Faced with the overwhelming decision to file bankruptcy, you may perceive the idea as something negative. In fact, bankruptcy will allow you to get your finances in order and begin to deal with the stress associated with failing to pay your bills. Bankruptcy attorneys St. Paul MN are your best bet when looking for answers. They are able to provide you with options that will meet your needs. Knowing what is available to you will be quintessential to helping you choose between Chapter 7 and Chapter 13.
Chapter 7 bankruptcy will allow you to essentially start over from scratch. The process entails liquidating all of your assets and getting a fresh start. Businesses, couples and individuals are able to file Chapter 7. Once you file Chapter 7, a trustee is appointed to your case and oversees the liquidation of assets. The money from the assets will then be use by the trustee to pay off your debt. Although every debt cannot be paid off, you will have a fresh start without stress and bill collectors constantly calling your home. In Chapter 7 bankruptcy, you will have the option to keep your primary residence. If you are considering this form of bankruptcy, speak to bankruptcy attorneys St. Paul MN to get more detailed information on how to file.
With Chapter 13 bankruptcy are actually allowed to keep your personal items. The court system creates a payment plan for you, allowing you to pay as little as 30% of your debts back to your creditors. This form of bankruptcy places your bankruptcy attorneys St. Paul MN in a negotiation position with your debtors. When you file Chapter 13, it is critical for the attorney you choose to be experienced in negotiating an acceptable payment plan that will work best for you. If you can’t meet the terms of your payment arrangement, then you will lose the protection of your bankruptcy.
Filing for bankruptcy should be thoroughly considered; it isn’t a decision to take lightly. The ramifications of a successful bankruptcy will bring you peace of mind and a new start for you and your family. Consult with Lamey Law Firm to get more assistance about filing for bankruptcy.
