Bankruptcy for Minnesota Contractors

As most are aware the building trades have been hit especially hard by the economic downturn. Prior to the downturn building trade professionals in Minnesota were having some of the best year in terms of income. What went up came down. The question is what to do about it. Homes are not being built, homeowners are holding back on improvements and even commercial properties are not immune in Minnesota. The end result is framers, finishers, contractors, painters, plumbers, drywallers, painters and landscapers are in trouble. For most in the building trades further credit is not an option. Banks and credit card companies that were friends during the boom years are now enemies; loans are being called in, credit limits are reduced and interest rates are increased.

For those in the building trades facing collections, judgements and garnishments one option is bankruptcy. By filing bankruptcy the debt that is causing stress and the inability to turn any profit can be reduced. The end result is when the economy improves individuals in the building trades will have good financial footing without the debt. Failure to take care of the debt will often mean years (10 or more) working to pay down debt while many creditors collect through judgments and garnishment. Imagine when the economy improves the fruit of labor going into your pocket rather than to satisfy creditors. Taking care of the problem now will create a better future.