We have recently gone through some tough economic times in this country and it’s safe to say that we have all been affected by them to one degree or another. Even corporate giants have been laid low, so if you have found yourself a victim of these circumstances, you are far from alone. At this point you may be considering bankruptcy as a path out of your situation. That term used to have some very negative connotations, but fortunately, bankruptcy is now seen for what it was intended to be; a viable and practical legal tool to handle a degree of indebtedness that an individual can no longer manage. The bankruptcy laws were written and put into effect to help individuals like you who, despite their best efforts, have become inundated by debt to the point that there is no longer any reasonable expectation of repayment.
In an effort to seek debt relief you may also be considering a debt consolidation plan. This may be appropriate for your circumstance, but there are some caveats that are very important; the interest rates that are usually associated with these plans can be exorbitant; not all of your creditors may choose to participate in the plan; fees will be charged for this service, even though these plans are very often run by the creditors themselves. The best idea is to avail yourself of a free initial consultation with an experienced bankruptcy lawyer St. Paul MN.
During a consultation with an attorney they will listen to your situation and decide which bankruptcy path is most suitable for your circumstances. As an individual, you may file under either chapter 7, often referred to as a “full bankruptcy”, or under chapter 13. Whichever way you go, as soon as your attorney files on your behalf, an automatic stay will go into effect which will prevent your creditors from harassing you further with letters, phone calls, or emails. This will give you and your Bankruptcy lawyer St. Paul MN time to get a plan into place and go through the bankruptcy proceedings.
Once your Bankruptcy lawyer St. Paul MN begins the proceedings, they will work tenaciously to protect your legal rights and secure the debt relief you are seeking. Attorney Teresa P. Lamey will use all of the resources at her disposal to represent you. After a bankruptcy, your credit will drop considerably but most individuals rebuild their credit within three years.