Twin Cities Consumer Bankruptcy Lawyer
Chapter 7 & Chapter 13 | Oakdale, Woodbury, St. Paul & The Eastern Twin Cities Metro
Do you feel like you are drowning in debt? Have the minimum payments on your credit cards become too much to handle? Did the loss of a job damage an already fragile finacial situation? You have options, and experienced St. Paul Bankruptcy Attorney Gregory Seamon can help you understand all of them, and advise on how to pursue the best course of action. Bankruptcy may seem like the end, but it can be the beginning as it provides you with a fresh start that can actually improve your long term financial situation.
How do you know what type of bankruptcy is right for you?
Feel free to look over theh content on this site to learn more about your options under Minnesota Bankruptcy Law. Your options under the consumer bankruptcy code are basically either chapter 7 bankruptcy, or chapter 13 bankruptcy.
Chapter 7 Bankruptcy in Minnesota
Chapter 7 bankruptcy is also called "liquidation" or "debt elimination". It erases your unsecured debts (credit cards, hospital bills, but rarely loans like Studen Loans, Home Loans or Auto Loans). The downside is that in some cases Chapter 7 Bankruptcy will require you liquidate or sell items you own to pay back your creditors.
For more information on filling for chapter 7 bankruptcy in Minnesota click here.
Chapter 13 Bankruptcy in Minnesota
Chapter 13 bankruptcy is typically referred to as reorganization bankruptcy, and is very different from Chapter 7 bankruptcy, where all of your debt is eliminated. In Chapter 13, your income is used to pay your debts (or a portion of your debts, depending on the Minnesota Bankruptcy Court's ruling), back to your creditors over time.
For more information on filling for chapter 7 bankruptcy in Minnesota click here.
Please feel free to browse through my site, and if you feel like you're ready to at least get a better understanding of your options under the Minnesota Bankruptcy code please call or email me for a free bankruptcy consultation. I will be able to explain to you the effect filing bankruptcy will have on your credit, how it will effect your future credit availability, and help you evaluate what option (chapter 7 or chapter 13) is the best fit for your individual situation.
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