Unfortunately, I have witnessed the carnage that can occur when someone thinks it is a good idea to file Chapter 7 Bankruptcy on your own. I feel bad for people who do this. I feel worse for people when I see the looks on their face when they realize what deep trouble they are in because they thought they could save a few dollars bypassing a good bankruptcy law firm, and in the end, that desire costs them far more than a good bankruptcy lawyer. Oh sure, there are software programs out there and organizations that crow about filing bankruptcy yourself. Some of these organizations are even non-profit and I think mean well.

     The prospect of filing Chapter 7 Bankruptcy can be daunting. For those of us with high anxiety, it can push you to the far edge of your comfort zone, and beyond. Even for those with lower anxiety, the thought of filing Chapter 7 Bankruptcy can be overwhelming. Unfortunately, there are ways to make a bad situation worse. These are two things you should watch out for when filing Chapter 7 Bankruptcy in Minneapolis, MN. 

Filing a chapter 7 bankruptcy is a great way to provide needed financial relief for Minnesotans whom find themselves unable to manage their debts. In a chapter 7 bankruptcy case, the debtor (what you call a person whom files bankruptcy) receives a discharge within 3 to 4 months after filing their case, which eliminates the debtor’s legal liability to pay those debts forever. 

    A chapter 7 bankruptcy is a great and powerful tool that allows people to get rid of huge amounts of debts that they can no longer financially afford to pay. Unlike, in a chapter 13, in which a person pays as much as they can towards their debts in a 3 to 5 year repayment before receiving a discharge of their remaining debts, a person in a chapter 7 bankruptcy case is not required to make payments towards their debts, and typically receives a discharge within 3 to 4 months after filing their case. Any person is allowed to file for chapter 7 bankruptcy so long as they qualify based on their income (the person must have an income that is below the State median income for their family size).  

Welcome back to our series of blog posts on the history and philosophy of the economy, bankruptcy, and debt – today we continue to discuss public benefits in the 21st century. Thus far, we have been picking and choosing public benefit programs to discuss based on whether they provide a true monetary benefit, but there are so many public benefit programs that offer funds or necessities. Now, we will discuss some public housing benefits.