Signs of Approaching Bankruptcy

Minnesota bankruptcy lawyer usually discuss the Minnesota Bankruptcy Danger Signs revealing that people at high risk for bankruptcy mostly exhibit a number of or the entire following behavior, which have been summarized as 10 signs of rapidly approaching bankruptcy:

1. Your wages are being garnished.
2. At some point during the past year, you have shut off your utilities.
3. During the past 6 months, every month no less than one of your bills has been paid late.
4. You lack any savings.
5. You have started utilizing a cash advance from one credit card for paying the credit from a second account.
6. You have had your car or vehicle repossessed or is close to repossession.
7. You have begun depending on your credit cards to pay even for groceries and other important requirements since you have no cash.
8. Your proprietor or mortgagor has made the first move for eviction or real estate foreclosure.
9. Your request for additional credit has been refused.
10. You are being harassed non-stop by your creditors' for unpaid bills by way of threatening phone calls and letters.
    

Minnesota bankruptcy lawyer suggests that if your answer to even a few of the above mentioned pointers is yes you should know that it definitely is time for you to think about filing for bankruptcy and you should immediately get in touch with an experienced and knowledgeable bankruptcy attorney to assist you in filing for bankruptcy. Only your attorney can guide you through the whole process of bankruptcy including choosing the Chapter of Bankruptcy applicable in your case.

There are two types of bankruptcy reliefs - short-term bankruptcy relief or 'automatic stay' and long-term bankruptcy relief or 'discharge.' The stay is court ruling to prevent creditors and most of the debt collectors from contacting the debtor while discharge is the court ruling that clears off most of the debtors debts with some exceptions allowing the filer to reorganize his/her financial and giving you a fresh new start. This is to help you to get back on your feet financially stable to be capable of contributing to yourself, your family, and society.

About the author:

Mohit writes for the legal firm Minnesota bankruptcy lawyer. The law firm led by Chad and Michael Bolinske offers companies and individuals bankruptcy help. People looking for file for Chapter 7 or Chapter 13 bankruptcy are not always aware of the filing procedure and that's where a Minnesota bankruptcy lawyer would come in very handy.