Advice You Can Expect From A Bankruptcy Attorney

Nobody likes to hear the word bankruptcy in a conversation, but sometimes it is unavoidable. We live in turbulent economic times and nobody is immune to unemployment or bad debt. Individuals, families and businesses can fall victim to a financial crisis. They will need the expertise of a Minnesota bankruptcy attorney to find solutions, so they can keep their home, car and their means of livelihood.

A Minnesota bankruptcy attorney will explain to his clients that there are two different types of bankruptcy.

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- Chapter 7: This is a court supervised procedure in which an appointed trustee gathers the assets of a debtor and converts these possessions into cash. These funds are then distributed among the debtor's creditors. Although some assets are lost, the debtor can retain specific exempt property like a house and car - as long as he/she continues to pay them off. It is a good way to emerge out of their financial crisis and start afresh.

- Chapter 13: In this payment plan bankruptcy, debtors are given a certain period of time to repay their creditors. This bankruptcy type is usually used for individuals with a fulltime job or a regular source of income. Debtors make monthly payments to a trustee, who then splits up the payments among all the creditors.

Filing for bankruptcy is certainly an option to deal with excess debt, but a top-notch Minnesota bankruptcy attorney should also advise his clients that maybe they should consider other avenues first. Working closely with debt counselors or asking the bank for a debt consolidation loan are just two of the alternatives debtors have to get their finances back on track.

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