If you’re declaring bankruptcy, or are considering doing so, it’s extremely crucial that you know that there are several different “chapters” of bankruptcy with various implications as well as pros and cons, with each. The most commonly found chapter of bankruptcy is called the Chapter 7 bankruptcy. It is generally a low impediment style of bankruptcy for both individuals and businesses that find themselves incapable of paying back debts. This process is generally referred to as “straight liquidation,” and it is a fairly straightforward process wherein assets and property is valued and some of it dispersed as a means of repaying creditors and debts.Most assets are exempt from the liquidation process, and while it may vary from case to case, an individual filing this type of bankruptcy is able to keep their home and automobile, as well as most home furnishings. Most types of debts are cancelled or wiped out upon filing for this type of bankruptcy. Businesses that file for this type of bankruptcy will be closely monitored by a trustee, and any profits and assets may be distributed in order to reimburse those creditors whom have accrued claims.So how does one go about filing for this type of bankruptcy? The first thing you should do is to pick up your phone and call Hoverson Law Offices, P.A. who will direct you through this complicated process toward debt resolution. For over 27 years, Michael K. Hoverson has been assisting those filing for bankruptcy. In that time, he has earned the prestigious title as one of the Minneapolis and greater Bloomington areas most competent and thorough bankruptcy attorneys. In his decades of service, he has helped thousands of individuals resolve their debt and overcome bankruptcy, and he would like to extend his hand in welcoming you to become another of his clients. Call today for a free consultation!
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