Understanding Bankruptcy in Minnesota
Filing for bankruptcy can feel overwhelming, but it’s often the most effective way to take control of your financial future. For many, it means an end to sleepless nights, no more threatening phone calls from creditors, and a fresh opportunity to rebuild from the ground up. In Minnesota, the process is designed to give honest people a second chance, not to punish them for falling on hard times.
Whether you’re dealing with mounting medical bills, credit card debt, foreclosure threats, or wage garnishment, understanding your rights and options is the first step toward financial relief. The key is knowing how bankruptcy works and which type fits your specific situation.
Choosing the Right Chapter for Your Case
When it comes to bankruptcy, there is no one-size-fits-all solution. The two most common types of bankruptcy for individuals are Chapter 7 and Chapter 13:
- Chapter 7 Bankruptcy – Often called “liquidation bankruptcy,” this option can eliminate most unsecured debts, such as credit cards and medical bills, in as little as a few months. It’s best suited for people with limited income who cannot realistically pay back their debts.
- Chapter 13 Bankruptcy – This is a repayment plan, usually lasting three to five years, that allows you to catch up on overdue mortgage payments, prevent foreclosure, and pay off a portion of your debt over time while keeping your assets.
The right choice depends on your income, assets, and goals. This is where a skilled bankruptcy attorney can make all the difference — helping you choose the path that protects your assets and gives you the fastest route to financial freedom.
The Minnesota Bankruptcy Process
If you decide bankruptcy is the right move, here’s what you can expect in Minnesota:
- Initial Consultation – A lawyer reviews your financial situation, explains your options, and determines your eligibility.
- Filing the Petition – Your attorney prepares and files the necessary paperwork with the bankruptcy court.
- Automatic Stay – The moment your case is filed, creditors must stop calling, suing, or garnishing your wages.
- Meeting of Creditors (341 Meeting) – A short meeting with the trustee where you answer questions about your case.
- Discharge of Debts – For Chapter 7, this often comes within 3–6 months. For Chapter 13, it happens after completing your payment plan.
Life After Filing: Rebuilding and Moving Forward
Bankruptcy isn’t the end of your financial story — it’s the start of a new one. Many people are surprised to learn that they can begin rebuilding their credit right after filing. In fact, with the right steps, you can often qualify for loans, credit cards, or even a mortgage in just a couple of years.
The key is making timely payments on any remaining obligations, keeping your credit utilization low, and following the personalized guidance your attorney provides.
Why You Need an Experienced Minnesota Bankruptcy Lawyer
Filing for bankruptcy is more than filling out forms — it’s about protecting your rights, your property, and your financial future. A skilled bankruptcy lawyer will:
- Stop creditor harassment immediately
- Protect your home and assets
- Guide you toward the right chapter for your situation
- Ensure all paperwork is completed accurately and on time
- Help you rebuild your credit as quickly as possible
At The Buettner Law Group, LLC, Brea Buettner-Stanchfield has helped countless clients in Minnesota get a fresh start. You’ll get straightforward advice, compassionate guidance, and the confidence that your best interests are always the top priority.
Take the First Step Today
Don’t let debt control your life for another day. Contact The Buettner Law Group, LLC for a free phone or in-office consultation. Call 612-377-5311 or email us to discuss your situation and learn the most effective way to protect your assets, eliminate debt, and move forward with confidence.