When Should You Wait to File Bankruptcy in Minnesota? | LifeBank Law

Posted by Charles Nguyen on October 11, 2021 at 8:00 AM

When Should You Wait to File Bankruptcy in MinnesotaBankruptcy is a last option for many people. Before making a decision to file, most people will struggle with their rent or mortgage and other bills. Due to ongoing stress, mistakes will occur, such as paying a credit card bill instead of an electric bill or paying the monthly balance on a personal loan instead of their home owner’s association fee. While people are struggling, they may even skip one or two mortgage payments to pay an unsecured debt. Or, people undertake second mortgages or withdraw from their retirement account to pay their unsecured debt. In these instances, people are avoiding the inevitable and, unfortunately, just making matters worse. Further, if you’ve missed a mortgage payment or car payment, then you may be looking at a foreclosure or repossession. This is especially true if you’ve missed multiple payments.

Other people decide to enter into consolidation loans with companies that promise to help them with their debt by negotiating with their lenders and paying a monthly payment. What these companies aren’t telling you is that they can’t make every creditor agree to that payment and if you miss a payment, then you’re still liable for that debt and liable to lawsuits and any judgments that are entered.

In the instances above, the longer you wait to file a bankruptcy, the more harm you’re doing to yourself. You’re either paying the wrong creditor back, throwing away good money, or facing to lose valuable assets, such as your home. If you’re facing any of these circumstances, don’t be afraid to call us for a free consultation. You have nothing to lose if you call and can only gain valuable advice.


So, if you’re thinking of filing for chapter 7 or chapter 13 bankruptcy, and or if you have questions or are ready to get your life back, reach out to Minnesota’s nicest bankruptcy law firm by going to www.lifebacklaw.com. You won’t regret it!

Topics: bankruptcy in minnesota

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