bankruptcy is an important step, as it
puts what is known as an "automatic stay" on your creditors, in order to stop harassing creditor phone
calls, foreclosures, evictions, repossessions, lawsuits, garnishments, tax levies & utility shut-offs from

Chapter 7
In Chapter 7 bankruptcy, most debts are discharged, and the accounts are closed. This includes most
credit cards, personal loans, medical bills and unsecured debt. There are specific types of debts that are
never eligible for elimination in bankruptcy, including child support, spousal maintenance, divorce
property settlements, fraudulent debts and most student loans.
To be eligible for a Chapter 7 filing, you must not have been granted a Chapter 7 discharge in the last
8 years and you must prove that your family's income falls below the median income for a family of
your size. It typically takes about three months to complete a Chapter 7 filing once it has been filed in
bankruptcy court.

Chapter 13
Chapter 13, which is often referred to as the "wage earner plan", eliminates debts upon completion of a
payment plan. It allows debts to be reorganized in a way that makes it easier to be paid back by the
debtor in a plan over a period of 3 to 5 years. Filing for Chapter 13 bankruptcy stops interest from
accruing on most types of debts and allows the debtor to pay off a percentage of the original amount,

while eliminating any remaining balances at the completion of the plan. Chapter 13 also stops
foreclosures on home mortgages and can be used to prevent an automobile from being repossessed. It
can also be helpful in consolidating credit card debt, medical bills and other types of unsecured debt.

Chapter 11
Business bankruptcy law firms work with business owners to file for Chapter 11 bankruptcy, which
allows for business reorganization. This type of bankruptcy allows corporate entities to restructure and
pay creditors over a period of time while remaining under bankruptcy protection.
When you are ready to take control of your financial future and settle or restructure your debts through
bankruptcy, contact the bankruptcy attorney at Hoverson Law. We will guide you through the different
types of bankruptcy, ensuring that you thoroughly understand all of your options. Whether you are a
business owner or an individual looking for debt relief, contact us today for a free consultation.

Student Loans

We Solve Financial Problems. We are able to stop creditor Harassment, Foreclosures,
Repossessions, Lawsuits, Garnishments, Tax Levies, and Utility Shutoffs. We also help consumers with
student loan problems.

Student Loan Help
We Solve Financial Problems. We are able to stop creditor Harassment, Foreclosures,
Repossessions, Lawsuits, Garnishments, Tax Levies, and Utility Shutoffs. We also help consumers with
student loan problems.
Student loan debt is rising at alarming rates. As of 2015, there are nearly 39 million borrowers carrying
over $1 trillion in federal student loan debt. Student loans are not the next great economic crisis that
will face our country–the crisis is here already. More and more student loan borrowers of all ages,
professions, and incomes are unable to make their student loan payments. It is time to get some real
We offer an analysis of your student loan debt. With just 30 minutes of your time and some financial
information from you, we can analyze your situation, provide you with a detailed report of all programs
available to you and how they work, and then prepare a strategy to solve your student loan problems.
Are you unable to afford your minimum payments?
Are you receiving calls from debt collectors?
Are you in default and unsure of how to get out?
Are you being threatened with a wage garnishment, or the lender taking a portion of your tax refund or
social security income?

Are you being sued for a student loan?
Do you think you may qualify for a discharge of your student loan but are uncertain?
Are you considering bankruptcy to deal with your student loans?
If you answered yes to any of the questions, then call us now so that we can help you understand your
alternatives and assist you with your student loan debt.

Federal Student Loans
Federal student loans have programs and options that can help borrowers. Income Based Repayment
programs may reduce your payments to as low as $5 per month and excuse the remaining balances after
a 20 to 25-year history of payments. Rehabilitation programs may allow you to make a payment that is
“reasonable and affordable” to you based on your unique financial situation. You may be able to
consolidate, regardless of your credit history, and move yourself out of "default" status. Perhaps a
deferment or forbearance may be helpful to stop payments for a temporary period of hardship. There is
more. If you are employed by a government, non-profit, or public organization (for example - teachers,
police officers, firemen, nurses, and other public service occupations), you may be able to have your
loan balances forgiven after 10 years of payments.
Some of the services that we can assist a student loan borrower with include the following:
Determining if you qualify for an Administrative Discharge of your student loan
Determining if a Deferment or Forbearance is in your best interest
Fighting off nasty debt collectors trying to collect on your delinquent student loans
Lowering your monthly student loan payment
Preventing or ending wage garnishments, social security offsets, judgment proceedings, and the loss of
your tax refund
Reviewing your eligibility for student loan forgiveness programs
Reviewing your eligibility for student loan Consolidations or Rehabilitation to get you out of "default".

