Q:  Will I lose everything?

A:  No. The majority of filers do not lose anything. However, filers with significant assets exceeding available exemptions may lose property.  All filers are allowed exemptions which can be applied to their property.  In Minnesota, you can file using exemptions from the United States Code or the Minnesota State Statutes.  The Federal Code is used most often because it protects a variety of property more broadly.  Any property whose value exceeds available exemptions becomes property of the bankruptcy estate and may be distributed to creditors. A settlement offer may be accepted in place of the property.

Each case is unique and requires individual attention. Call today for a free attorney consultation 651-704-9600.