Consult With Bankruptcy Attorneys In Woodbury MN Before Filing

Some people do not consider filing for bankruptcy because they are afraid of what it will do to their financial record. It is true that filing for bankruptcy will stay on your record for 10 years but compare that to the seven years that not paying a bill on time will do to your record. Three years seems like an easy price to pay to get out of the ongoing harassment that creditors can pursue you with. Talk with Bankruptcy attorneys in Woodbury MN if you are struggling with a decision on whether or not to file.

Essentially, filing for bankruptcy is far from the end of the world. Legally speaking, it is a way for a person to gain back some financial footing and be free from the creditors that have many different ways to seek repayment. Depending on the type of bankruptcy you file for, you can either be free from these creditors altogether or you can establish a plan for repayment that does not involve constant harassment.

As with all legal situations, filing for bankruptcy should be done with legal representation. Such companies like Lamey Law Firm are up to date with the ever changing rules that come with any legal proceeding. A law firm that deals specifically with bankruptcy will be able to protect their clients, know when the right time is to file, and how to protect assets as much as possible.

There are two main types of bankruptcy that people file. One type is Chapter 7. Chapter 7 bankruptcy means that you are free from most debts but you also have to liquidate any holdings that are not exempt to pay for a reasonable portion of the debt you owe. You are allowed to retain some holdings but only if they meet certain qualifications.

The other type of bankruptcy is Chapter 13. In this situation the legal proceedings that Bankruptcy attorneys Woodbury MN will file on your behalf will help establish a settlement with the creditors. You will not be free of debt but you will be able to set up a repayment plan that you can afford. Seek counsel on which type of filing is right for your situation.

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