Mankato, MN has experienced a lot of big changes this year, including some major flooding that has altered the lives of many people across the city. Along with unprecedented changes in infrastructure, some Mankato residents have found themselves struggling in the aftermath of the floods. Behm Law Group is here to guide you through the entire bankruptcy process if the flooding has affected your financial future and you’re considering Chapter 7 bankruptcy, also known as straight bankruptcy, as a solution.
Unexpected Financial Difficulties After Natural Disasters
While bankruptcy may not have been the plan for many business owners and Mankato residents, financial upheavals tend to follow natural disasters. Though for some, the floods were merely a footnote in an already tumultuous year, other residents and business owners hit their final financial straw during and after the event. Most people don’t even want to consider bankruptcy of any type in their lifetime, but in reality, Chapter 7 bankruptcy, also known as straight bankruptcy, can be a way to regain your financial freedom following a disaster.
Why Choose Chapter 7 Bankruptcy?
Understanding which type of bankruptcy to choose when you’re dealing with the aftermath of a natural disaster can be beyond stressful. Your legal team at Behm Law Group can assist you in making the right choice, but for many, straight bankruptcy offers a comprehensive solution to eliminate bankruptcy in a single step.
By filing a chapter 7 bankruptcy, an individual can regain control over their finances. Straight bankruptcy requires you and your law team to compile and analyze records concerning your current financial status and determine/list all the assets you own and all the debts you owe. You will then work with your lawyer to finalize your Chapter 7 bankruptcy petition, safely go through the process, get rid of the debts that are dragging you down and restructure your financial situation.
Natural disasters, such as major floods, are difficult, but the financial difficulties that may follow a disaster are still possible to overcome. Mankato, MN residents interested in pursuing straight bankruptcy can contact Behm Law Group at (507) 387-7200, send us an email, or visit our website today. Our team can help you navigate Chapter 7 bankruptcy and begin to make a new financial plan going forward.
