Find a Bankruptcy Lawyer in Minneapolis, Minnesota

Find the right Bankruptcy attorney in Minneapolis, MN

In Minneapolis, Minnesota, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally absolved, when they are unable to pay them. This hopefully allows them to start over with a clean slate and move on, after having learned to better manage their use of credit in the process. Bankruptcy should be treated as an option of last resort, and should not be viewed as a proper way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to obtain loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

Therefore, it is a good idea to talk with an seasoned bankruptcy lawyer in Minneapolis, Minnesota. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each particular case, the counsel of a Minneapolis bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Minneapolis, Minnesota

In Minneapolis, Minnesota, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Minneapolis, Minnesota will be similar anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the qualifying property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will normally be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

Under Chapter 13 bankruptcy in Minneapolis, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a prolonged period of time, thus theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though accessible to individuals, Chapter 11 bankruptcy is generally used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is presented, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

One main advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Additionally, their stock can still be bought and sold.

How Can a Minneapolis Bankruptcy Lawyer Help?

The need to consider all the options and consider the costs and benefits of filing for bankruptcy in Minneapolis cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Minneapolis bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Minneapolis

Minneapolis is the seat of Hennepin County and was dubbed the City of Lakes. Many know Minneapolis and Saint Paul as the "Twin Cities." Minneapolis was once world renown for being the worlds' source fro timber and the milling capital. Today, Minneapolis serves as the major business hub between Chicago and Seattle. The city is home to a number of cultural attractions and organizations. A number of book publishers like Graywolf are headquartered in Minneapolis. The theatre, writing, music, and visual art are emphasized though venues, galleries, annual events, and busy art business Minneapolis has to offer. Named the "Top Tech City" in 2008, Minneapolis is home to the headquarters of 6 of Fortune Magazine's top 500 companies in the world. The illustrious clase of Fortune 500 companies in Minneapolis include Target Corporation, U.S. Bankcorp, Xcel Energy, Pepsi, and Ameriprise Financial to name a few. The big companies fuel the local economy. Target employed more Minneapolis residents than any other company in 2009. Another big employer and attraction to Minneapolis is the University of Minnesota.

The Minnesota Vikings, Minnesota Twins, and Minnesota Timberwolves all cal Minneapolis home. The Target Center plays host to the NBA Timberwolves and a number of concerts each year. Target Field is the home of the Minnesota Twins professional baseball team. They won the World Series in 1987 and 1991.

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