Consequences of Default
You want to avoid defaulting on your student loans because the consequences are significant. Most
student loans are considered in default when the borrower fails to make required payments for 270 days.
When the loan goes into default it is assigned to a debt collector, which can then add collection fees of
up to 25% of the loan balance. Default loans also subject the borrower to garnishment of 15% of your
wages without any judgment or court action, seizure of your tax refunds, seizure of 15% your social
security benefits, and denies you eligibility for new education grants or loans. There are two methods
to “cure” a default loan- consolidation and rehabilitation.

Consolidation can only be done through Direct Loans. It allows you to consolidate your defaulted
student loan or loans into a new Direct consolidation loan, similar to refinancing. It is at this time that
the borrower generally puts the new loan into an income based repayment program. This process takes
between 30 to 90 days to complete. Not all loans are eligible for consolidation and there are limits on
how many times you can consolidate.

Rehabilitation is a process where the borrower makes nine voluntaries (reasonable and affordable)
payments within a ten-month period, at which time the loan is cured and current. The main advantage
of rehabilitation over consolidation is that when a loan is successfully rehabilitated, the default notation
is completely removed from the borrower’s credit report. In contrast, consolidation results in a notation
that the defaulted loan was paid in full.

Deferment and Forbearance
Deferments and forbearances are only temporary fixes. They are used mainly to keep the loan out of
default. A deferment occurs when the lender temporarily allows the borrower to stop making payments.
For subsidized loans, the federal government pays the loan’s interest while the loan is deferred. For

unsubsidized loans, the interest continues to accrue during the deferment period. Deferment rights vary
depending on the type of the loan and when the loan obligation was incurred. Deferments are usually
applied for with a written application. You may qualify for a deferment if you meet one of the following
At least half-time school enrollment
Graduate fellowship study
Rehabilitation training program
Economic hardship
Military service and post-active-duty
If you do not qualify for a deferment, you may qualify for loan forbearance to temporarily stop making
your payments. All student loans in forbearance, subsidized and unsubsidized, accrue interest. Most
forbearances are subject to lender discretion and the requests can be made verbally over the phone.

Repayment Plans and Options
There are two major types of repayment plans- balanced based plans and income based plans.
Essentially, balanced based plans involve the borrower paying the student loan in full over a period of
time, whereas income based plans calculate the borrower’s monthly payment using the borrower’s
income, and if the borrower is unable to repay the loan within a certain number of years, the remaining
balance is forgiven. Generally, the income based plans benefit the borrower much more than the balance
based plans because they have lower monthly payments and you are not paying the loan in full.

Balance Based Repayment Plans
These plans require a minimum monthly payment of $50.00 and the borrower can change plans at least
once a year.
Ten Year Standard Payment- This is the plan the U.S. Dept. of Education puts your student loans in if
you do not select a plan. It amortizes the loan over a 10-year period.
Graduated Payment- This plan is for 10 years also, but payments start out low and adjust up every two
Extended Payment- This plan allows for loans that exceed $30,000 to be paid over a period of 25 years.
Extended Graduated Payment- This plan allows for loans that exceed $30,000 to be paid over a period
of 25 years, with payments starting out low and increasing every 2 years.

Income Based Repayment Plans
These plans have specific eligibility criteria that can be complicated. For instance, eligibility for each
program depends on the type of loan (Direct Loan, FFEL, Perkins, Parent Plus) and when the loan was
taken out. In these plans, monthly payments can be zero in some cases. Borrowers who repay their loans
through these types of plans have their remaining balances forgiven after 20 or 25 years. However,
under the current state of the law, the forgiven balance is taxable.
Income Contingent Repayment (ICR)- This plan factors both the borrower’s income and balance of the
loan to calculate a monthly payment. The repayment term can be up to 25 years and any remaining
balance at the end is forgiven. The negative element of this plan is that the larger the loan balance, the
less helpful the ICR plan is. That is generally why the IBR plan is the preferred plan since it does not
factor in the loan balance.
Income Based Repayment (IBR)- This plan calculates the borrower’s monthly payments based on 15%
of your disposable income after comparing your AGI (Adjusted Gross Income) to the poverty level for
the family of equal size. The repayment term is 25 years and any remaining balance at the end is
Pay as You Earn (PAYE)- This plan is similar to IBR, except monthly payments will be lower because
the formula bases your payment on 10% of your disposable income rather than 15%. Furthermore, the
repayment period is 20 years at which time any remaining balance is forgiven. This plan applies only
to borrowers with both no balance before October 1, 2008 and new student loans incurred after October
1, 2011.
The New IBR- This is exactly the same as PAYE, except it only applies to borrowers with no balance
prior to July 1, 2014.

