Minnesota Bankruptcy Lawyer & Attorney
Overview Of Bankruptcy Process in Minnesota
Chapter 7 Bankruptcy - If you are thinking about filing for chapter 7 bankruptcy in Minnesota you need to consider hiring a Minnesota Bankruptcy Attorney. A chapter 7 bankruptcy is the most common type of bankruptcy and once a discharge is granted it allows and individual or family a fresh start. In Minnesota a chapter 7 bankruptcy will discharge an individual from most types of debts, the most common debt is credit card debt and home mortgage debt.
Learn more about Minnesota Chapter 7 Bankruptcy.
Chapter 11 Bankruptcy - Minnesota Chapter 11 bankruptcy is typically used by businesses to reorganize their organization and debts. Chapter 11 is complicated and will typically require the assistance of a bankruptcy attorney to get all the required paperwork filed with the court and the U.S. Trustee. The main advantage of a Chapter 11 bankruptcy is that is allows for the “DIP” (Debtor in Possession) to maintain control of the company while it is reorganized.
A DIP must comply with strict requirements in order to stay in the bankruptcy process. These requirements include starting new bank accounts, submitting monthly reports to the U.S. Trustee’s office, not paying any non-secured pre-petition debts (without order from the bankruptcy court), and maintaining the bankruptcy estate for the benefit of creditors.
Learn more about Minnesota Chapter 11 Bankruptcy.
Chapter 13 Bankruptcy - Chapter 13 bankruptcy is often times referred to as a “wage earners” bankruptcy. A Minnesota chapter 13 bankruptcy is a bankruptcy that allows an individual to repay some of their debt through a plan. The bankruptcy plan will typically provide creditors with a payout ranging from 10% to 100% depending on the financial situation of the individual filing for bankruptcy.
Learn more about Minnesota Chapter 13 Bankruptcy.
Minnesota Bankruptcy Courts
For more information on Minnesota Bankruptcy and legal representation, please visit or call the Minnesota Bankruptcy Court - 301 U.S. Courthouse300 South Fourth Street, Minneapolis, Minnesota 55415(612) 664-5200
Minnesota Exemptions
In Minnesota you have the choice to use the Federal or State Bankruptcy exemptions. You should contact an bankruptcy attorney to determine which choice is right for you.