A Chapter 7 Bankruptcy is sometimes referred to as a “fresh start” bankruptcy. It’s like hitting the reset button and starting over again or taking a mulligan in golf. It is a wonderful tool that can be used by residents in and around Duluth, MN to get rid of unwanted debt. Each year many Duluth residents opt to get their lives back quickly and are now living without overwhelming debt.
The focus in a Chapter 7 Bankruptcy is on your assets. Most people in Duluth have no assets a bankruptcy trustee could take. Put differently, most Duluth residents who file bankruptcy are able to keep all of their assets in Chapter 7 Bankruptcy. Most people keep their homes, vehicles, clothing furniture, pensions, housewares, furniture etc.
And when a guest has what we refer to as “non-exempt” or unprotected assets in bankruptcy, it is usually fairly modest. For example, let’s assume you have 100k in credit card debt. If I told you that you have $3,500.00 in non-exempt assets, and in exchange for giving the trustee $3,500.00 you would lose your liability on 100k in debt, tax free, wouldn’t that be a great deal? I think it is!
Sometimes, we have to keep perspective about the costs to solving a debt problem for good. We can easily get distracted by the “reset” button and quickly forget Chapter 7 Bankruptcy is about assets, and what is exempt or non-exempt. There should be no surprises either. I mean when you file your Chapter 7 Bankruptcy make sure you hire Minnesota’s bankruptcy law firm so you know you are getting the job done right the first time.
Call Now For A Free Strategy Session With A MN Bankruptcy Lawyer
When the time is right, or when you are ready, reach out to Minnesota’s bankruptcy law firm at www.kainscott.com. You will be so happy you did!
