Almost every American will experience financial hardship at some point in their life. Individuals are working harder than ever now to pay off debt. Credit card companies make it harder by raising interest rates and charging penalties when you fall behind on your payments. Individuals may decide to get another lower interest credit card to transfer balances. By the time you figure out what’s happened, you owe money on several different credit cards, you’re struggling to pay your car payment, the bank is threatening foreclosure on your home, and your life has spiraled out of control. If this sounds familiar, you’re not alone. Minnesota bankruptcy attorneys can help you stay in your home and keep your car. Nobody wants to file bankruptcy but sometimes it is the best decision a person can make for themselves and their family. Bankruptcy is no longer something to be ashamed of, but rather, a way to save your home, car, business, and prevent your family from losing everything. The bankruptcy attorney will file the papers and immediately the foreclosure on your home will be stopped. You can stop being afraid that your car will be repossessed. Creditors will no longer be able to harass you with telephone calls. You may be surprised at the sense of relief you feel after filing for bankruptcy. A Minnesota bankruptcy attorney will file chapter 13 or chapter 7. With chapter 7 all of a person’s debts are forgiven. The debtor will never have to repay a cent. Sometimes certain assets may have to be liquidated. The debtor’s home they live in and one vehicle are exempt from liquidation. If the debtor owns a lot of valuable resources and is reluctant to part with them, the attorney may recommend filing Chapter 13 bankruptcy. Chapter 13 allows the debtor to keep all of their resources although they are required to pay back a portion of their debts. A court will decide how much the debtor can afford to pay. A trustee will distribute the money to each creditor. The individual will be given five-years to pay back the set amount. Many people who do not qualify for chapter 7 are filing chapter 13. In either case the attorney will discuss which option is right for you. Whichever form of bankruptcy you and your attorney decide upon you can be sure that a good lawyer will make sure you get to keep your car, home and other valuable resources. So don’t let the creditors take you to the cleaners. Let a Minnesota bankruptcy attorney take care of you and your family.
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