Minnesota_bankruptcy_lawyerMinnesota bankruptcy lawyer David Kingsbury is often asked questions about bankruptcy, with the main one being, “What exactly does it mean?”

The general thought on bankruptcy in society is this: “I have no money left. I am bankrupt. How can I afford a Minnesota Bankruptcy Lawyer?”

However, bankruptcy is actually more complicated than that, in a way that’s meant to be favorable to the person or business/group experiencing money problems if they’re willing to work hard toward paying off their bills. You see, bankruptcy is a way to manage debt. Just like your reboot your computer to start fresh after a crash, bankruptcy helps a person or business/group make a fresh, new start regarding the payment of their bills.

No one wants to file for bankruptcy– it’s not something to aspire to– but bankruptcy does put an end to the endless calls and mail you get from creditors hounding you to pay up. One downside of bankruptcy, though, is it generally has a negative effect on your credit score. However, you can rebuild your credit over time, so eventually the score can and will improve if you pay bills on time and in full and watch your overall spending more carefully than before so you’re not spending more than you can afford.

There are several “chapters” of bankruptcy, including Chapter 7, which discharges unsecured debts not backed by collateral– an example of which is credit card debt. Both individuals and businesses can file for Chapter 7 and it is quite common in Minnesota. Another main chapter is Chapter 13, whereas you don’t have to sell your assets to pay creditors, but, rather, use your regular source of income to continue to pay creditors. An attorney like Minnesota bankruptcy lawyer David Kingsbury can negotiate your payment plan to help you get on the right track toward paying off your debts in a timely and realistic manner.

Minnesota bankruptcy lawyer David Kingsbury can be reached at 952-432-4388. You are not alone– help is available to you if you’re facing potential bankruptcy in Minnesota. Call for a Minnesota Bankruptcy Lawyer and for a confidential and thorough case analysis.