When your debt has grown to the point that you don't have enough money to
pay your obligations and still survive financially, it's time to consider the
debt reduction options available to you. More than likely, talking to a Bankruptcy Lawyer MN should
be the first choice and the best choice of all. A bankruptcy attorney will be
able to advise you as to what your options are. If you choose bankruptcy, he
will be able to assist you in determining which type of bankruptcy is best for
your situation, (Chapter 7 or Chapter 13) filing for the bankruptcy and dealing
with the court system.
Filing a Chapter 7 Bankruptcy, if you qualify, will absolve you from all your unsecured debts, such as credit card debt and medical bills immediately. After the court date all your unsecured debts will be discharged and you'll start with a clean slate. There are qualifications that have to be met to qualify for a Chapter 7 bankruptcy and the most important one is that you have no means of paying back any of your debt and own nothing of value, such as money in bank accounts, vehicles, jewelry or other valuable items.
If you have income, or possessions of value, chances are that your attorney will recommend that you file a Chapter 13 Bankruptcy. With this type of bankruptcy, you receive protection from your debts (secured and unsecured) but agree to make monthly payments to your trustee for a set amount of time, usually 5 years, before your debts are discharged. The amount you pay is considerably less than you'd pay without the Bankruptcy, usually pennies on the dollar. This repayment plan gives the debtor a chance to get out of the financial situation they would otherwise be stuck in.
Debt is something most people deal with at one time or another. Unemployment or health problems can cause financial hardships that sometimes you need help to get out of. Bankruptcy is an option that can give you a new start and a fresh beginning. Having an attorney to help you navigate through the maze of paperwork and legal jargon is a great help when trying to deal with debt.
Filing a Chapter 7 Bankruptcy, if you qualify, will absolve you from all your unsecured debts, such as credit card debt and medical bills immediately. After the court date all your unsecured debts will be discharged and you'll start with a clean slate. There are qualifications that have to be met to qualify for a Chapter 7 bankruptcy and the most important one is that you have no means of paying back any of your debt and own nothing of value, such as money in bank accounts, vehicles, jewelry or other valuable items.
If you have income, or possessions of value, chances are that your attorney will recommend that you file a Chapter 13 Bankruptcy. With this type of bankruptcy, you receive protection from your debts (secured and unsecured) but agree to make monthly payments to your trustee for a set amount of time, usually 5 years, before your debts are discharged. The amount you pay is considerably less than you'd pay without the Bankruptcy, usually pennies on the dollar. This repayment plan gives the debtor a chance to get out of the financial situation they would otherwise be stuck in.
Debt is something most people deal with at one time or another. Unemployment or health problems can cause financial hardships that sometimes you need help to get out of. Bankruptcy is an option that can give you a new start and a fresh beginning. Having an attorney to help you navigate through the maze of paperwork and legal jargon is a great help when trying to deal with debt.
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