Minnesota Chapter 7 Bankruptcy
The purpose of Chapter 7 bankruptcy is to give debt relief to those who need it. No one can predict the financial future. Chapter 7 bankruptcy was created to help individuals through the various economic hardships that are a part of life including unemployment, accidents and medical bills and divorce, all of which can add up to unexpected debt.
Chapter 7 Bankruptcy Overview
Chapter 7 bankruptcy allows individuals to liquidate their debt in exchange for their assets. It is the most common form of bankruptcy in the United States. Below are the essentials of chapter 7 bankruptcy:
- As soon as you file for chapter 7 bankruptcy, the creditors will stop harassing you and any wage garnishment will stop
- Essentially, when you file for chapter 7 bankruptcy, you are discharging any unsecured debt in exchange for certain assets and secured debt
- However, it is completely possible to keep some of this secured debt including your home and your car
- Some of the debts that may be discharged include credit card debt, utility bills, medical bills and some bank loans.
- Some of the debts that are considered ‘non dischargeable’ include child support payments, tax debt, fraud debt and court-ordered fines.
Should I File for Chapter 7 Bankruptcy?
Although we cannot tell you over the internet whether or not you should file for chapter 7 bankruptcy, we can include a few of the factors involved in determine if Chapter 7 is your best option. If you answered yes to any of the following questions, then contact our Minneapolis bankruptcy lawyers to discuss your options:
- Have you fallen behind on your credit card payments and other payments?
- Are you paying debts with borrowed money (credit card)?
- Have you maxed out your credit cards?
- Are you finding it impossible to pay off even the interest on your credit card?
- Are you constantly worried, stressed out or frustrated by this overwhelming debt?
- Are creditors harassing you with phone calls and letters at home and at work?
- Is this debt negatively impacting other aspects of your life including your family life?
- Are you finding it difficult to get ahead?
- Are you finding it hard to make the monthly income last all month?
- Do you regularly rely on ‘pay day’ advances for everyday living expenses?
- Are you struggling with several unexpected bills such as medical bills?
- Have you recently lost your job and cannot afford the payments on your home?
Minneapolis Bankruptcy Lawyer
The process of filing for Chapter 7 bankruptcy is not as easy one which is why it is important you seek legal advice from an experienced bankruptcy attorney. You will need to dig through all your financial records and prepare all documentation to the federal court. Some of the documents we may ask for include income reports, expense sheets, property and assets as well as the names and addresses of the creditors. You will then need to attend a court hearing with your attorney and go over your documentation to confirm that everything is correct.
We represent bankruptcy clients in matters involving Chapter 7 bankruptcy, Chapter 13 bankruptcy, wage garnishment, creditor harassment, foreclosures and debt consolidation. Contact Myles A. Schneider & Associates, Ltd. 24 hours a day, seven days to week at 763-315-1100 to see how we can help you.
