In today's difficult economy, many people are finding it hard
to make ends meet. Coupled with long term unemployment or low wages, many find
that they aren't able to get out of the financial hole they have
unintentionally dug themselves into. Credit card bills, medical bills, car
loans, upside down mortgages and even gas prices make it difficult to have
money to eat, let alone pay down your debts. When you get to the point that
your money doesn't stretch enough no matter what you do, it may be time to talk
to a lawyer that handles Bankruptcy Minnesota. He'll be able to advise the best
option for you and your specific situation.
A bankruptcy lawyer will usually offer a free consultation to
assess your situation before you make the decision to hire him. Don't feel
discouraged if you don't feel comfortable with the first attorney you speak
with. You'll be working very closely with your bankruptcy attorney and
discussing personal matters frequently. Make sure that you have chosen a lawyer
and law office you're comfortable dealing with.
The attorney will explain the laws of Bankruptcy Minnesota and
tell you what type of bankruptcy you most likely qualify for. The most
frequently filed bankruptcy's are either Chapter 7 or Chapter 13. A Chapter 7
Bankruptcy will immediately discharge your debts at the court hearing. This
type bankruptcy is only available for individuals who have no assets to speak
of and no income to pay for any of their debt. A Chapter 13 Bankruptcy is more
commonplace now a days. This type bankruptcy is for individuals with an income
of some sort and some personal property or assets of value, though they may not
be much. With Chapter 13 Bankruptcy, the individual will pay a payment to their
court appointed trustee on a monthly basis. This amount is usually suggested to
the court by your attorney and approved in court. The payment is usually for
four to five years and is usually only a small fraction of the debt owed. When
the payment is complete, the remaining debts are discharged and you begin
fresh.
No matter which bankruptcy you and your attorney choose, it's
important to fully understand your options. Speaking to a qualified attorney
will let you make the right choice for you and your particular situation.
Post a Comment