Minnesota Bankruptcy Overview

Living a life in debt can be incredibly frustrating and stressful. Charges on credit cards, medical bills, personal loans and mortgages can quickly get out of control when you are not able to make monthly payments. These outstanding debts often accrue late fees and interest charges that make them even more difficult to pay off in the long run. When you are in debt, you may also be put into collections or face the threat of wage garnishment and foreclosure.

If you are dealing with insurmountable debt in Minnesota, there is a way out. Filing for bankruptcy with the help of a knowledgeable and experienced attorney is a step you can take to get back in control of your finances and wipe the slate clean. The lawyers at Solvent PLLC in Shakopee have decades of experience helping consumers file for bankruptcy to escape their debts. Contact a Solvent bankruptcy lawyer today for a consultation.

Chapters of Bankruptcy in Minnesota

As a consumer, you will likely file for bankruptcy in either Chapter 7 or Chapter 13.

Chapter 7 bankruptcy is often an attractive option for those who have few valuable assets or who have unreliable income. A Chapter 7 bankruptcy usually spans between three to six months.

Chapter 13 bankruptcy involves the restructuring of debts into a monthly payment plan. This is usually a better option for consumers who have steady, reliable income and valuable assets they want to keep.

A Solvent bankruptcy attorney can review your finances and assets to help determine the appropriate chapter for you to file so that you will get the most out of your bankruptcy.

Which Debts Can be Discharged?

Many common debts are eligible for discharge through bankruptcy including:

• Medical bills
• Credit card bills
• Unpaid utilities
• and more…

Which Debts Cannot be Discharged?

A few specific types of debt are not eligible for discharge through bankruptcy including:

• Alimony
• Child support
• Student loans

Your attorney will be able to go into detail with you about which of your debts you can expect to be discharged.

Contact a Solvent Bankruptcy Attorney for Shakopee, MN

If you are dealing with overwhelming debts in Shakopee, MN, call a Solvent bankruptcy attorney today 651-374-8881. Bankruptcy can allow you to get back in control of your finances, and a Solvent attorney can help. Contact our Shakopee office today for a consultation.