Factors Leading To Consideration Of Bankruptcy

There are many factors to be considered in regard to a debtor’s situation before deciding to pursue a bankruptcy. Some of the salient factors regarding the debtor are all available income, ownership of a homestead, all non-homestead significant assets, dollar valuation for all the assets including the homestead, the secured debts, the unsecured debts, the total number of debts, the total in dollars of all debts, how far behind the debtor is on payments due on debts, the ability of debtor to meet monthly payment on debt, any co-debtors, major assets of the debtor, whether an asset is security for a debt, the desire of a debtor to discharge or pay back debt, whether the debtor faces any immediate threat such as foreclosure, repossession, garnishment or other legal action. All of the facts and documents reviewed must be considered in light of applicable bankruptcy law to determine whether a debtor qualifies for bankruptcy protection.  A debtor interested in gathering information on pursuing bankruptcy can consult with a Minnesota bankruptcy attorney who can do a bankruptcy evaluation with the means test.

This blog does not intend to give legal advice and does not do so.  The reading of this blog does not establish an attorney-client relationship or substitue for consulting with a licensed lawyer.

We are a debt relief agency.  We help people file for debt relief under the bankruptcy code.

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