Filing for bankruptcy is not an end unto itself. In other words, a Minnesota Chapter 7 bankruptcy is only worth filing if it is going to make your life better when it is completed. In order to determine if your life is likely to be better after a Chapter 7 proceeding, it is important to know what to expect after bankruptcy and how your goals can be achieved with the help of a bankruptcy lawyer in Minneapolis. Minnesota debtors have options. Find out if Chapter 7 is the option for you.
When a Chapter 7 Case is Discharged
In order for you to reap the benefits of a Chapter 7 bankruptcy, the case must be discharged and not dismissed. Assuming that you achieve a Minnesota Chapter 7 bankruptcy discharge, you can expect to:
- Keep all of your property that was not included in the bankruptcy.
- Keep your future income without garnishments (assuming that you don’t incur more debt).
- Need to rebuild your credit. Your bankruptcy will show on your credit reports for several years. However, you may be able to start rebuilding your credit via secured credit cards or small, co-signed loans.
- Need to budget and plan carefully to avoid a second bankruptcy.
At the same time, you can expect the creditor calls to stop, the anxiety to go away, and the rebuilding of your life to begin.
Looking for a Bankruptcy Lawyer? Minneapolis Bankruptcy Attorneys Can Help
Our experienced Minnesota bankruptcy lawyers can help you anticipate life after a Chapter 7 bankruptcy proceeding before you file a bankruptcy petition. To find out more about how to protect yourself in bankruptcy, please read our FREE book What You Need to Know About Filing Bankruptcy in Minnesota, and please schedule a FREE consultation with an experienced Minneapolis bankruptcy lawyer by calling MN (952) 920-1001 or AZ (480) 207-2203 .