Minnesota Bankruptcy Lawyer

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Bankruptcy is a common occurrence in the United States today, and in the state of Minnesota, roughly 20,000 bankruptcies are filed each year. When individuals find themselves in a seemingly impossible financial situation, bankruptcy protection may be an option to consider.

Bankruptcy can be defined as the legal inability to pay debts or the state of having been legally declared bankrupt. Obtaining bankruptcy protection is more difficult than it used to be, and can therefore be a grueling process. Bankruptcy laws can be complicated, and so it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case – especially if you own a business and have valuable assets.

Filing for bankruptcy is something that most people would rather not do, but in relation to circumstances beyond their control, it becomes the best option to avoid further financial turmoil. By carefully determining your present financial situation, a Minnesota bankruptcy lawyer can tell you if bankruptcy is the right option for you and your financial recovery.

A Minnesota bankruptcy lawyer or attorney will be knowledgeable about bankruptcy laws, including statutes, codes, and exemption laws, and they will discuss the different types of bankruptcy with you and advise you on which one is best for your situation.

The most common types of bankruptcy are Chapter 13 and Chapter 7. In some situations, the individual will go before a Minnesota judge and work out a payment plan. They may also have a partial or full discharge of their debt. In some cases, all debts are discharged, but rarely. In any event, your credit will be negatively affected, often for as long as ten years.

Chapter 7, which is known as "liquidation bankruptcy," is a good choice for those who have no real assets to protect. Under Chapter 7, people are only required to liquidate assets that are not exempt by law, such as vehicles that are under $2,775. Items that are not exempt will be sold in order to pay off a portion of the debt, and the rest will be permanently discharged.

Chapter 13 is commonly referred to as a "wage earner's plan." This allows you to pay off debt over 36-60 months, according to a court-approved repayment plan. This allows you to catch up on your mortgage, and does not require you to sell your home to pay your creditors. If housing foreclosure and overwhelming credit card debt is a daily stress, Chapter 13 could be your solution. This allows you to utilize a repayment plan over 3-5 years, that allows you catch up on your mortgage and keep your home. You can stop the harassing phone calls and collection letters you may be receiving, and put an end to anywage garnishments. This is a great option for people with a steady income who have been financially strapped due to unforeseen circumstances and just need a chance to catch up.

A Minnesota bankruptcy lawyer or attorney will explain the risks, as well as offer other possible alternatives to bankruptcy. Keep in mind that a Minnesota bankruptcy lawyer or attorney will also have extensive knowledge about debt management.

Just as will all legal matters you will want to choose your bankruptcy lawyer with caution. A visit to the American Bar Association ( ABA ) website, will provide you with information on quality, experienced bankruptcy lawyers in Minnesota. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Minnesota. Access to the site and profiles is absolutely free.

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