Filing for Chapter 7 Bankruptcy in MN, What you Need to Know

The first important thing to keep in mind when filing for Chapter 7 bankruptcy in MN is that you are making a financially sound move to correct a bad situation. Since the housing crash of 2007 and the subsequent aftermarket economy most consumers found themselves in insurmountable debt with unrealistic terms in which to repay their debt. Banks began charging usury rates under the new consumer credit laws which are skewed in their favor.

Some have lost their homes to foreclosure and others have been laden down with tens of thousands of dollars in consumer credit card debt that they cannot possibly repay. If you find yourself in this situation you are far from alone. In fact, the amount of federally filed bankruptcies has more than tripled in the last five years. This is due to the national banks lending customer’s high amounts of credit at initially low rates, only to later have those rates increase to make even the monthly minimum payments more than most consumers can afford. At the rate of interest being charged the principal balance is hardly ever reduced and the amount of estimated time it would take a consumer to pay off the balance at the monthly payment minimum can routinely exceed even 20 years. Its people in this situation who find that filing for Chapter 7 bankruptcy in MN is the only realistic option they have to restarting their financial credit life over.

At this point the most important choice you will make when filing for Chapter 7 bankruptcy in MN is who will be your legal guide through the complex process of bankruptcy. It’s crucial that after making poor financial choices in the past you take the time to thoroughly investigate the bankruptcy attorneys or law firm you want to represent you.

Bankruptcy laws are federal laws and the legal team at Hoglund, Chwialkowski and Mrozik will spare no amount of effort in seeing that the process of filing for Chapter 7 Bankruptcy is as stress free and as painless as possible.

 

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