Student Loan Forgiveness Programs
To encourage people to work in public service and teacher professions, Congress enacted special loan
forgiveness programs. These programs have very specific eligibility requirements. For that reason, it is
best to consult a qualified student loan attorney to determine if you qualify for the program.

Public Service Loan Forgiveness
This program is available to borrowers who work in public service jobs (government entity or 501(c)(3)
non-profit organization) for 10 years and repay their loans through an eligible repayment plan. The
remaining balance is then forgiven after the 10 years of service is completed and the forgiven balance
is NOT taxed.

Teacher Loan Forgiveness
Teacher loan forgiveness includes forgiveness of up to $5000 to individuals who are full-time teachers
over 5 consecutive years in certain schools that serve low-income families. For borrowers who teach 5
consecutive years as math or science teachers in eligible secondary schools or as special education
teachers in eligible elementary or secondary schools, the forgiveness limit is $17,500. Borrowers with
a loan balance prior to October 1, 1998 are not eligible.

Administrative Discharge
Administrative discharge, also called statutory discharge, cancels the entire student loan debt. The five
(5) ways to discharge a federal student loan are as follows:
Closed School- The school’s closure while the student borrower was still enrolled.
False Certification- The school’s false certification of the student borrower’s eligibility, including false
certification due to forgery or identity theft.
Unpaid Refund- The school’s failure to pay a refund owed to a student borrower.
Disability- The borrower’s permanent and total disability.
Death- The borrower’s death.
All of the above administrative discharges have detailed and specific requirements which must be met
to qualify for such a discharge. It is best to consult with a qualified student loan attorney to understand
the requirements and regulations.

Private Student Loans
Alternatives for private student loans are much more limited. Private student loans are not eligible for
any government based student loan assistance or forgiveness programs. Missing even one private
student loan payment can put your loan into immediate default status and thereafter the loan may be
transferred to a debt collector for collection, or an attorney for a lawsuit. Options to address private
student loans include negotiation of lump sum settlements, negotiation of monthly payment plans,
defending a collection lawsuit, and bankruptcy (undue hardship in chapter 7 if you qualify; or, stopping
the lawsuit and making payments in chapter 13).
With over 28 years' legal experience working with consumers to solve their financial problems, I am
confident I can help you with your student loan debt. My goal is to prepare a comprehensive plan to
resolve your student loan issues so you can live a better life.

Student Loan Forgiveness
We Solve Financial Problems. We are able to stop creditor Harassment, Foreclosures,
Repossessions, Lawsuits, Garnishments, Tax Levies, and Utility Shutoffs. We also help consumers with
student loan problems.
If you are one of the people in Minneapolis or around the country that owe some of the $1 trillion dollars
in student loan debt, then you've probably asked yourself what it means to attain student loan

forgiveness. Student loan forgiveness can mean that the remaining balance or a portion of the balance
that you owe to your lender is cancelled. That's right, cancelled, as in, brought down to nothing.
A student loan forgiveness attorney can help you understand the various circumstances for which you
might qualify for such a measure. If your student loan debt is owed to the government, there may be a
way to convince them that you have effectively given back to the community in a way where your
student loans may be forgiven. Also, the government and certain organizations can offer repayment
incentives to promote service in fields that are in high demand.
Whatever your situation may be, the lawyer at the Hoverson Law Offices can take a skilled look at the
terms of your loan and prepare a roadmap for relief by asking for student loan forgiveness. There is no
need for you to live in a state of concern regarding the loan that is taking away more and more from
your means. This type of measure is attainable and affordable in your time of need. Some of the services
we can help you explore and understand include:
Public Service Student Loan Forgiveness Programs
Teacher Loan Forgiveness Programs
Income-Based Repayment Plans
Pay as You Earn Repayment Plans
Administrative Discharge Forgiveness Programs
If you live in Minneapolis or Bloomington and are in a situation where the weight of burdensome
student loan payments is putting a strain on your happiness, contact the Hoverson Law Offices today to
speak with our qualified student loan attorney today. They will help you discover how to find relief,
consolidation, and answers to your worries. As a leading Minneapolis, Minnesota firm offering student
loan help services, we are committed to helping you!

