You understand that things have to change. You can’t keep living with the calls from creditors or the pressure of unpaid bills. You can’t keep subjecting your family to an unpleasant present and an uncertain future. You, and your Minneapolis bankruptcy attorney, have decided that filing for Chapter 7 protection is in your best interest, but you aren’t ready to let go of all of your property just to satisfy your debts.
You May Be Able to File for Chapter 7 and Keep Some of Your Property
Generally, there are two ways that you can keep some property in a Chapter 7 bankruptcy proceeding. You can:
- Claim property as exemptions. Both federal and Minnesota bankruptcy laws allow Chapter 7 debtors to keep certain property up to certain values. Whether your property qualifies for exemptions and whether the state or federal exemptions are better suited to your situation is something you should discuss with your Chapter 7 lawyer.
- Reaffirm your debts. You may be able to reaffirm certain debts by promising your creditor that you will continue to make regular payments until the creditor is paid in full. In essence, you are removing this specific debt from the bankruptcy proceedings with the consent of the creditor and the Court.
Before you claim exemptions or reaffirm debts, it is important to talk to an experienced bankruptcy lawyer in St. Paul or Minneapolis to find out more about your options and how they impact your property holdings and your future.
Contact a Minneapolis St. Paul Bankruptcy Attorney to Learn More
If you want to learn more about keeping your property in a Chapter 7 proceeding, please contact Minneapolis bankruptcy lawyer Barry Rosenzweig for a FREE consultation at MN (952) 920-1001 or AZ (480) 207-2203. We also invite you to learn more about bankruptcy proceedings by downloading a complimentary copy of our book, What You Need to Know About Filing Bankruptcy in Minnesota.