Minnesota Bankruptcy Law Firm Pursue Relief from Your Creditors

Answering your bankruptcy questions

Located in Willmar, Minnesota, Anderson Larson helps clients manage difficult financial times by guiding them through the bankruptcy process. By employing U.S. bankruptcy law, we are able to give you financial breathing room as you work to get your financial affairs back on solid ground. We are an established firm with experienced lawyers offering cost-effective representation. We can assist you during this stressful time. The road may be rocky, but with our help, a fresh start is just around the corner.

Explaining bankruptcy options for individuals

A Chapter 7 bankruptcy proceeding can provide relief for most types of debts. Sometimes referred to as the liquidation chapter, a Chapter 7 bankruptcy lets you walk away from most of your debts if your projected disposable income and net assets are under certain limits.

Chapter 13 bankruptcy, on the other hand, is often referred to as the consolidation chapter. A carefully structured Chapter 13 case may allow you to only pay back a percentage of your unsecured debt and let you keep your non-luxury secured property. Chapter 13 is a viable option if you are struggling to make your debt payments but are ineligible to file under Chapter 7 because you make too much money or have significant equity in your home or other property.

Getting your bankruptcy case filed

Before you can file for bankruptcy, U.S. law requires you to complete a credit counseling session. Once you have completed counseling, you may begin the process by preparing and filing a bankruptcy petition and schedules, which are a series of documents disclosing information about your debts, assets, income, expenses and general financial status in recent years.

The petition and schedules demonstrate to the court and your creditors that you qualify to file bankruptcy. Your documents also specify which property you plan to keep. If you are considering filing for bankruptcy protection, the responsive attorneys at Anderson Larson are ready to answer all of your questions and help begin the process of restoring your financial stability.

Are there any bankruptcy exemptions in Minnesota?

Federal and state law exempts certain items from bankruptcy proceedings. In Minnesota, exemptions generally include:

  • Homestead
  • Personal property
  • Wages
  • Pensions
  • Public benefits
  • Tools of the trade
  • Insurance
  • Earnings of a minor child

The attorneys at our firm can help you determine which property is exempt.

Helping clients understand the benefits of filing for bankruptcy

If you are considering filing for bankruptcy protection under Chapter 7 or Chapter 13, you are most likely in a serious financial bind. While in the past there has been a negative stigma associated with filing for bankruptcy, many Americans now see it as an opportunity to gain a fresh start following an episode of misfortune. In addition to the fresh start, a bankruptcy can help by:

  • Stopping the foreclosure process — Chapter 13 bankruptcy offer homeowners an alternative to foreclosure.
  • Stopping a repossession — If you are behind on your car or furniture loan, the lien holder can repossess the property. Bankruptcy can prevent repossession or, in some cases, help you secure the return of your recently repossessed property.
  • Stopping wage garnishment — Wage garnishment may occur after a creditor has gone to court and won a judgment against you. As soon as you file for Chapter 7 or Chapter 13 bankruptcy, wage garnishments must stop.
  • Improving your credit — Bankruptcy eliminates many types of debts and provides a fresh financial start. By reducing your debt load and getting your finances under control, you can start making loan and credit payments on time, improve your debt-to-income ratio and take other steps to rebuild your credit.

Call an experienced Willmar, MN bankruptcy attorney today

Anderson Larson provides quality legal services at a fair price. Our office is across the street from Rice Memorial Hospital, with on-street parking and a nearby public transit stop. Call 320-235-4313 or contact us online today for a convenient appointment time. Anderson Larson can help you overcome your legal obstacles.