If you are facing financial difficulties, you are not alone. Individuals in all types of circumstances can find themselves deep in debt because of numerous factors. In fact, the chance of severe debt is not an impossibility for anyone, and you should not feel shame for having financial troubles or for considering bankruptcy as an option for debt relief. If you are wondering whether you should file for bankruptcy in Mankato, MN, Behm Law Group Ltd. can help you answer any questions that you might have as well as counsel you throughout your case.
Bankruptcy is an excellent option for finding your way out of serious debt. It can resolve your debts in a liquidation process through Chapter 7 bankruptcy or in a reorganization process through Chapter 13 bankruptcy.
Although bankruptcy is a highly effective solution for many debtors, it is not always the best solution for certain financial circumstances.
How to Know When to File
To determine whether filing for bankruptcy is the best option for your financial circumstances, you need to ask yourself some questions:
- Are you unable to meet debt payments or are you meeting them with a severe detriment to your necessary living expenses?
- Are most of your debts treatable in the bankruptcy process? (There are some types of debts that are not subject to discharge.)
- Are you able to pay the bankruptcy fees and an attorney fee?
- If you plan to file for Chapter 7 bankruptcy, will you satisfy the Means Test?
- If you plan to file for Chapter 13 bankruptcy, are you prepared to be responsible for a repayment plan for up to five years?
- Do your debts fall into the accepted limitations for bankruptcy? (For example, debt limits in chapter 13 cases.)
- If you plan to file for Chapter 7 bankruptcy, will you be able to protect the properties you want to keep with the allotted exemptions?
- Are you prepared to attend credit counseling and meet other pre-bankruptcy requirements?
- Are you able to organize, with the help of a Behm attorney, all the necessary documents of your finances and property for the bankruptcy petition?
- Do you understand and accept the effect that bankruptcy will have on your credit?
- Do you accept the fact that a your bankruptcy filing could be known by the general public?
- Do you have a long-term rehabilitation plan for your finances after you file for bankruptcy, and are you willing to work with a Behm attorney to assist you in that regard?
If you can answer all of these questions and still believe that you could benefit from bankruptcy, then it’s likely that filing will provide a valuable opportunity for debt recovery. To learn more about filing for bankruptcy in Mankato, MN, contact Behm Law Group Ltd. at (507) 387-7200 today.