Best Bankruptcy Lawyers in Minneapolis

About Bankruptcy Law in Minneapolis, United States

Bankruptcy law in Minneapolis, United States provides individuals and businesses with a legal process to eliminate or repay their debts under the protection of the bankruptcy court. There are several types of bankruptcy, with Chapter 7 and Chapter 13 being the most common for individuals.

Why You May Need a Lawyer

You may need a bankruptcy lawyer in Minneapolis if you are facing overwhelming debt, foreclosure, wage garnishment, or creditor harassment. A lawyer can help you understand your options, navigate the complex legal process, and achieve the best possible outcome for your financial situation.

Local Laws Overview

In Minneapolis, bankruptcy laws are governed by federal law, but there are specific local rules and procedures that may apply. It is important to be aware of the Minnesota bankruptcy exemptions, which determine what property you can keep in a bankruptcy. Additionally, Minneapolis has its own bankruptcy court that handles bankruptcy cases for residents of the area.

Frequently Asked Questions

1. What are the different types of bankruptcy?

There are several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13. Chapter 7 involves the liquidation of assets to pay off debts, while Chapter 13 involves creating a repayment plan to pay off debts over time.

2. Will bankruptcy stop creditors from harassing me?

Yes, filing for bankruptcy will trigger an automatic stay, which prohibits creditors from contacting you or taking any collection actions against you.

3. How will bankruptcy affect my credit score?

Bankruptcy will negatively impact your credit score, but it is possible to rebuild your credit over time by practicing good financial habits.

4. Can I keep my house and car if I file for bankruptcy?

Whether you can keep your house and car in bankruptcy will depend on various factors, such as the equity you have in the property and the exemptions available to you.

5. How long does bankruptcy stay on my credit report?

Bankruptcy can stay on your credit report for up to 10 years, but its impact on your credit score will lessen over time.

6. Can I file for bankruptcy without a lawyer?

While it is possible to file for bankruptcy without a lawyer, it is not recommended due to the complexity of the process and the potential for costly mistakes.

7. Will all my debts be discharged in bankruptcy?

Not all debts are dischargeable in bankruptcy, such as student loans, child support, and certain tax debts.

8. How much does it cost to file for bankruptcy?

The filing fees for bankruptcy vary depending on the type of bankruptcy you are filing for, but they typically range from a few hundred to a thousand dollars.

9. What is the means test in bankruptcy?

The means test is used to determine if you qualify for Chapter 7 bankruptcy based on your income and expenses. If you fail the means test, you may be required to file for Chapter 13 instead.

10. How can a bankruptcy lawyer help me?

A bankruptcy lawyer can help you assess your financial situation, determine the best course of action, complete the necessary paperwork, represent you in court, and protect your rights throughout the bankruptcy process.

Additional Resources

If you are in need of legal advice or assistance with bankruptcy in Minneapolis, you may find the following resources helpful:

- Minnesota Bankruptcy Court: www.mnb.uscourts.gov

- Legal Aid Services of Minneapolis: www.latmn.org

- Minnesota State Bar Association: www.mnbar.org

Next Steps

If you are considering filing for bankruptcy in Minneapolis or are facing financial difficulties, it is important to consult with a knowledgeable bankruptcy lawyer who can guide you through the process and help you achieve a fresh start. Contact a local bankruptcy attorney for a consultation to discuss your options and get the help you need.