Bolinske Law represents consumers filing a Chapter 7 or Chapter 13 bankruptcy petition in Minnesota. A Chapter 7 bankruptcy involves liquidating all of a debtors non-exempt assets and using that money to pay secured and unsecured creditors. A Chapter 7 bankruptcy allows an individual to receive a discharge of their pre-petition bankruptcy debt. An individual filing a Chapter 7 bankruptcy petition is allowed to keep exempt property up to a certain value including the family home, car, and household possessions. Filing a Chapter 7 bankruptcy petition stops all creditors from calling or contacting the consumer.
Chapter 13 of the Bankruptcy Code allows a debtor to repay debts incurred before filing bankruptcy with funds earned after bankruptcy. This chapter allows an individual to set up payment plans on his or her debts and then make payments of those debts for three to five years. A discharge is typically not granted until all payments under the Chapter 13 plan have been made. A discharge will be granted if a debtor makes all the scheduled payments on the Chapter 13 repayment plan. A Chapter 13 plan is sometimes referred to as the “wage earners” petition, since it requires a steady source of income to make the required payments to creditors. Filing a Chapter 13 bankruptcy petition stops all phone calls and legal action from creditors.
Bolinske Law is designated a debt relief agency by the BAPCPA. Bolinske Law assists consumers seeking relief under the US Bankruptcy Code.
Minnesota Business Bankruptcy Lawyer
Bolinske Law represents companies filing for protection under Chapter 7 or 11 of the Bankruptcy Code. We work with our clients to determine the proper course of action when making the decision to file for bankruptcy. In some cases a business thinking about filing bankruptcy would be better served by working with creditors to restructure the loan obligations instead of filing for bankruptcy. If a loan workout agreement is not possible Bolinske Law will file the appropriate bankruptcy petition.
A Chapter 7 bankruptcy filing in Minnesota involves liquidating all of a company’s non-exempt assets in order to pay creditors.
Chapter 11 of the Bankruptcy Code is used for partnerships or corporations in order to reorganize their debt. No trustee is appointed for a Minnesota Chapter 11 bankruptcy, but the bankruptcy estate remains subject to the supervision of the bankruptcy court. A Chapter 11 filing requires that the debtor pay the administrative expenses of filing the bankruptcy petition and the claims of secured creditors. The Chapter 11 plan submitted by the debtor must be approved by the bankruptcy court at a confirmation hearing.
Minnesota Creditor Bankruptcy Lawyer Representation
Bolinske Law represents secured and unsecured creditors ensuring that creditors receive fair treatment under the Bankruptcy Code. Our services to creditors include filing the Proof of Claim, Reaffirmation Agreements, attending 341 meetings, and filing Motions for Relief From Automatic Stay in the United States Bankruptcy Court for the District of Minnesota. We also represent creditors in contested bankruptcy litigation including preferences, fraudulent transfers and adversary proceedings governed by Bankruptcy Rules 7001-7087. To set up a meeting regarding bankruptcy or reorganization contact Bolinske Law, LLC.
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