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Minnesota Republican senator files for bankruptcy

Oftentimes you hear about small businesses or large corporations filing for bankruptcy to help them manage massive debt, but you should know that individuals can file for bankruptcy as well. Like corporations, an individual can have many reasons to file for personal bankruptcy. Sudden loss of job or unexpected medical bills can put a strain on an individual’s finances and cause the pressure to become almost unbearable. Individuals who find themselves in such situations can consider bankruptcy for relief from their debt.

A Republican senator from Minnesota recently took advantage of bankruptcy as he faced almost $1 million in debt. The senator and his wife have chosen to file for Chapter 7 bankruptcy, planning to sell their nonessential assets to help pay for the $931,000 in debts that they face. In the case of the senator, much of the debt was brought about by a loan of over $600,000 taken out for a small business which ended up failing.

It’s important to note that, while the couple will be selling some of their assets to help pay off their debts, many assets are exempt from sale. In this particular case, the couple have exempted such assets as a boat and a Cambridge home, as well as four guns. In Texas, many assets are exempt from being sold off, including homes and boats, but also bank accounts and cars.

There are many reasons someone may choose not to file for bankruptcy, whether they think they won’t qualify or they don’t want to lose their assets. What people struggling with debt should know is that, in addition to their assets being protected, many people qualify for bankruptcy, and they can easily find out for sure. A personal bankruptcy filing is a legal form of debt relief that can help you get a fresh financial start in just a matter of months.

Source: Bradenton Herald, “$900K in debt, Nienow files for bankruptcy,” July 11, 2014

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