Common reasons clients file bankruptcy in Minneapolis, Minnesota
Bankruptcy doesn’t have a standard law practice. While this list provides common reasons for filing, there are many other reasons. Contact an attorney for a consultation if you have any questions about bankruptcy, or if you are unsure if filing would be beneficial to you.
Unsecured Debits- Unsecured debs are usually credit cards, medical debts, and personal loans. If you’re drowning in unsecured loans, whether it’s due to a failed business or relationship, a job loss, etc., you might consider bankruptcy to relieve your creditors. Unsecured debts will usually be discharged in bankruptcy cases. However, there are exceptions to this rule, such as student loans, tax debts and criminal fines. Think of mortgages, vehicle and recreational loans. You may want to consider bankruptcy if you are behind in your secured loans. Peace of Mind — When you file for bankruptcy, the automatic stays are in effect. This prevents ordinary creditors from attempting to collect debts from you, including through calls, letters and lawsuits. You can rest assured that the collection efforts will stop when you file bankruptcy.
Lawsuits & Judgments – If your creditors are suing you, garnishing or levied against your bank account, bankruptcy will stop them from doing so. It will also stop the garnishment and stop any bank levies. In certain situations, you may get some of the levied or garnished funds back.
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