Whether you are having trouble with credit card payments, medical bills, your mortgage, or any other type of unsecured debt, bankruptcy may be the solution for you. Bankruptcy is a federal process that debtors can seek to reduce or possibly even eliminate their financial burdens. Our featured bankruptcy attorneys want you to be 100 percent sure of your decision, so they will sit down with you, analyze your finances, discuss all your options and answer any questions you may have.
Below are a few details about the process so you can get an idea of what your options are and the best way to reduce your debt.
Minnesota Bankruptcy Facts
Whether you owe few thousand or a few million, bankruptcy can help you get rid of your financial obstacles quickly and successfully. In Minnesota, there are several kinds of bankruptcy petitions that can be filed, so it’s important to learn as much as possible about each one so you can make the best decision for your individual needs. But while there are six different chapters to choose from, two are by far the most popular in Minnesota: Chapter 7 and Chapter 13 Bankruptcies.
Below we will discuss the differences between each chapter and how each petition can benefit you by reducing – or possibly even eliminating – your debts.
Chapter 7 vs. Chapter 13
Chapter 7 is by far the most commonly sought petition in Minnesota. Debtors find it very appealing because both consumers and businesses can apply and debts may be completely wiped out in as little as three months. However, this chapter calls for the liquidation of assets, which isn’t always something a lot of people are willing to do. There are certain assets that are exempt from liquidation, though, such as the debtor’s home, personal items like clothes or certain heirlooms, and retirement accounts, but if the idea still doesn’t appeal to you, Chapter 13 may be a better fit.
Chapter 13 is available to individual creditors only and does not require any assets to be liquidated. Instead, a payment plan is devised to help debtors pay off what they owe to creditors within three to five years. Although debt cannot be 100 percent wiped out, as is possible with Chapter 7 bankruptcy, this chapter is much easier to qualify for and many prefer to take their time to pay what they owe to creditors.
Obtaining the Help of a Minnesota Bankruptcy Lawyer
Determining which chapter to file can be extremely difficult, but finding the right attorney who will fight for the best resolution of your case shouldn’t be. Our site is designed to help you find the ideal bankruptcy lawyer in Minnesota who will take on your case and make sure you don’t have anything to worry about during proceedings. Your attorney will review your finances and determine the best course of action so you can emerge from bankruptcy protection as quickly as possible.
No matter how much you owe in debt to creditors or why, you can rest easy knowing that when you work with a top Minnesota bankruptcy attorney from our site, your case will end with the most favorable outcome. Contact one of our local bankruptcy lawyers in Minnesota today to discuss your best options for reducing debt and be on your way to financial freedom.