Bankruptcy Attorneys In Minnesota – What is Chapter 7 Bankruptcy?
When people refer to bankruptcy, the most common connotation is that any debts that have been incurred would be abandoned and cancelled. This situation is actually true if a person files for Chapter 7 bankruptcy.
A person or individual who files for bankruptcy could use either Chapter 13 or Chapter 7 bankruptcy. Choosing between Chapter 13 and Chapter 7 is not just a simple decision. The bankruptcy court would have to look into the person or individual’s situation first before making a decision as to which type of bankruptcy should be used.
If you think that filing for bankruptcy is a good way to get out of a dire financial situation, then think again. Bankruptcies are actually reflected on your credit report for a period of ten years. This also affects your credit rating by bringing it to a much lower score. This could prevent you from acquiring loans and the like.
Visit their site at MNAttorney.today to speak with one of their attorneys today.