Posts Tagged ‘personal bankruptcy’

Fear Of New Bankruptcy Law

Saturday, January 1st, 2011

There is a mistaken notion among some consumers that the so called new bankruptcy law eliminates personal bankruptcy.  This is not the case.  Consumer’s should not fear  the new bankruptcy law.  While the bankruptcy reform act, which many refer to as the new bankruptcy law, made numerous changes to the bankruptcy code, the truth is that most people will still be able to qualify for either a chapter 7 bankruptcy or a chapter 13 bankruptcy.  In assessing whether an individual or a husband and wife can qualify for bankruptcy, it is important to understand the qualifications and requirements that apply to each type of bankruptcy and how those qualifications and requirements apply to each person’s financial situation.  Listening to the myths about the bankruptcy law changes instead of meeting with a knowledgeable and experienced bankruptcy lawyer to discuss debt problems can be harmful.  Another common misconception is that it is extremely difficult to file bankruptcy.   This is not accurate.  While it is true the bankruptcy code can be complicated and that it may be difficult to understand how the bankruptcy code applies to a particular individual’s situation, the reality is that it is not extremely difficult to file bankruptcy.  Filing bankruptcy, however, does require a commitment on the part of the consumer to provide complete and accurate information so that the documents necessary to file for bankruptcy can be properly and accurately prepared.  The  bankruptcy process can be made easier by the assistance of an experienced Minneapolis bankruptcy lawyer or St. Paul bankruptcy attorney who understands what  is needed for each type of bankruptcy.  It can be very useful for a consumer experiencing deep financial problems to contact a Twin Cities law firm who can arrange for him or her to meet with a Minnesota bankruptcy attorney.  A meeting with an experienced Minnesota lawyer may be the first step to debt resolution.

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

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.

We are a debt relief agency.
We help people file for relief under the Bankruptcy Code.

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.