Understand the Key Facts About Bankruptcy in Minnesota

For more than three decades, Prescott Pearson & Tande, PA, has been helping people get debt relief. As the busiest bankruptcy lawyers in the Twin Cities, we have served clients from all walks of life and professions.

Many people come to us with questions about bankruptcy, and quite a few have misconceptions about the process. If you need answers and guidance, contact an attorney from our firm. We offer free initial consultations, and we're here to help.

Understanding Bankruptcy and the Process

Some of the key facts about bankruptcy in Minnesota include the following:

  • You can keep most or all of your property — Our bankruptcy laws allow filers to exempt certain property, keeping it out of the reach of the bankruptcy trustee and creditors.
  • Filing bankruptcy stops foreclosure, repossession, garnishment and collection actions — The minute we file your bankruptcy petition, the threat of foreclosure, repossession and garnishment stops. Collection lawsuits will stop as well.
  • When you hire us, creditor harassment can stop — We will notify your creditors that our firm is representing you. If a creditor or collection agency does call, simply refer them to our office. You can focus on living your life again.
  • Your involvement in the process can be kept to a minimum — After you provide information concerning your assets, debts and income to us, our firm will handle all aspects of your case. You will have to complete a 30- to 60-minute credit counseling course (usually over the Internet or by phone), and you will also have to appear at a trustee hearing. Prescott Pearson & Tande, PA, will do the rest.
  • You can get debt relief within a few months — When you hire us, we will develop a debt relief plan tailored to your needs. A Chapter 7 bankruptcy can be resolved within three to five months, after which your unsecured debts will be discharged completely. With a Chapter 13 bankruptcy, some debts may be reduced in that same time frame, and you will gradually pay off a portion of remaining debts over the course of your three- to five-year repayment plan.
  • You can rebuild your credit — With a Chapter 13 bankruptcy, your credit begins to improve almost immediately, by making your monthly payments. In about a year or so, you may even be able to buy a house. Chapter 7 filers may be able to buy a car within weeks or months after the trustee hearing.
  • Bankruptcy is about rehabilitation, not punishment — The bankruptcy system was established to help people get a fresh financial start, not to punish them for getting into debt. Prescott Pearson & Tande, PA, will be with you throughout the process. We want to achieve a solution that enables you to move forward in your life with confidence.

"This Is All We Do, and We Do It Well."

Call for a Free Consultation Today

  • Minneapolis-St. Paul Area: 651-968-8096
  • Minnesota Toll Free: 888-366-0827

Consultations are free at Prescott Pearson & Tande, PA Call or contact us online today to learn more about your debt relief options, including Chapter 7 and Chapter 13. Our bankruptcy attorneys offer quality services and competitive rates.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.