Do you feel like you’re basically a slave to the debt you’ve accrued? Whether you’re struggling with a mortgage that hasn’t been paid in months or you simply cannot make your student loan payments since you lost your job, it turns out that there is a way to have your debt cancelled, at least partially, and get your life moving in a better direction. People don’t think of bankruptcy as a good thing, and it is a difficult process that requires a lot from you. You won’t enjoy filing for bankruptcy in Minnesota. But you will feel good when you walk away from the weight of debt and change the direction of your life.
What Should You Do First?
If you’re already considering bankruptcy then you may know a little about the various types of bankruptcy. You’ve probably heard of large businesses filing for Chapter 11 bankruptcy. Do you know what that means? Do you know whether that is an option for you or if there are other chapters that are more applicable to your situation? Each individual and business that files for bankruptcy in Minnesota must first figure out whether or not they actually qualify for bankruptcy. Not everyone does, and even if you qualify for one type of bankruptcy, you may not qualify for Chapter 11 bankruptcy.
The first step is to figure out if you qualify and what it would mean for you if you file for bankruptcy and are successful. Will you only qualify for a type of bankruptcy that would liquidate all of your assets or could you retain your assets and simply restructure your debt so you can pay it off in a more reasonable way over the next 3-5 years? The easiest way to get answers to all of your bankruptcy questions is to find a bankruptcy lawyer who offers free consultations. Many legal advisors are happy to answer your questions and hear about your situation for free because they only want to take on a client if they will be successful. They’ll give you an honest assessment of your situation and you can decide if you want to take further steps toward a bankruptcy filing.
Getting Over the Stigma
There is a big stigma surrounding bankruptcy, here in Minnesota and around the country. But you shouldn’t be ashamed that you are taking steps toward ridding yourself of debt and the stress that comes with overwhelming debt. If you’ve done all you can and bankruptcy is your only option, it’s time to make a move and improve your situation.
