The main reason why Chapter
7 Bankruptcy Minneapolis has been enacted into law is to provide you
with some form of relief when faced with a debt that you cannot repay. Without
Chapter 7, a majority of people in the United States would have lost their
businesses and homes during the economic depression to creditors. Then again,
Chapter 7 is not only designed to aid you during the time when you are not in
employment, but when you are recovering from your injuries or unable to meet
the cost of your medical bills.
An Overview of the Chapter 7 Bankruptcy
Minneapolis
Chapter 7 Bankruptcy enables both individuals and businesses to
sell off their debts in exchange for some of your properties. Chapter 7 is the
most commonly filed form of bankruptcy in the United States. Listed below, are
some of the things that you need to acquaint yourself with in respect to
Chapter 7:
- The instant
you have requested your attorney to file for a Chapter 7
Bankruptcy Minneapolis, the harassments and threats from creditors will
cease henceforth.
- Basically,
when you have requested your bankruptcy attorney in Minneapolis to file for a
Chapter 7, you will be settling all your unsecured debts in return for
particular assets as well as a guaranteed debt.
- Nonetheless,
it is important to point out that Chapter 7 allows you to hold on to some of
your assets, for example, the home you are currently residing in plus your
family car.
- Medical bills,
credit card debts and utility bills are just but some of the debts that can be
cleared. Depending on the type of bank loan you have, it may also be cleared
upon filing for Chapter 7.
Still, it is important to point out that there are certain
debts that cannot be classified under non dischargeable debts, for example,
child support, alimony and court-ordered monetary fines.
When Should You Consider Filing for
Chapter 7 Bankruptcy Minneapolis?
You need to consider filing for Chapter 7 Bankruptcy if:
- You are
falling behind your credit card payments?
- You are
currently unemployed and as such are unable to meet your household expenses.
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