In today’s overly simplified media portrayals, the bankruptcy process is frequently depicted inaccurately. Losing absolutely everything, including your car, home, business, and all your assets, is a flawed interpretation. In the real world, when you find yourself faced with bankruptcy, it’s understandable to be anxious about what may be in store for you and your family. While it is true that bankruptcy can involve the liquidation of some of your assets, things that are considered “necessities of modern life” are exempt from bankruptcy. Behm Law Group works closely with New Ulm, MN individuals to create a Chapter 7 bankruptcy case that helps them manage their debt, identify items that are exempt from liquidation, and reclaim their financial stability.
How does Chapter 7 bankruptcy work?
Debt discharge is the main focus of bankruptcy, also referred to as straight bankruptcy or liquidation bankruptcy. It creates a debt repayment or liquidation plan that lets your life continue while simultaneously satisfying your debtors. If the word “liquidation” makes you nervous, it’s important to remember that it’s extremely rare for individual filers to lose their property during this process, as long as the proper forms are correctly filed.
What protections exist for your property?
Despite the stereotypes, Chapter 7 bankruptcy is not a free-for-all on your belongings. State and federal exemptions exist to ensure that you will not be left with nothing after bankruptcy, and in no situation will you be pulled into a courtroom and asked to empty your pockets. Bankruptcy of all types, including Chapter 7 bankruptcy, is a legal process with rules, regulations, and exemptions. Determining which of your assets are exempt or nonexempt is, in part, the role of your bankruptcy lawyer.
How can you safely navigate the bankruptcy process?
At Behm Law Group, our goal is to assist you throughout your bankruptcy and ensure that your debt discharge is fair and manageable. Straight bankruptcy is a route towards a debt-free future, but you don’t have to navigate it alone. If you’re in New Ulm, MN and are looking for comprehensive Chapter 7 bankruptcy support, we can help.
New Ulm, MN residents aiming to file Chapter 7 bankruptcy can contact Behm Law Group today at (507) 387-7200, by email, or by visiting our website to find out more.
