Most people live on a very tight budget. They have to look at their financials, almost everyday to make sure that they can afford all of their bills and take care of any outside debts. If you have a steady job, paying off debts is usually simple. The problems begin when your debts out number your income. If you are trying to pay your debts, but they just keep getting bigger, then you may need to file a Chapter 13 bankruptcy in St. Paul, MN. Sometimes a bankruptcy can give you a much needed second chance.
A person who files a Chapter 13 bankruptcy in St. Paul, MN has to be extremely dedicated and responsible. He has to be willing to live on a cash only basis for anywhere from 3 to 5 years. If your life is dependent on credit cards, then you may not be able to file a Chapter 13. Another requirement for a person to file a Chapter 13 bankruptcy is that they have to have a steady income. They will need a steady income, so that they can pay their trustee, so that their trustee can pay off their debtors.
There are several reasons why people like a Chapter 13 bankruptcy in St. Paul, MN. The first reason is that they will have the ability to catch up on any behind mortgage payments, and they can get back on track. A Chapter 13 bankruptcy also allows people to retain some property. The liquidation process isn’t as extensive as a Chapter 7 bankruptcy. Another reason why people like a Chapter 13 is that it is their sole responsibility to repay the debts that they owe. They don’t need a co-signer to agree to take responsibility as well. The last reason why people like a Chapter 13 is because they can sell their property, without fear of creditors taking the money.
It may seem scary when you have to file bankruptcy, but with the help of qualified professionals on your side, you have nothing to worry about. Lamey Law Firm P.A. can help answer any questions you may have about filing bankruptcy. A Chapter 13 bankruptcy in St. Paul, MN works great for a lot of people. It solves their problems with creditors, and it allows them the chance to start new, and still take responsibility for the debts that they have accrued.
