Mendota Heights’ Most Trusted Bankruptcy Lawyer
Bankruptcy is never an easy decision, but if you’re burdened by overwhelming debt, filing for personal or business bankruptcy may be in your best interest.
At the Law Office of Ron Lundquist, we’ve helped Mendota Heights residents successfully file for Chapter 7, Chapter 13, and business bankruptcy for more than 20 years. If you need a fresh financial start, we’re here for you, too.
Curious whether filing for bankruptcy is the right choice for your financial situation? Please contact our office today to schedule a free consultation.
Chapter 7 Bankruptcy Attorney in Mendota Heights, MN
Chapter 7 bankruptcy, also known as liquidation bankruptcy, will wipe out all of your dischargeable debts, including medical debt, credit card debt, utility bills, personal loans, back rent, and several other types of debt. But not everyone qualifies to file for this type of bankruptcy.
To determine your eligibility, you’ll need to complete a means test, which weighs your income and assets against your existing debts and the median income in the State of Minnesota. If the results of your means test qualify you to file for Chapter 7, you can also qualify for exemptions, which will allow you to retain most or all of your assets when you file.
Chapter 13 Bankruptcy Lawyer in Mendota Heights, MN
Chapter 13 bankruptcy may be the best option for you if you have sufficient income to make payments on your debt. With this type of bankruptcy, you’ll be given a three- to five-year repayment plan, which will allow you to make monthly payments according to your budget.
When your plan reaches its term — even if you haven’t paid back your debt in full — the remainder of your dischargeable debt will be forgiven.
Business Bankruptcy Attorney in Mendota Heights, MN
The unfortunate reality of owning a business is recognizing that not every business endeavor succeeds financially. When your debts are substantial and revenue is insufficient to pay them back, filing for business bankruptcy may be in your best interest.
Which type of business bankruptcy should you file for? That depends on the type of business you own and whether your personal finances are connected in any way to your business finances.
Large organizations can file for Chapter 11 bankruptcy, while LLCs, corporations, and partnerships typically file for Chapter 7 or Chapter 13.
If you’re unsure how to handle the filing process for your business or whether your personal finances may be at risk, hiring an experienced business bankruptcy attorney is essential. At our office, we’ll walk with you through every step of the filing process, ensure you retain as many of your assets as possible, and help you achieve the debt relief your business needs.
Get a Free Bankruptcy Consultation With Ron Lundquist, Attorney at Law
If you’re considering bankruptcy, it’s imperative you understand all of your debt-relief options, how the filing process works, and potential issues that may arise. As such, working with an experienced and highly knowledgeable bankruptcy attorney is in your best interest.
At the Law Office of Ron Lundquist, we can help you determine the best bankruptcy option for your needs and assist you through every step of the filing process.
To learn about all of your bankruptcy options, please reach out to our office today at 651-454-0007 or request a free consultation online, and we’ll be in touch.