Chapter 7 bankruptcy is also termed liquidation bankruptcy and is the most common form of bankruptcy filed by individuals across America. If you feel like you are overwhelmed by debt and cannot keep track of your expenses, then filing for Chapter 7 bankruptcy might be in your best interest. A Minneapolis bankruptcy lawyer can help you determine if this is the right option for you. Our law firm can help you during this difficult time. Contact us today at 612-377-5311 for a free initial consultation.
Liquidation bankruptcy allows you to take control of your finances again. You will be discharged of many of your debts allowing you to start fresh. There are some debts, however, that you will not be able to get rid of, even with liquidation bankruptcy which include child support payments and taxes. Some of the debts that you will be discharged of include credit card debts, unpaid medical bills, utility bills and certain bank loans, depending on the circumstances.
The way chapter 7 bankruptcy works is that you are ‘selling’ any non-exempt property in order to be discharged of your debts. What constitutes as non-exempt will depend on your situation and may include your house, car or investment property; however, it is possible to keep these items depending on your case. You will need to meet with a lawyer to go over your current financial statements and documentation. If you do decide to file for liquidation bankruptcy you will need to bring with you income reports, property and asset documentations and expense sheets. Once we have a better idea of what we are working with, we can file the required documentation on your behalf. As soon as the documentation has been filed, all creditor harassment and wage garnishment will be put to a stop. You can expect to attend a court hearing to go over your filing, which we will attend with you.
Chapter 7 bankruptcy may be in your best interest if:
- You are having trouble making payments every month
- You have been warned about foreclosure on your home
- You are constantly being harassed by creditors
- You have been subject to wage garnishment
- You are under a lot of stress and pressure financially that is impacting all aspects of your life
Deciding to file for liquidation bankruptcy can feel like the end, but this is not the case. In fact, it should be thought as a fresh start and a new beginning. Bankruptcy can impact your credit rating and you will not be able to get a loan for a certain period of time, but this should not deter you from choosing this option if it is in your best interest. We all make mistakes and with the instability of the economy, it is easy to fall behind. Whether you have lost your job, have suffered unexpected bills or have simply lost control of your finances, our team at the Buettner Law Group, LLC is here to help you get back on track. Contact us today at 612-377-5311 for a free initial consultation.