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- Top 10 Bankruptcy Myths
- You Are Not Alone
- Top 5 Reasons for Bankruptcy
- Choosing a Bankruptcy Lawyer
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- Signs You Need to Talk To a Minneapolis Bankruptcy Attorney
Minnesota Chapter 7 Bankruptcy Lawyer
Twin Cities Debt Relief Law Firm
If you are suffering from serious financial problems it should not be the end of your existence. Everyone, including you, deserves a second chance. A second chance is exactly what a declaration of bankruptcy provides. There are different types of bankruptcy proceedings but the most popular is Chapter 7. This plan is good for those with over-whelming consumer debt due to a loss of a job, serious illness, credit card abuse or other calamities. It is also helpful for the self-employed and small business owners whose businesses are failing. Contact our Minneapolis chapter 7 bankruptcy attorney for debt relief assistance.
The United States Bankruptcy Court, a special federal court, will appoint a trustee who will make an evaluation of your assets to determine how much of your capital is available to distribute among your creditors (those who have submitted claim forms). When this procedure is complete, the court will declare these debts as “discharged” and you will no longer be obligated to pay additionally on them. Whatever assets you can claim as “exempt” will not be included in this liquidation of property. These would be anything that can be labeled as basic essentials for living, such as: food, clothing, shelter, furniture, appliances, transportation, tools of trade and employee benefits.
When you file for bankruptcy, the court will issue an “automatic stay” putting a stop to most legal actions your creditors may have against you. It has the power to stop them from hounding you through the mail and over the phone. And it can be used to give you a temporary reprieve from an impending foreclosure. But, its power has limitations. Depending on the circumstances, it may still be possible for the court to allow your property to be foreclosed or repossessed. A skilled Minneapolis chapter 7 bankruptcy lawyer from our debt relief law firm will be able to explain the complexities of this aspect.
Contact us, to speak with an experienced Minneapolis bankruptcy attorney. We will review your case and explore your options.