Filing a Chapter 7 or Chapter 13 bankruptcy petition can be a daunting task and that is why if you happen to live in Minnesota you must choose wisely and the best bankruptcy law firm is bolinske law headed by Michael Bolinske. Chapter 7 bankruptcy involves liquidating all of a debtors non-exempt assets and when that happens it is possible to pay using that money against secured and unsecured loans or creditors. With the help of Chapter 7 bankruptcy an individual will be in a position to receive a discharge of their pre-petition bankruptcy debt.
Also when an individual files a Chapter 7 bankruptcy petition it allows them to keep property up to a certain value which can include family home, car, and household possessions. If you file a Chapter 7 bankruptcy petition you will be insulated from creditors from calling or contacting the consumer.
Chapter 13 of the Bankruptcy Code is a little different as it allows a debtor to repay debts incurred before filing bankruptcy. This way the individual is in a position to pay funds earned after bankruptcy. This chapter of bankruptcy allows individual to set up payment plans their debts i.e. they now have a payment plan where they can pay off debt in a period of three to five years. But chapter 13 also requires a steady source of income to make the required payments to creditors. That is why in such sensitive matters it is very important to hire the best Minnesota Chapter 13 Bankruptcy law firm.