Rosemount’s Trusted Business and Personal Bankruptcy Attorney
Have your personal or business debts reached a point where you’re seriously struggling to pay them back? Filing for bankruptcy may be in your best interest.
At the Law Offices of Ron Lunquist, we provide Rosemount, MN residents with experienced Chapter 7, Chapter 13, and business bankruptcy representation. As a Minnesota state debt relief agency and Rosemount bankruptcy law firm, we’ll help you erase your debt, learn how to repair your credit after you file, and get a fresh financial start.
Curious about your bankruptcy options? Contact our office today to schedule a free bankruptcy consultation.
Chapter 7 Bankruptcy Attorney Inver Grove Heights, MN
Chapter 7 bankruptcy will eliminate all of your unsecured debt and allow you an opportunity to start fresh with your finances. But not everyone qualifies to file for Chapter 7 as this type of personal bankruptcy is designed for individuals who cannot afford to repay their debts.
To file for Chapter 7, you must pass something called a means test, which will assess your current debt, monthly income, assets, and other factors to determine if you have the means to pay back any of what you owe. If you don’t pass the means test for any reason, you can still file for bankruptcy, but you’ll have to opt for Chapter 13 instead.
Chapter 13 Bankruptcy Attorney Inver Grove Heights, MN
Chapter 13 bankruptcy is for people who have adequate income to repay their debts but are currently unable to. When you file for Chapter 13, the bankruptcy court will approve a three- to five-year debt repayment plan that allows you to repay either all or some of the debt you owe according to your budget.
You’ll make monthly payments to your creditors through the duration of your repayment plan, and when that plan reaches its term, the remainder of your unsecured debt will be wiped out. Regardless of whether you paid back the entirety of your debt, you’ll no longer be obligated to continue making payments once your plan ends.
Business Bankruptcy Attorney in Inver Grove Heights, MN
As a Chapter 11 bankruptcy attorney for Inver Grove Heights, MN residents, Ron Lundquist can help any type of business file for bankruptcy. While Chapter 11 is designed to help large organizations reorganize or repay their debts, filing for this type of bankruptcy isn’t typically suitable for smaller businesses.
Sole proprietorships, partnerships, and other small business organizations typically file for Chapter 7 or Chapter 13 bankruptcy based on their finances and needs. If you’re a small business owner who has personal and business finances intermingled, your personal property may be at risk if you file for bankruptcy. To protect yourself, working with a business bankruptcy attorney is in your best interest.
Our office will help you understand your filing risk, your filing options, and all of the exemptions you qualify for. We’ll walk beside you throughout the entire bankruptcy process to ensure you get the debt relief you need while protecting as many of your assets as possible.
Request a Free Consultation for Business or Personal Bankruptcy
If you’re considering filing for bankruptcy and are ready to learn more about your debt relief options, don’t hesitate to get in touch with the Law Office of Ron Lundquist for help. Please give us a call today at 651-454-0007 or request a free bankruptcy consultation online to get started.