The main reason why Chapter 7 Bankruptcy Minneapolis has been enacted into law is to provide you with some form of relief when faced with a debt that you cannot repay. Without Chapter 7, a majority of people in the United States would have lost their businesses and homes during the economic depression to creditors. Then again, Chapter 7 is not only designed to aid you during the time when you are not in employment, but when you are recovering from your injuries or unable to meet the cost of your medical bills.
An Overview of the Chapter 7 Bankruptcy Minneapolis
Chapter 7 Bankruptcy enables both individuals and businesses to sell off their debts in exchange for some of your properties. Chapter 7 is the most commonly filed form of bankruptcy in the United States. Listed below, are some of the things that you need to acquaint yourself with in respect to Chapter 7:
– The instant you have requested your attorney to file for a Chapter 7 Bankruptcy Minneapolis, the harassments and threats from creditors will cease henceforth.
– Basically, when you have requested your bankruptcy attorney in Minneapolis to file for a Chapter 7, you will be settling all your unsecured debts in return for particular assets as well as a guaranteed debt.
– Nonetheless, it is important to point out that Chapter 7 allows you to hold on to some of your assets, for example, the home you are currently residing in plus your family car.
– Medical bills, credit card debts and utility bills are just but some of the debts that can be cleared. Depending on the type of bank loan you have, it may also be cleared upon filing for Chapter 7.
Still, it is important to point out that there are certain debts that cannot be classified under non dischargeable debts, for example, child support, alimony and court-ordered monetary fines.
When Should You Consider Filing for Chapter 7 Bankruptcy Minneapolis?
You need to consider filing for Chapter 7 Bankruptcy if:
– You are falling behind your credit card payments?
– You are currently unemployed and as such are unable to meet your household expenses.
