When you are faced with mountains of debt and feel there is no way out, a Bankruptcy Lawyer in Oakdale MN can be a big help. Though no one wants to have to consider filing for bankruptcy, it can provide you a way out of your debt, so you can improve your finances and avoid debt problems in the future. Before considering bankruptcy, it is in your best interest to do all you can to get out of your debt. You should contact each of your creditors and try to make arrangements on what you owe. If they are unwilling to work with you, a lawyer will be able to help. Visit website for more information.
What Happens When You File for Bankruptcy?
When filing for bankruptcy, you will need to provide information on every debt you owe. This is the most tedious portion of the process and is not one that should be rushed. If you fail to list any debts on your bankruptcy, you will still be held responsible for paying them. This means the creditor could come after you, through taking you to court or garnishing your wages. To make sure you are fully protected, all debts, no matter how big or small, should be listed.
Your lawyer will assist you in making the decision on which type of bankruptcy will best benefit your financial needs. There are two main types that can be filed. One type, Chapter 7, involves your property being sold to pay off your debt. You are allowed to keep essential property, like the home you are living in, your car, furniture and clothing. All other property is sold quickly, to give as much money to your creditors as possible.
Another type, Chapter 13, allows you to keep all of your property, but you must pay a monthly payment through the court. This payment is distributed among your creditors, working to pay down your debt. Whichever type you make the decision to file, the Bankruptcy Lawyer in Oakdale MN will work to make sure you get out of debt and will help you to get the tools needed to make better financial decisions. For more information on bankruptcy, contact the Lamey Law Firm today.
