If you are like many people in Minnesota today, you are struggling to keep your finances under control. Your situation may be even bleaker than this. Should you look around and realize that you have begged and borrowed every resource that you could access and it still wasn’t enough, you may be surprised to learn that there is still hope for you. When your financial situation otherwise looks absolutely hopeless, you may be able to qualify for Chapter 7 bankruptcy St. Paul MN that could free you of much of your debt.
This type of bankruptcy is also known as liquidation. It basically means that the idea is to liquidate your assets to cover as much as possible of your liabilities, while the rest will be dismissed. The basic concept is very similar to what happens to a corporation that does not have enough money to continue meeting all of its obligations, and is far gone enough that a simple restructuring is unlikely to revive it. Though you technically have to agree to give up your assets as one element of this process, for many people this is not an issue because they simply have no assets that aren’t exempted from consideration by the system.
Before you rely on the idea that Chapter 7 bankruptcy St. Paul MN will solve all of your problems, it is important to know that there are some things it can’t do. You can not use it to get out of alimony or child support, or to escape paying things like fines you owe as a result of criminal conduct. You will also almost never be able to get out of or reduce the amount of your student loans. If a very large portion of your debts comes in these forms, then, this system may not be able to do very much for you.
Before you make any decisions, it is wise to speak to a lawyer about your particular situation. You can get a consultation with Lamey Law Firm to get feedback on the nature of your case. It will give you a chance to get a more clear idea of how much the system could help you, as well as which of your assets would be affected.
