Consumer Bankruptcy Lawyers in St. Cloud, Minnesota

Find the right Consumer Bankruptcy attorney in St. Cloud, MN

Bankruptcy is a legal procedure allowing a person or business to have their debts excused, in part or in whole. It is typically treated as a last resort, because, while it can prevent financial catastrophe, it has some influential long-term consequences. This warrants careful consideration of the costs and benefits. Since it's a creation of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Minnesota will be the same as everywhere else in the country. Distinct courts in St. Cloud, Minnesota will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in St. Cloud, Minnesota

In St. Cloud, Minnesota, there are 2 typical types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This typically includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once the appropriate property is sold, and the funds transferred to the creditors, the dischargeable debt is absolved. Some forms of debt, however, can't be excused in Chapter 7 Bankruptcy in St. Cloud, Minnesota. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in St. Cloud, Minnesota

Chapter 13 Bankruptcy in St. Cloud, Minnesota differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not absolve any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in St. Cloud, Minnesota

Which Bankruptcy type to file under depends strongly on the facts of each distinct case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, it would be a good idea to consult a local bankruptcy lawyer in St. Cloud, Minnesota. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in St. Cloud

With close to 70,000 residents, Saint Cloud, Minnesota is the largest city in Minnesota's central region. Saint Cloud is named after St. Cloud, France and has some charming French restaurants and culture paying homage to its namesake. Located on the banks of the Mississippi River, the picturesque city has a lot to offer residents and visitors. St. Cloud is just over an hour drive from Minneapolis and St. Paul, and an easy city to access from all around. St. Cloud islocated in three counties: Stearns County, Benton County, and Sherburne County and is also considered one of the fastest growing cities in the state of Minnesota. Comprising a total area of 30.9 miles, St. Cloud has over ninety parks within its city limits. St. Cloud also has thirty undeveloped small islands, which make for popular canoe and kayak adventures. As a city on the rise, it is no wonder that there is such a wonderful lawyer community in St. Cloud. St. Cloud lawyers are highly skilled in a range of practice areas, and available to help their neighbor with any issue he or she may be dealing with. The legal community in St. Cloud is growing as fast as the city itself, and it is a great time to use this resource!

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