Over my last posts, we discussed the bankruptcy regimes in the United States up to the Chandler Act of 1938. It is worth taking a moment to plot the policy concerns over those periods.

Not everyone is eligible to file a chapter 7 bankruptcy. There are income requirements to filing a chapter 7 and those individuals that do not meet the income requirements, will not be able to file a chapter 7 bankruptcy. But, even those that do meet the eligibility requirements to file a chapter 7, may find the outcome of filing a chapter 7 disagreeable. While chapter 7 filings are effective vehicles for discharging unsecured debt and they are short in duration, there are times when even those eligible for a chapter 7 bankruptcy may choose to file a chapter 13 instead.

Chapter 13 bankruptcy, often called a "wage earner's plan," offers a structured path to debt relief for individuals with regular income in Minnesota. While it allows you to keep your assets and catch up on missed payments, it's natural to wonder how restrictive this process might be. Let's delve into the financial commitments and lifestyle adjustments involved in a Chapter 13 bankruptcy.

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Have you ever wondered what life could be like without overwhelming debt? It is possible to get your life back by filing Chapter 7 or 13 Bankruptcy. When you have unwanted debt, your finances are sick, you are not. Your finances need to take a shot of medicine and become healthy again. Money is not your life. Debt is not your life. And yet, debt can have tragic effects on the quality of your life.

   If you find yourself knee deep in debt, you are not alone. Each, year, thousands and thousands of Minnesotans just like you and I end up with overwhelming debt and the need to file Chapter 7 Bankruptcy. Hitting the reset button on your financial life is not as hard as you think. Once you wrap your mind around the “b” word, the actual process of filing Chapter 7 Bankruptcy is no so difficult to tolerate.

Life is so humbling. Your best plans can go awry, quickly. I mean, who among us hopes when you get married, your marriage will be a failure? Who among us wishes for our business venture to turn into a disaster? Who among us hopes for an extended illness that costs tens of thousands of dollars and leaves us off work without pay? Nobody does this. We humans make elaborate plans and dream big dreams, and we should. However, life does not always play out the way you had planned it. I have accepted this broken road.

    LifeBack Law Firm has been helping Eden Prairie, MN residents get their lives back since 1972, and we can help you too. LifeBack Law Firm is a Chapter 7 Bankruptcy attorney near me in Eden Prairie, MN. We have an office location right near you. We are located at 7525 Mitchell Road, Suite 208, Eden Prairie, MN 55344. When you are down and out and you are suffering from a debt problem, let the kind and helpful people at LifeBack Law Firm help you get rid of debt and help repair your credit using LifeBack Law Firm FREE 90-Day Credit Repair Program.