When your outstanding bills get out of control with the accrual of monthly interest and fees, it can feel like you’ll never catch up. Trying to make monthly payments while keeping up with living expenses can make it nearly impossible to pay off what you owe. Dealing with the stresses of debt can be challenging and overwhelming, but it doesn’t have to be. Bankruptcy is a tool you can use to discharge your debts and reclaim your financial freedom. A bankruptcy lawyer can help.
When you file for bankruptcy in Minnesota, having a knowledgeable and skilled bankruptcy attorney on your side is an invaluable asset. The attorneys at Solvent PLLC know the ins and outs of consumer bankruptcy laws and can help ensure that you are getting the most out of your bankruptcy when you file. If you are in Chaska, MN and Carver County and dealing with insurmountable debts, call a Solvent lawyer today.
Chapters of Consumer Bankruptcy
The most commonly filed chapters of consumer bankruptcy in Minnesota are Chapter 7 and Chapter 13.
Chapter 7 bankruptcy is commonly referred to as liquidation. If you file in Chapter 7, some of your debts may be discharged, and your assets will be used to pay back your creditors. A Chapter 7 bankruptcy is usually complete within three to six months of filing.
Chapter 13 bankruptcy does not involve liquidation of assets. Instead, your debts will be restructured for repayment over a period of time that usually spans about five years. Some of your debts will likely be eligible for discharge, and you will have more control over the status of your assets. Chapter 13 bankruptcy is an attractive option for those with valuable assets, such as property or a home, and is suitable for those who have steady and reliable income.
Your Solvent bankruptcy attorney can help determine which chapter of consumer bankruptcy is best for you and your future financial goals.
Contact a Minnesota Bankruptcy Attorney Today
Don’t struggle through the technicalities of filing for bankruptcy on your own. This can lead to more stress and frustration than you already experience from being in debt. A Solvent lawyer can help make the process of filing smooth and easy. If you are in debt, contact a Solvent bankruptcy attorney in Chaska, MN and Carver County today 651-374-8881.
