Minneapolis Bankruptcy Lawyer

Filing for bankruptcy is never an easy decision but in some instances, it might be the best one. Regardless of whether you are struggling with a divorce, lost your job, made a poor business decision or are simply overwhelmed by increasing debt, bankruptcy can provide you with the option of either liquidating your assets and starting again (Chapter 7 Bankruptcy) or reorganizing your debt and determining a payment plan that works for you (Chapter 13 bankruptcy).

Chapter 7 Bankruptcy

Often referred to as ‘liquidation’ bankruptcy, Chapter 7 bankruptcy allows you to sell all non exempt property in exchange for a discharge of most debts. Under Chapter 7 bankruptcy you will discharge most unsecured debt loans. You do not necessarily have to lose your home and car under Chapter 7 bankruptcy – this will be decided on a case by case basis. Chapter 7 bankruptcy is the most common type of bankruptcy filed in the United States and usually sought by those who are knee deep in debt or have gone through a drastic life change, such as a death or a divorce, that has left them high and dry.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is the less-drastic alternative to liquidation bankruptcy and acts as a payment plan for your debt. Many people who are behind on their payments and need some time to catch up will choose Chapter 13 bankruptcy. You will reorganize your debt and be put on a payment plan for three to five years, as determined by the courts. Once you have completed this time, all unsecured debts will be discharged, regardless of if they have been paid in full.

Filing for Bankruptcy

You will need to speak to a qualified bankruptcy attorney about the best bankruptcy option for you. Once you have decided that bankruptcy is the best option, you will need to file for bankruptcy by gathering all your financial records and prepare the documentation to the federal court. Things to include are as follows:

  • Income report
  • Expense sheets
  • Property and assets
  • Names and addresses of creditors.

As soon as you file for bankruptcy, the creditor’s harassment and wage garnishment will end. You will attend a court hearing to confirm your case and then work out the details of your bankruptcy case. In some instances, it is completely possible to keep your secure debt and assets such as your home and your car.

Secured and Unsecured Debt

In most bankruptcy cases, all unsecured debt can be discharged. This includes credit card bills, utility bills, medical bills and some bank loans. However, unsecured debts such as student loans, tax fraud debts and child support payments cannot be discharged under any bankruptcy law. Furthermore, secured debt, such as your house and your vehicle, will, in most instances, not be discharged.

Contact us Today

If you are thinking about bankruptcy or if you need any legal advice on family or financial law, it is important to speak to a qualified bankruptcy attorney right away. The sooner you make the call, the quicker our lawyers can get to work on your case and the faster you can move on with your life, debt free. Contact Myles A. Schneider & Associates, Ltd. today at 763-315-1100 to schedule a free consultation with one of our experienced bankruptcy lawyers.

Bankruptcy Lawyer Minneapolis

Myles A. Schneider & Associates, Ltd. represents clients from throughout the areas of Minneapolis, St.Paul, MN or anywhere in the whole Twin Cities area – Saint Paul, MN Mpls, Anoka, Apple Valley, Andover, Blaine, Bloomington, Brooklyn Center, Brooklyn Park, Burnsville, Champlin, Chanhassen, Columbia Heights, Coon Rapids, Cottage Grove, Crystal, Eagan, Eden Prairie, Edina, Excelsior, Falcon Heights, Farmington,  Forest Lake, Fridley, Golden Valley, Hastings, Hopkins, Inver Grove Heights, Lake Elmo, Lakeville, Lino Lakes, Little Canada, Long Lake, Mahtomedi, Maple Grove, Maplewood, Mendota Heights, Minneapolis, Minnetonka, Mounds View, New Hope, North St. Paul, Oakdale, Plymouth, Prior Lake, Richfield, Robbinsdale, Rogers, Rosemount, Roseville, St. Anthony, St. Louis Park, Savage, Shakopee, Shoreview, South St. Paul, Spring Lake Park, Stillwater, Vadnais Heights, West St. Paul, White Bear Lake, and Woodbury, MN – Minnesota.