Bankruptcy in Minneapolis

When a person is no longer able to make payments on their debts, they become insolvent. This is a difficult for situation to be in, and can lead to greater complications such as foreclosure, wage garnishment, and harassment by creditors. If you are in a financial situation in which you are no longer able to make monthly payments on debts, consider filing for bankruptcy. Bankruptcy is a tool you can use to clear your debts and get back on solid financial footing.

A bankruptcy lawyer can be your most valuable asset throughout the course of a filing and can help you get the most out of your bankruptcy. The bankruptcy attorneys at Solvent in Minneapolis have decades of experience to help you navigate smoothly through your filing. Don’t struggle through the legalities without the help of an expert. Contact a Solvent bankruptcy lawyer today for a consultation.

Chapters of Consumer Bankruptcy in Minneapolis

The most commonly filed chapters of consumer bankruptcy in Minneapolis are Chapter 7 and Chapter 13. Your Solvent lawyer can review your current finances and future goals to determine which chapter is best suited for your unique situation.

Chapter 7 is one of the most commonly filed chapters of bankruptcy. It is commonly referred to as liquidation, however, most debtors don’t lose any assets. Chapter 7 has a shorter timeframe than other chapters with most cases completed and debts discharged within three to six months.

Chapter 13 is more complex and involves the restructuring of debts into a new payment plan. The benefit of filing in Chapter 13 is that debtors are allowed to keep valuable assets and/or property. The repayment plan, central to this chapter if filing, usually ranges from three to five years.

Contact a Minnesota Bankruptcy Attorney

If you are struggling with unmanageable debts in Minneapolis, don’t suffer alone. Contact the bankruptcy attorneys at Solvent PLLC to learn about your options and the best plan of action for your unique financial situation. Our attorneys know that bankruptcy is not the end, it’s just the beginning of your journey to financial freedom. A Solvent bankruptcy attorney can help you get there. Contact our office in Minneapolis today for a consultation.