A discharge is a legal term used during bankruptcy and refers to the elimination of your liability from your debts. If you file Chapter 7 your discharge will be granted immediately upon case closing or if you file Chapter 13, your discharge occurs after you complete your repayment period.
To initiate the chapter 7 bankruptcy process you must file a petition. Along with this petition you must file the following:
Using a Bankruptcy Attorney to help you File a Chapter 13 Bankruptcy will be one of the best decisions you make, apart from your initial decision to get your life and finances back on track by filing bankruptcy. The bankruptcy code, court procedures and filing forms are saturated with legal jargon that will complicate the overall bankruptcy process if you don’t have the assistance from a legal professional.
Your stress will begin to diminish the day you decide to file Chapter 7 bankruptcy. Taking action against your debts will take some of the pressure off – but taking action to abolish your debt completely will have you sleeping peacefully at night.
Chapter 13 Bankruptcy is right for you if you are experiencing a temporary setback causing you to be unable to make your payments. This option provides time, allowing you to get back on schedule with your finances. You will make monthly payments though they will be reduced, interest-free and your life will be void of collection agency harassment. Chapter 13 protects your property, prevents foreclosures and repossessions and prohibits wage garnishments.
When your debt goes unpaid for an extended period of time, creditors begin to take severe action to get their money from you. Depending on the nature of your debt, creditors may initiate foreclosure, repossession, bank levies or wage garnishment. Foreclosure and repossession are reserved for secured debt, meaning creditors can take back the property you secured against your loan. A bank levy, also referred to as non-wage garnishment, occurs when your bank account is frozen due to a creditor seeking payment from you. This and wage garnishment are common tactics used to collect on unsecured debt, such as credit card debt.
Chapter 7 Bankruptcy is right for you if you have no assets to lose and, after paying basic monthly expenses, you have no money left to pay off debts. It gives you a fresh start and can alleviate your stress by removing your liability for repaying debt. Primary priorities for Chapter 7 filers should be to keep exempt assets and be relieved of all liability for as many debts as possible.
Filing for bankruptcy can give you a chance to start over financially. Knowing the correct information about this process and its potential results is absolutely necessary when considering whether or not to file. Bankruptcy is a legal proceeding, which means it is surrounded by legal jargon. This can make sorting through the massive amounts of bankruptcy related information complicated.
Debt consolidation consists of combining all of your unsecured debt payments into one. This may involve taking out a loan, entering into a debt consolidation program or Filing Chapter 13 Bankruptcy. Now, what are unsecured debt payments?
If you’re filing for bankruptcy in Plymouth, Minnesota, you’ve probably imagined how much better life will be once your debts are erased. You’ll have a comfortable home, nice car and a little money in the bank. Best of all, you can relax knowing that you are completely debt-free and have a fresh start to begin rebuilding your life.
Let’s say you have $50,000 in credit card debt and your situation has gotten to the point where you can’t keep up with your payments. Something has to be done in order for you to take care of your family, get your life back in control and so on.
Is the cost of filing for bankruptcy keeping you from getting your life back? If you are struggling with debt and think you can’t afford to file bankruptcy in Duluth, Minnesota, the truth is, you can’t afford not to!
An order for relief in bankruptcy is the official court ruling that initiates the bankruptcy process after a petition is filed. It immediately triggers the automatic stay, which halts all creditor collection efforts, including lawsuits, wage garnishments, and foreclosure actions.
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If you are considering a debt consolidation program – stop right there! Make sure you know all of your debt solutions before entering into an agreement. Consider a chapter 13 bankruptcy (Minnesota filers click here for state specific regulations) as an alternative to a debt consolidation program.
Most of our Minnesota guests have a lingering concern about credit should they decide to file a Chapter 7 Bankruptcy. If you are thinking about filing a chapter 7 bankruptcy in Monticello, Minnesota, this is a concern you naturally have.
Wondering if I can explain to you what a Chapter 7 and Chapter 13 Bankruptcy is so that you can understand it in English? Of course, I can! After all, I am the managing partner at Kain & Scott, Eagan, Minnesota’s oldest bankruptcy law firm - since 1972. Let's start by taking a closer look at the basics of how a Chapter 7 and Chapter 13 bankruptcy actually work.
A discharge is a legal term used during bankruptcy and refers to the elimination of your liability...
To initiate the chapter 7 bankruptcy process you must file a petition. Along with this petition you...
Using a Bankruptcy Attorney to help you File a Chapter 13 Bankruptcy will be one of the best...
Your stress will begin to diminish the day you decide to file Chapter 7 bankruptcy. Taking action...
Chapter 13 Bankruptcy is right for you if you are experiencing a temporary setback causing you to...
When your debt goes unpaid for an extended period of time, creditors begin to take severe action to...
Chapter 7 Bankruptcy is right for you if you have no assets to lose and, after paying basic monthly...
Filing for bankruptcy can give you a chance to start over financially. Knowing the correct...
Debt consolidation consists of combining all of your unsecured debt payments into one. This may...
If you’re filing for bankruptcy in Plymouth, Minnesota, you’ve probably imagined how much better...
Let’s say you have $50,000 in credit card debt and your situation has gotten to the point where you...
Is the cost of filing for bankruptcy keeping you from getting your life back? If you are struggling...
An order for relief in bankruptcy is the official court ruling that initiates the bankruptcy...
If you are considering a debt consolidation program – stop right there! Make sure you know all of...
Most of our Minnesota guests have a lingering concern about credit should they decide to file a...
Wondering if I can explain to you what a Chapter 7 and Chapter 13 Bankruptcy is so that you can...
