Consumer Bankruptcy Lawyers in Winona, Minnesota

Find the right Consumer Bankruptcy attorney in Winona, MN

Bankruptcy is a legal procedure allowing a person or business to have their debts discharged, in part or in whole. It is usually treated as a last resort, because, while it can prevent financial catastrophe, it has some major 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. Individual courts in Winona, Minnesota will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Winona, Minnesota

In Winona, Minnesota, there are 2 main types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is discharged. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Winona, Minnesota debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Winona, Minnesota

Chapter 13 Bankruptcy in Winona, Minnesota is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each individual case. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Winona, Minnesota

This depends entirely on the facts of your particular case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

Of course, you should always seek the counsel of an accomplished local Winona, Minnesota bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Winona

The island city of Winona, Minnesota is located in the Mississippi River Bluffs and was founded in 1851 by a steamboat captain and has been quickly growing ever since. Sugar Loaf is the famous rock landmark easily seen from outside Winona.Thanks in large part to the lumber industry, Winona now boasts a population of 30,000 residents. Recognized as the stained glass capital of the United States, Winona's industries is an eclectic mix. Top Winona employers include: Fastenal, Winona Health, Winona State University and Wal-Mart. With so many businesses and industries it is of little surprise that there are so many great Winona lawyers skilled in any practice area that the city residents may need assistance with. Winona lawyers are some of the best in the business and enjoy working and living in the charming island city.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY