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Top Minneapolis Bankruptcy Lawyer Patrick Burns

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Top Minneapolis Bankruptcy Lawyer Patrick Burns

Bankruptcy can be a difficult area to navigate, so it's important to have a good Minneapolis bankruptcy lawyer to handle your case. A bankruptcy attorney can make this trying task a little easier and less stressful by helping you throughout the process step by step. If filing for bankruptcy is in your future, here are a few things you need to know.

1. Fees

The fee to file a chapter 7 bankruptcy in Minneapolis is currently $306 while the fee for chapter 13 bankruptcy is $281. Neither of these fees are able to be waived, however you may be able to pay these fees in installments.

2. Facts

For some, filing for bankruptcy may be a huge relief. In 2012, a total of about 355,000 people filed for bankruptcy in the United State. The average for Minnesota in that same year was 16,804. While it can be stressful, albeit relieving, to go through this process-you definitely aren't alone.

3. Benefits

Bankruptcy may seem like an ugly word to some, but for many it is a form of relief and a chance to start fresh. The benefits to filing for bankruptcy include the ability to start over and begin to rebuild credit as well as resolve financial difficulties that they may be unable to handle.

4. Types

There are two types of bankruptcy-chapter 7 and chapter 13. Chapter 7 is also referred to as liquidation and is the more simple process of the two. In many situations, your assets are considered exempt. Chapter 13 differs in a few ways. The most notable being that either all or a portion of debts must be paid back according to a written plan usually spanning 3-5 years. There are also various income limits for both of these.

5. The Process

Hiring a bankruptcy lawyer in Minneapolis will make filing your claim much easier and less stressful. The exact process will be dependent on which chapter you file, but the general process in both are somewhat similar. During the bankruptcy process, your attorney will help you decide which chapter you need to file, compile all of the appropriate paperwork, and present your case in court. This may seem like a fairly simple process but it's actually quite tedious and is best left to a professional Minneapolis bankruptcy lawyer.

If you find yourself facing bankruptcy, don't get overwhelmed. Call your bankruptcy lawyer in Minneapolis to make your claim a little less stressful so you can get on your way to financial freedom.

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