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  5. Is bankruptcy the right option for debt relief?

Is bankruptcy the right option for debt relief?

On Behalf of Ed Shaw Law | Apr 3, 2023 | Bankruptcy |

Financial struggles can affect nearly anyone. This fact is clear from the hundreds of thousands of people who file for bankruptcy each year.

However, bankruptcy is not necessarily an easy way out of debt and liabilities. Filers will face various consequences of the decision and need to be sure the choice is right for them.

When Chapter 7 may be the right choice

Chapter 7 involves a liquidation of all assets except for certain exempt properties. Creditors receive a portion of the funds and can no longer pursue the debtor.

This option is suitable for a person who cannot realistically repay all debts. Chapter 7 may also be ideal if a debt settlement process will require many years to fulfill. Most filers can complete a Chapter 7 bankruptcy in six months or less.

A person who files for Chapter 7 will not have to worry about garnished wages and may avert a home foreclosure, vehicle repossession or utilities disconnection. Also, this option may open a way to restore credit faster for people with very poor scores.

When Chapter 13 fits

Chapter 13 involves reorganization, where debtors can keep their property. A person can pay debts over three to five years and may not have to repay some loans in full.

Also, Chapter 13 drops off a credit report sooner than a Chapter 7 filing does. The process provides tax-free debt forgiveness and an end to accruing interest and fees. While a person can only file for Chapter 7 every eight years, Chapter 13 does not have a limit.

Bankruptcy can be a suitable option for debt relief. However, whether a person takes that step and which type of filing one uses depends on the exact circumstances.

What is the difference between legal and physical custody?

On Behalf of Ed Shaw Law | Apr 23, 2025 | Family Law

If you're going through a custody issue in Minnesota, it's important to understand the difference between legal and physical custody. These terms may sound similar, but they each play a different role in your child's life. Understanding legal custody Legal custody...

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JAIL PHONES

by Edward Shaw | Apr 4, 2025 | Criminal Defense

Many of you have seen movies involving phone calls from a jail or prison, maybe some of you have gotten calls from a jail or prison.  If you have, you may be familiar with the message that often plays 'This call is from a correctional institution and may be...

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EXPERT WITNESSES

On Behalf of Ed Shaw Law | Mar 27, 2025 | Firm News

Most people outside of the legal system have never heard of expert witnesses, a critical part of the legal system.  Unlike regular witnesses, who can testify about what they observed or heard, experts can offer opinions.  Experts are used to explain a variety of...

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Contracts for Deed

by Edward Shaw | Mar 12, 2025 | Business Law

They are an alternative method of financing the purchase and sale of property.  Instead of the buyer getting a bank loan, payments are made to the seller.  The arrangement has its advantages, by taking payments over time a seller can in some cases save on taxes. ...

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WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

by Edward Shaw | Jan 31, 2025 | General Law

I have written on this topic before, but, because it is a source of a lot of misunderstanding among the general public, it needs more attention. Police shows for decades have shown people being arrested and read the Miranda warning, 'their rights', you have the right...

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When can you sue someone for something they say?

by Edward Shaw | Jan 24, 2025 | Civil Law, General Law

Free speech is a cornerstone of our society, for good reasons.  A democracy depends on people being able to express their opinions about anybody, and anything.  Even the richest and most powerful in society can be criticized by any citizen in a free society. Like all...

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MONEY AND DIVORCE

On Behalf of Ed Shaw Law | Jan 13, 2025 | Firm News

When divorces are tough there are usually issues with money.  The rules on dividing assets, money, real estate, vehicles, anything of value, are simple, it is generally divided equally, regardless of who earned it, or whose name is on it.  The exception is...

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Tips for co-parents to keep the holiday season peaceful and joyous

On Behalf of Ed Shaw Law | Dec 6, 2024 | Custody

Co-parenting presents challenges throughout the year, but the holiday season can amplify these difficulties, even for those who maintain a cordial relationship with their former spouse. From Thanksgiving through the end of the year, the added stress of coordinating...

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Home For The Holidays

by Edward Shaw | Nov 27, 2024 | Firm News

It happens every year in the family court business, separated parents fighting over where the kids will be for the holidays.  The holiday season has its challenges to begin with, the stress or organizing get togethers, figuring out where people will be, traveling with...

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THE WHEELS OF JUSTICE GRIND SLOWLY

by Edward Shaw | Nov 1, 2024 | General Law

I watch very little TV, but the shows that I have seen about the legal system vary in how accurate they are, some are almost completely fantasy, others were clearly put together by people who have worked in the legal system and are pretty accurate. Almost all of the...

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Recent Posts

  • What is the difference between legal and physical custody?
  • JAIL PHONES
  • EXPERT WITNESSES
  • Contracts for Deed
  • WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

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