Best Restructuring & Insolvency Lawyers in Minneapolis

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Jones Day
Minneapolis, United States

Founded in 1893
2,500 people in their team
English
Jones Day has a history of more than 125 years and a culture of client service and professionalism based on explicit shared values. These values include providing pro bono legal services, building diversity in our profession, and supporting outreach efforts around the world.Jones Day has a long...
Stinson LLP
Minneapolis, United States

Founded in 2002
985 people in their team
English
Complex legal challenges are best approached with sharp insight and creative solutions. At Stinson, our attorneys combine industry knowledge and business acumen to deliver practical legal guidance to clients ranging from individuals to privately-held enterprises to international corporations. We...
Kaplan, Strangis and Kaplan, P.A.
Minneapolis, United States

Founded in 1977
39 people in their team
English
Company Description: Kaplan, Strangis and Kaplan PA is located in Minneapolis, MN, United States and is part of the Legal Services Industry. Kaplan, Strangis and Kaplan PA has 39 total employees across all of its locations and generates $5.21 million in sales (USD). (Employees and Sales figures are...
Dorsey & Whitney LLP
Minneapolis, United States

Founded in 1912
1,390 people in their team
English
worldwide advantageYOUR BUSINESS REQUIRES AN ADVANTAGE, AN EDGE, TO SUCCEED IN A HIGHLY COMPETITIVE WORLD.Dorsey’s lawyers and staff can help you gain that edge by applying superb legal knowledge and skills with practical wisdom and a deep understanding of your business and industry.We serve...
Gordon Rees Scully Mansukhani, LLP.
Minneapolis, United States

Founded in 1974
1,688 people in their team
English
As the only law firm with offices and attorneys in all 50 states, we deliver maximum value to our clients by combining the resources of a full-service national firm with the local knowledge of a regional firm. Featuring more than 1,000 lawyers nationwide, we provide comprehensive litigation and...
Greenberg Traurig, LLP.
Minneapolis, United States

Founded in 1967
2,300 people in their team
English
Five decades ago, while at lunch in a South Florida deli, attorneys Larry J. Hoffman, Mel Greenberg, and Robert Traurig saw an opportunity to establish a new breed of law firm for South Florida; a firm that mirrored a New York style firm. In 1967, they founded the law firm Greenberg Traurig...
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About Restructuring & Insolvency Law in Minneapolis, United States

Restructuring and insolvency law in Minneapolis, United States refers to the legal process and framework used to address financial distress faced by individuals, businesses, or organizations unable to meet their financial obligations. This field encompasses bankruptcy filings, business reorganizations, debt workouts, creditor negotiations, and asset liquidation. Minneapolis, as a major urban and commercial hub in Minnesota, is governed by both federal bankruptcy laws and specific local rules provided by the United States Bankruptcy Court for the District of Minnesota. Lawyers practicing in this area help clients navigate complex financial and legal challenges, aiming to preserve value, protect assets, maximize recoveries, and support a fresh financial start if possible.

Why You May Need a Lawyer

Individuals and businesses may require legal help in restructuring and insolvency situations for various reasons. Common scenarios include:

  • Inability to pay debts as they become due
  • Business facing declining revenues, mounting liabilities, or unmanageable obligations
  • Facing foreclosure proceedings or asset seizures
  • Receiving creditor lawsuits, collection actions, or garnishments
  • Needing advice on filing for bankruptcy (Chapter 7, 11, or 13)
  • Wanting to negotiate with creditors outside of bankruptcy court
  • Restructuring a company's finances to avoid insolvency
  • Dealing with shareholder disputes related to financial distress
  • Navigating complex insolvency-related litigation
  • Assisting with post-bankruptcy compliance or discharge issues

A knowledgeable restructuring and insolvency attorney can provide strategic advice, prepare and file necessary legal documents, represent interests in court, negotiate with creditors, and ensure that all actions comply with applicable laws.

Local Laws Overview

Restructuring and insolvency cases in Minneapolis, Minnesota are primarily governed by federal bankruptcy laws under Title 11 of the United States Code. The United States Bankruptcy Court for the District of Minnesota handles bankruptcy filings for individuals and businesses located in Minneapolis.

