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Experienced Minnesota Bankruptcy Attorneys

The Minnesota bankruptcy attorneys at Neff Law Firm, P.A., have over 50 years of combined experience helping consumers to make the proper decisions on dealing with their property in Bankruptcy. These skilled bankruptcy lawyers understand the United States Bankruptcy Code and can do an evaluation of all property of a debtor and applicable law before helping the client make a final decision on choice of exemptions. A significant concern is the election on use of exemptions in preparing a bankruptcy, because non-exempt assets may be liquidated to pay off the creditors. These knowledgeable bankruptcy attorneys do a thorough review of all property held by the consumer along with all relevant factors before advising the use of exemptions. In this way, the consumer may proceed forward in the bankruptcy with confidence that they are making the best decision in regard to the bankruptcy under the circumstances.

Effect On Property By Filing Bankruptcy

Want Information On Effect Of Filing Bankruptcy In Minnesota?

When you file for bankruptcy protection, only your non-exempt assets are subject to being liquidated for the benefit of your creditors. Non-exempt assets are those assets for which there is no bankruptcy exemption. It is also possible to have an asset that is only partially exempt. In Minnesota a filing debtor can use either the Federal bankruptcy exemptions or the state and non-bankruptcy federal exemptions to protect certain of his or her assets. For instance, both Federal and Minnesota law provide exemptions for equity in your homestead, equity in your automobile, household goods and furnishings, ERISA qualified pensions, IRAs, 401(k)s and other ERISA qualified retirement plans/programs. A Minnesota bankruptcy attorney from Neff Law Firm, P.A., can discuss with you the types of assets you have and what can be protected and what, if anything might be subject to liquidation in a Chapter 7 bankruptcy proceeding. In some circumstances, if you qualify for a Chapter 13 bankruptcy, you can propose a plan that will provide payment to your creditors and at the same time protect some or all of your non-exempt assets.


How Is Homestead Exemption Used In Bankruptcy?

A homestead is a tax designation for real property that a debtor claims is his or her primary residence. A debtor can only claim a homestead exemption in bankruptcy on real property that is his or her homestead. The homestead exemption cannot be used to protect real property used for commercial, investment, income generation such as rental property, property held for development or recreational property. Non-homestead property generally cannot be protected by any federal or state exemptions.

Homestead in Bankruptcy

What Is Effect Of Filing Bankruptcy On Homestead?

You will not automatically lose your home by filing bankruptcy. If you are current on your mortgage payments and do not have very much equity in your homestead, then it may be unlikely that you will lose your homestead. You do, however, have to have sufficient income to be able to continue to pay your mortgage payments in a timely manner. If you are not current on your mortgage payments, you may be able to cure the default by filing a Chapter 13 bankruptcy, provided you have sufficient regular income to cover your basic monthly expenses, including your mortgage payments going forward, plus an amount sufficient to cure the defaulted mortgage payments over the life of the Chapter 13 plan. Each bankruptcy situation should be evaluated in a thorough manner as to facts and law, so it is advantageous to meet with a knowledgeable Minnesota bankruptcy attorney before making any decision on how to proceed in bankruptcy.

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In my capacity as an investment person I refer people in need of legal assistance with financial difficulties to Neff Law Firm, P.A. where I know the lawyers are very skillful in helping people achieve debt relief. Investment Professional