If any person has faced bankruptcy in Minnesota than with the help of chapter 7 under Minnesota bankruptcy laws,
he can repay his payment to the creditors.
It assists you in getting a fresh new start. Here all the assets of yours are sold by the trustee and the cash is given to you.
Then the net amount is distributed among the creditors.
Some of the drawbacks of this law are:-
- As per this Minnesota bankruptcy law you have to loose your property and asset even if you do not desire for it
- Once in every 72 months you can file the case
- Person who co-sign the loan can be trapped with bankrupt’s arrears until he too file for insolvency protection