Posts Tagged ‘debt cycle’

He who rides the tiger finds it difficult to dismount

Sunday, November 28th, 2010

People who are deep in debt often find that they feel like what is expressed in the Chinese proverb, he who rides the tiger finds it difficult to dismount.  Ever increasing debt makes a person sometimes feel like he or she has to borrow more money just to make payments on existing debt.  The person keeps riding  the debt cycle deeper  into financial trouble.  There does not seem to be any way to get off the this cycle of debt without getting into big trouble.  If the debtor gets off the tiger then he or she will be destroyed by it.  This fear of financial destruction can make things seem far worse than they may be under the circumstances.  Rather than continue to ride the debt cycle a consumer should explore potential debt relief.  A sound approach to doing so is to contact a Minnesota law firm that offers bankruptcy service.  This type of legal service may provide information to a consumer on bankruptcy alternatives.  If a debtor is considering bankruptcy then getting debtor information that is accurate is very important.  Personal bankruptcy is a complex legal process, and can be undertaken more easily with the legal help of an experienced Minnesota bankruptcy attorney.  There is more to declaring bankruptcy then just filling in some forms.  It must be done properly or a debtor may end up with a  failure to discharge qualifying debts — and potentially  legal action if  he or she knowingly presented false financial information.   A Twin Cities law firm can arrange for a meeting with a Minnesota lawyer who can help a consumer explore avenues of  debt relief  including bankruptcy.  The consumer can have a meeting with a bankruptcy lawyer and go over his or her financial situation.  At the meeting the consumer can learn about debtor’s rights, get basic bankruptcy information, have relevant bankruptcy questions answered, learn about the meeting of creditors in bankruptcy, status of property in bankruptcy, exemptions, bankruptcy rights and responsibilities.  By working with an experienced Minneapolis bankruptcy attorney or St. Paul bankruptcy attorney it can help a debtor to better understand the bankruptcy process.  If the consumer after a bankruptcy evaluation including the means test is found to be eligible for bankruptcy and wants to do so then legal help from an experienced Minnesota attorney can be very helpful.  The bankruptcy lawyer can  prepare accurate legal paperwork, make sure all eligibility requirements have been met, assist in choosing  the right type bankruptcy and that the consumer meets all legal requirements through the bankruptcy.  A qualified debtor for bankruptcy will want to explore potential debt relief offered through Chapter 7 or Chapter 13 bankruptcy.  An experienced bankruptcy lawyer can aid in making sure that the consumer chooses the right type of bankruptcy under the circumstances.   Affirmatively moving forward to get legal assistance with debt problems can lead to a fresh start.

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The information contained herein on debt relief and/or bankruptcy does not constitute the giving of legal advice. The reader should not rely on this information. This information does not substitute for the advice of a licensed lawyer related to debt relief, Chapter 7 and 13 bankruptcies or any other legal subject.