bankruptcy lawyer

Filing Bankruptcy in Minnesota

Minnesota counted as many as 21,000 personal bankruptcy filings in 2009. While this may not sound like an inordinate amount, it doesn’t account for the number of individuals drowning in debt without the resources to file for bankruptcy. Every year, financial problems put a tremendous strain on thousands of American households, yet individuals are often intimidated by the thought of filing for bankruptcy relief. Whether you are sinking in medical bills, have a home in foreclosure, or have recently lost your job, bankruptcy may provide you with the debt relief needed to get back on your feet.

Filing for bankruptcy in Minnesota does not have to be overly complicated, provided you are properly prepared for the process. It is recommended that you take a good look at your recent financials and consider the various alternatives to bankruptcy before making your decision. The types of bankruptcy available to consumers are Chapter 7 and Chapter 13. Chapter 13 bankruptcy allows individuals to pay off their dept under a three- to five-year plan, while Chapter 7 bankruptcy allows for a discharge of all debt.

The property a debtor make keep in his or her case depends on the bankruptcy exemptions outlined in state and federal law. Although the amount and types of assets eligible for exemption varies from state-to-state, some states, Minnesota included, allow you to choose whether to use the federal exemptions or your state exemptions. Part of your research in deciding whether bankruptcy is the right for you will be determining what you get to keep. See the links below for valuable resources and information to guide you in this process.