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Everything You Need to Know About Minnesota Bankruptcy

Bankruptcy has a bad rap -- we are here to change that perception. Financial problems happen to people from all walks of life; whether from income drop/loss, divorce, medical issues, business failure, or bad financial decisions (we have all made them!) unmanageable debt may result. Unfortunately, good Minnesotans get saddled with unmanageable debt all the time.

We all deserve a safety net now and then. That is why we have bankruptcy laws- to protect us. There are two personal bankruptcy chapters in Minnesota capable of helping you get your life back.


PERSONAL BANKRUPTCY TYPES

CHAPTER 7 BANKRUPTCY

Chapter 7 Bankruptcy is commonly referred to as a “fresh start” bankruptcy. It is referred to as a “fresh start” bankruptcy because most people who file a Chapter 7 Bankruptcy lose no assets and most unsecured debt is eliminated- tax free.


CHAPTER 13 BANKRUPTCY

A Chapter 13 Bankruptcy is sometimes referred to as a “repayment” plan because you make a payment based on what you can afford to pay over a 3-5 year plan and whatever unsecured debt remains at the end of the plan is eliminated, tax free. Is this you?

To discuss your specific lawyer needs, please contact William Kain, Attorney at Law at (612) 324-4603.