The benefit of knowing your options early means you can do some exemption planning, which involves making the most of the exemptions available to you to protect your property, assets, and cash. It never hurts to get your options, even if you are current on all your obligations and making every payment right now. Knowing what debts to prioritize is vital to getting the “fresh start” that a bankruptcy is designed to do.
In certain circumstances, you need to file a bankruptcy as soon as possible to preserve your rights, or protect what is most important to you. A very common reason is if your home is facing foreclosure from a mortgage lender or homeowner’s association. You will want to file bankruptcy BEFORE any sheriff’s sale is conducted (or preferably much earlier).
Another common occurrence is if your wages are being garnished or if you are facing a levy by a creditor. Bankruptcy will stop this immediately. Filing bankruptcy also protects you from the government filing for a tax lien against your property as well. Bankruptcy can also provide relief if you are facing eviction, utility shut-offs, repossession, or help with a wide variety of collection issues.
The automatic stay, 11 U.S.C. § 362 is the main tool to get you short term relief from creditors while your bankruptcy is playing out. The discharge, which is granted at the end of your case, is what permanently makes the debt go away.
At Kain & Scott, because bankruptcy is all we do, we are able to get a case filed as fast as any firm in the state, and our expertise allows you to be confident it is done right and not in a rushed matter by a firm that does not care about you. During your first consultation you can discuss a timeline with an attorney. Our streamlined process allows for your case to be filed as soon as possible, and we take care of making sure your creditors are notified of the filing.
If you would like to know more reach out to Minnesota’s largest and nicest bankruptcy law firm, by going now to www.kainscott.com or give me a call at 1-800-551-3292. You will be thankful you did.