The economic downturn has been the cause of many financial hardships in the past decade. The economy had a sudden reversal in several areas that affect most citizens. Job losses coupled with the devaluing of the real estate market meant that many people were facing financial insolvency.
The inability to pay the bills and the resulting problems with credit ratings have spiraled out of control for many people and the economy has also made it difficult to find employment when people suffered job loss.
When the bills are just too far in arrears and the creditors are calling at all hours of the day and night, it may be time to consider filing for bankruptcy. Your first step in considering this option should be to consult with a lawyer who specializes in representing bankruptcy clients.
Your initial meeting with your Bankruptcy Minneapolis area attorney will will help you decide if a filing of bankruptcy would be the best option for your current debt situation.
The fact that the economic conditions have been so bad for so long has contributed to the current bankruptcy filing rates and the lawyers who represent clients for bankruptcy cases are completely familiar with the federal courthouse where the cases are heard by the US Trustees.
In advance of your court appearance at your creditors meeting, you will have done a great deal of preparation with your lawyer about all of the financial schedules that became part of your bankruptcy filing.
Your lawyer will work with you to be thorough and accurate in your listings of both liabilities and assets. The creditors meeting will consist of you being sworn in under oath and on the record while you affirm the truth and accuracy of the documents that outline the debts that will be discharged upon your bankruptcy case being closed.
Bankruptcy Minneapolis hearings are usually very brief and your attorney will ensure you are completely aware of what will happen when your hearing is held. Arriving early for your creditors meeting will allow you to listen in on the cases that are being heard before yours and that can help put you at ease as well.
