The Twin Cities’ Most Trusted Bankruptcy Lawyer for Veterans
Are you a veteran living with an overwhelming amount of personal debt? Are you struggling to make regular payments toward loans, credit cards, and other lines of credit? Then it may be time to consider filing for Chapter 7 or Chapter 13 bankruptcy.
When you need an experienced, knowledgeable, and compassionate bankruptcy lawyer you can trust, look no further than the Law Office of Ron Lundquist in Eagan, Minnesota. As one of the foremost bankruptcy attorneys in the Minneapolis-St. Paul metro, our office has assisted Twin Cities veterans with their debt relief needs for more than 20 years.
We offer free consultations to help you decide if filing for bankruptcy is in your best interest, so don’t hesitate to reach out to our team to learn more about all of your debt relief options.
Chapter 7 Bankruptcy Attorney for Twin Cities Veterans
Also known as liquidation bankruptcy, Chapter 7 bankruptcy is an option for veterans who cannot afford to pay back their debts because their monthly income is insufficient to do so.
While this type of bankruptcy may involve liquidation of certain assets in some cases, most people who file for Chapter 7 end up keeping all of their property because they qualify for exemptions.
To be eligible to file for Chapter 7, you must take and pass a means test, which evaluates your income and weighs it against the median income in Minnesota. If you pass, you automatically qualify to file, and when your bankruptcy case is discharged, all of your existing dischargeable debts will be forgiven.
Chapter 13 Bankruptcy Lawyer for Financially Distressed Veterans
Chapter 13 bankruptcy is an option for Twin Cities veterans who have sufficient income to repay either a percentage or all of their debt but need a manageable payment plan to do so.
When you file for Chapter 13, your bankruptcy attorney will develop a proposed three- to five-year repayment plan based on your budget. That plan won’t necessarily require you to pay back all of your debt since it’s based on what you can afford. If you can only afford to pay back 10% of what you owe, that’s what you’ll end up paying.
At your hearing, your lawyer will present the plan to your bankruptcy trustee and creditors, and if it’s accepted without dispute, you’ll then agree to make payments toward your debt. When your repayment plan reaches its term, any remaining dischargeable debts will be wiped out.
Twin Cities Business Bankruptcy Attorney
If you own a small business and weren’t careful about how you structured things financially, your personal finances may be entangled with your business finances. And if you end up needing to file for bankruptcy because your business is struggling, it’s imperative you understand what’s at risk.
Only a knowledgeable Twin Cities business bankruptcy attorney can assess your level of risk and make the most appropriate debt relief recommendation for your situation. Whether you end up needing to file for Chapter 7, Chapter 13, or Chapter 11 business bankruptcy, working with an experienced lawyer is the best way to ensure the process goes as smoothly as possible.
Schedule a Free Bankruptcy Consultation in Eagan, MN
If you’re considering filing for bankruptcy, the Law Office of Ron Lunquist can help you get the debt relief you deserve. We understand bankruptcy is a last resort and promise to walk you through each step in the filing process with compassion and respect.
To learn more about your debt-relief options, feel free to give our office a call at 651-454-0007 or request a free bankruptcy consultation with our team, and we’ll reach out to get you scheduled.