Student Loan Attorney
We Solve Financial Problems. We are able to stop creditor Harassment, Foreclosures,
Repossessions, Lawsuits, Garnishments, Tax Levies, and Utility Shutoffs. We also help consumers with
student loan problems.
Hoverson Law Offices, PA have an exemplary student loan attorney who knows how to help borrowers
of student loans relieve their debts in Minneapolis and Bloomington, Minnesota. Many people suffer
from the stress and worry of defaulting on their student loans. If you or someone you know are currently
dealing with that type of stress, then wait no longer to contact our qualified student loan lawyer today.
With many years of experience practicing law in the Minneapolis area, our student loan attorney knows
how to handle your case and help you get your life on track and away from the burden of your debt.
Some of the services our student loan lawyer can offer to help you find relief is lowering your payment
amounts, defending you in stressful and time-consuming student loan lawsuits, and helping you get that
loan out of the threat of default. Student loans are taken out to help you advance in life and find new,
great, and financially rewarding opportunities in life. They should not be burdensome and stressinducing entities that shadow over you and keep you racked with worry. By enlisting the right student
loan lawyer, you will save yourself lots of time, stress, money, and problems. At Hoverson Law Offices,
PA, we will help you understand and fight for the trajectory that will help get you out and away and
back towards a future that you are in control of.
Call the Hoverson Law Offices today and ask to speak with a student loan attorney. We will be ready
and more than qualified to take on your case and help you combat that debt. You are not alone. There
are many people just like you who have gone through this or are currently going through this, and it is
not by any small mistake. The student loan industry is complex and can often be unfairly managed. The
student loan lawyer from our law firm will help you dissect your issue and turn it into the best possible

Student Loan Debt Relief

We Solve Financial Problems. We are able to stop creditor Harassment, Foreclosures,
Repossessions, Lawsuits, Garnishments, Tax Levies, and Utility Shutoffs. We also help consumers with
student loan problems.
Many concerned and distressed individuals living under the burden of costly student loan payments are
unfortunately unaware of the resources available to help them navigate through and sometimes out of
these enormous burdens, such as student loan forgiveness. It is not uncommon for young adults to
follow their ambitions and graduate to higher learning. However, many of these young adults are often
inexperienced when it comes to making enormous financial commitments such as taking on a student
loan. Fresh out of high school and into the workforce, young adults learn about their financing options
for college without the weight of experience behind them to help them. They don't yet understand the
typical pay rates for their projected professions, the amount of jobs available in those fields, and how
their pay rates will affect their ability to make the lengthy and costly payments due each month to pay
down their student loan.
Student loan consolidation is a tool that the lawyer at Hoverson Law Offices, PA can help our clients
understand and implement when the stress of a lingering debt is too much for them to handle. We can
help consolidate all of your loans into a single, more manageable, and less distressing bill. Also, one of
the other significant disadvantages of getting hit with loan information at a young age is that the
principles of interest, default, and amortization are confusing. These might not be as clear as they would
be after you experience another 10 years of life and have those ideas made more evident by the incessant
calling of degrading loan officers. You may have chosen a student loan with interest terms that were
very high and unfeasible to pay off given the career path you have chosen. You should not be punished
financially because you decided to do what you love, not what would pay you the most.
If you live in the Minnesota cities of Minneapolis or Bloomington, and you want to find out more
information about student loan forgiveness or student loan consolidation, contact the Hoverson Law
Offices today. Our qualified student loan attorney will take your call and start helping you today!

Frequently Asked Questions

We Solve Financial Problems. We are able to stop creditor Harassment, Foreclosures,
Repossessions, Lawsuits, Garnishments, Tax Levies, and Utility Shutoffs. We also help consumers with
student loan problems.
Do you understand all there is to know about bankruptcy law? If you're like most people, probably not.
In fact, bankruptcy can be confusing and without the help of a qualified bankruptcy law firm, finding
your way through bankruptcy proceedings is almost next to impossible. However, taking the time to
read some common questions and answers will not only help you understand more fully the process of
bankruptcy, but also, will put you on the right track towards recovery faster.

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