Minnesota state law also plays a role, especially in areas like debt collection, foreclosure processes, and the rights of secured and unsecured creditors. Some key aspects relevant to Minneapolis include:

  • Bankruptcy options under Chapter 7 (liquidation), Chapter 13 (individual debt adjustment), and Chapter 11 (reorganization for businesses and some individuals)
  • State-specific exemptions that determine what property you may be able to retain during bankruptcy (such as homestead, motor vehicles, and personal property)
  • Dual systems of federal and state exemptions, allowing filers to select the option that best protects their assets
  • Foreclosure processes, which in Minnesota can be either judicial or nonjudicial depending on the mortgage terms
  • Creditor rights and remedies under the Minnesota Statutes
  • Additional requirements for bankruptcy filings, including pre-filing credit counseling and debtor education courses
  • Specific local court rules and procedures for the District of Minnesota Bankruptcy Court

An attorney can clarify which laws and rules apply to your unique situation and ensure compliance with all procedural requirements.

Frequently Asked Questions

What types of bankruptcy are available in Minneapolis?

Individuals typically file under Chapter 7 (liquidation) or Chapter 13 (wage earner's plan). Businesses often pursue Chapter 11 (reorganization) but may also use Chapter 7 for liquidation.

How do I know if bankruptcy is right for me or my business?

A financial assessment by a qualified attorney can help determine if bankruptcy is the best solution, weighing options like debt restructuring, negotiation, or out-of-court settlements.

Will I lose all my assets if I file for bankruptcy in Minneapolis?

Not necessarily. Minnesota law provides specific exemptions that may allow you to keep certain assets, such as your primary residence, vehicles, and personal property, depending on their value.

How does the bankruptcy process begin?

The process starts with a detailed petition filed in the U.S. Bankruptcy Court. This includes information about your debts, assets, income, expenses, and statements regarding recent financial transactions.

What is the role of a trustee in my bankruptcy case?

A trustee is appointed to administer your case, review filings, liquidate non-exempt assets (for Chapter 7), or oversee the repayment plan (for Chapter 13 or 11).

How long does the bankruptcy process take?

Chapter 7 cases often conclude in four to six months, while Chapter 13 repayment plans last three to five years. Chapter 11 processes can vary widely based on the complexity of the case.

Can I stop foreclosure or repossession by filing for bankruptcy?

Filing for bankruptcy generally triggers an automatic stay, which temporarily halts foreclosure, repossessions, and most collection actions, providing time to reorganize or negotiate.

How does bankruptcy affect my credit score?

Bankruptcy can significantly impact your credit score and remain on your credit report for up to ten years, but it can also provide a fresh start and an opportunity to rebuild credit over time.

Are all debts dischargeable in bankruptcy?

No. Certain debts, such as student loans, child support, spousal support, and recent tax obligations, are typically not discharged unless special circumstances are proven.

Do I need an attorney to file for bankruptcy in Minneapolis?

While it is possible to file without an attorney, bankruptcy law is complex, and errors can have serious consequences. An experienced attorney can guide you, ensure compliance, and advocate for your interests.

Additional Resources

If you are considering your restructuring or insolvency options in Minneapolis, the following resources may be helpful:

  • United States Bankruptcy Court - District of Minnesota
  • Minnesota Attorney General’s Office - Consumer Protection Division
  • Minnesota State Bar Association - Lawyer Referral Service
  • Legal Aid Society of Minneapolis - For free or low-cost legal assistance to eligible individuals
  • National Association of Consumer Bankruptcy Attorneys
  • Small Business Administration - Guidance for businesses in financial distress
  • Credit counseling agencies approved for Minnesota bankruptcy filers

These organizations provide educational materials, forms, assistance, and referrals to qualified attorneys.

Next Steps

If you believe you are facing insolvency or need to restructure your debt in Minneapolis, it is important to seek legal guidance as early as possible. Here are practical next steps:

  • Gather and organize financial documents, including debts, assets, income, and contracts
  • Consult with a reputable restructuring and insolvency attorney for a confidential assessment
  • Attend any recommended credit counseling sessions
  • Evaluate your legal options with professional advice
  • Begin any application or filing process as directed by your lawyer
  • Follow all court and legal instructions carefully to avoid delays or complications

Taking proactive steps and consulting with an experienced legal professional in Minneapolis can significantly improve your chances of a favorable outcome, whether you are seeking to reorganize, negotiate with creditors, or find relief through the bankruptcy process.

Lawzana helps you find the best lawyers and law firms in Minneapolis through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Minneapolis, United States - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.