Minneapolis Bankruptcy Attorneys
Filing for bankruptcy is a right provided by the federal law. However, when filing for bankruptcy, it brings with it myriad doubts about how it will affect one’s life. While it is a stressful decision to make, it provides a fresh financial start to the debtor, who can gradually gain control over his monetary situation. Click here for a FREE evaluation of your case.
An individual can file for bankruptcy by himself; however, it is advisable to hire a bankruptcy attorney to handle the case. There are many Federal Rules of Bankruptcy and details of the Bankruptcy Code that one needs to adhere to, when filing for bankruptcy. Failure to fulfil the same could lead to dismissal of your case.
Bankruptcy for individuals can be filed under Chapter 7 and Chapter 13. Your bankruptcy attorney will explain the prerequisites and consequences of both Chapters and help you make a decision.
Chapter 7
- Bankruptcy filed under Chapter 7 discharges most debts, except child support, alimony, student loans and loans unmentioned while filing for bankruptcy.
- Most of the individual’s assets and properties are liquidated and the creditors paid off. The debtor is allowed to retain certain items which are called exemptions. Minnesota exemptions include homestead of $200,000, books, musical instruments, clothes, furniture, appliances, tools of trade worth $9,500, automobile worth $3,800 and employee benefits.
- A court appointed trustee will oversee the proceedings.
- A complete list of assets and properties, and another of debts, need to be submitted to the court. Any debt unmentioned in this list will not be discharged.
Chapter 13
- Chapter 13 bankruptcies can be filed by debtors who have a regular source of income and intend to pay off their dues over a period of time.
- A detailed repayment plan, that shows the debtor clearing all debts within 5 years, has to be submitted to the court. This plan is approved by a trustee, after he discusses it with the creditors.
- A current and complete financial statement needs to be provided, along with a list of debts and the names and addresses of the creditors.
Once you have filed for bankruptcy, the creditors will be informed about it and they will have to stop all attempts at collecting debts from you, until the debts have been sorted out, according to the bankruptcy law
Our sponsoring Minneapolis bankruptcy lawyers are not only well qualified and competent lawyers but are also well versed in all the revisions being made in bankruptcy law. They ensure that their clients understand the legal and financial implications of their decisions. Your Minneapolis bankruptcy lawyer will provide all the legal support required during the process and ensure that all the paper work is complete, so as to avoid a dismissal of the claim.
Our sponsoring Minneapolis bankruptcy lawyers also offer their services to the residents of Goodview, Winthrop, Goodhue and all other cities of Minnesota.
Minnesota Bankruptcy Law Information:
Questions About Bankruptcy in Minneapolis?
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