Bankruptcy Attorneys in Minnesota
Minnesota allows you to choose between using state or federal exemptions. A Minneapolis bankruptcy attorney can help you make this decision. Your Minneapolis bankruptcy lawyer can also help you determine if you are eligible to file Chapter 7. If you have a choice between Chapter 7 and Chapter 13, he or she can help you decide which one is best for you. Your choice of an attorney to advise you is critical. Be sure and get a Minneapolis bankruptcy attorney to represent you. This is what Minneapolis bankruptcy attorneys deal with every day. Bankruptcy lawyers in Minnesota know the changes and updates of law that happen with filing bankruptcy in Minnesota. Find a bankruptcy lawyer near you.
The Minnesota bankruptcy laws can be complicated and confusing. You need an experienced lawyer who is skilled in consumer debt and can give you the best legal advice available.
We’re committed to protecting your rights and property, whether a Chapter 7, Chapter 13, or Bankruptcy Alternative. A qualified, professional Minnesota Bankruptcy Attorney can help you make the best choice for you.
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Filing Chapter 7 Bankruptcy in Minnesota
Chapter 7 bankruptcy is the form of personal bankruptcy that is most frequently filed in Minnesota. In Chapter 7, your non-exempt property is given to a bankruptcy trustee. The trustee then liquidates your property and gives the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt.
Chapter 7 is called "straight" or "liquidation" bankruptcy. The reason many people want to file Chapter 7 bankruptcy in Minnesota is because you can have all of your unsecured debts wiped away (discharged). Unsecured debts are things like medical bills and credit cards. Another reason you probably would like to file Chapter 7 is that some of your secured debts like your auto and home may be exempt. In fact, you may not have any property that is non-exempt. This means you will not have to lose anything.
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Filing Chapter 13 Bankruptcy in Minnesota
Chapter 13 is the other kind of personal bankruptcy that is usually filed in Minnesota. In Chapter 13 bankruptcy, you keep possession and ownership of all of your assets. In return for this, you have to give some portion of your future income to repay your creditors. Usually, this lasts over a period of three to five years.
Chapter 13 is quite a bit different from Chapter 7. It is called "reorganization" or "rehabilitation" bankruptcy. You get to keep your non-exempt property and schedule a repayment plan for paying at least a portion of your secured debts. This is called a Chapter 13 plan. It can continue under Court supervision for as long as five years.
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Should I File Chapter 13 or Chapter 7 Bankruptcy in Minnesota?
Chapter 7 may seem like a "no brainer". It may look a lot better than Chapter 13 bankruptcy. But, there are conditions where filing Chapter 13 will be the right choice for you. If you have property that you would like to keep, and it is not exempt, Chapter 13 is probably a better choice. Also, if you do not qualify to file Chapter 7 in Minnesota, except in rare instances, Chapter 13 bankruptcy is your only option.
The key to eligibility for filing Chapter 7 bankruptcy in Minnesota is your income. There is a median for a family your size in Minnesota. You can usually file Chapter 7 if your income is lower. If it is higher, your income is put through the "Means Test". This test checks what is referred to as "disposable" income. If you have enough to pay back at least a portion of your unsecured debts, you cannot file Chapter 7 in Minneapolis.
Take the first step by using our free, confidential legal evaluation tool to see if bankruptcy can wipe your slate clean and give you the financial fresh start you deserve. Remember, when deciding if filing chapter 7 or chapter 13 bankruptcy is right for you, that our Minnesota attorneys are on your side.
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Minnesota Bankruptcy Attorneys
Following is a list of bankruptcy attorneys who practice law in Minnesota. To contact one of these attorneys, please complete our free case evaluation form or call 800-859-0844
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New Brighton Everhart Law Office 708 Cleveland Ave SW #101 New Brighton, MN 55112 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Related Pages
Means Test: as defined in our Bankruptcy Glossary
Minnesota Bankruptcy Law Information:
Questions About Bankruptcy in Minnesota?
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