Consumer Bankruptcy

Your Top Rated Local® Edina Bankruptcy Law Firm

At MLG Legal, our team of debt relief and bankruptcy attorneys is here to help. Whether you’re in need of an experienced lawyer to quickly file for bankruptcy and assist with repossessions or foreclosure, or you are still in the early stages and would like to consider which debt relief options are available that would allow you to avoid bankruptcy, our team has plenty of experience and expertise in each arena. We take the time to get to know each one of our clients and your specific situation so that we can move forward in the way that is best for you. Whether that means filing for a chapter 7 bankruptcy, chapter 13 bankruptcy, or utilizing other debt relief solutions, our legal team is here to guide you every step of the way. 

Are you ready to speak to an experienced Edina bankruptcy lawyer? Contact the team at MLG Legal today, so you can start looking to a brighter future tomorrow. 

Why Choose MLG Legal as Your Bankruptcy and Debt Relief Attorney?

  • We can assist you with filing for bankruptcy or with utilizing other debt relief solutions to avoid bankruptcy
  •  We understand that no two situations are alike and take a personalized approach when handling each case
  • Our team has the experience necessary to understand the law, the court system, and how to be efficient in our filings
  • We can help with stopping collection calls, foreclosure defense, negotiating with your lenders, preventing repossessions, and more
  • We can assist you no matter where you are in the bankruptcy process

Searching for an Alternative to Bankruptcy

If you would like to avoid filing for bankruptcy and discuss debt-relief alternatives like loan modification and lease negotiations, our Edina lawyers can help. Bankruptcy is an option that can allow you to start over financially with a clean slate, but it is not the best solution for everyone. At MLG Legal, our debt relief attorneys can help you discover alternative solutions that will help you get your finances in order. Contact our office in Edina today to learn more.

Stop Collection Calls
Prevent Auto Repossession
Protect Your Assets
Get Back on Your Feet

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also known as liquidation bankruptcy. In order to file for this type of bankruptcy, your income and expenses have to be analyzed to determine whether or not you have the means to repay your debt with your current income. In most cases, when filing for chapter 7 bankruptcy, the court will issue an automatic stay that will prevent creditors from collecting and garnishing wages. Chapter 7 bankruptcy may be a viable option to allow you to start over with a clean slate. Contact our legal team today to learn more about the eligibility requirements to file for chapter 7 bankruptcy in Minnesota.

The Benefits of Chapter 7 Bankruptcy

  • Most unsecured debts can be discharged including department store cards, credit cards, utility bills, medical bills, payday loans, and some personal loans.
  • Your debt can be discharged in as little as ninety days.
  • Will stop collection activity including garnishments, levies, foreclosures, and repossessions.
  • Many individuals are able to keep their home and car.

Consult with our Edina bankruptcy attorneys today to find out if you’re eligible to file for chapter 7 bankruptcy.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a repayment plan. This type of bankruptcy requires you to pay back some of your debt over a three- to five-year period. Your payments are based on what you are able to pay and after the payback period is over, the remainder of your unsecured debt is eliminated. Chapter 13 bankruptcy can be used to prevent foreclosure, pay back taxes, stop interest from accruing, and is an option that allows you to start working towards a brighter, debt-free future. If you exceed the income requirements to file for a chapter 7 bankruptcy and have a regular source of income that will allow you to make payments on a chapter 13 bankruptcy repayment plan, it may be the right choice for you. Learn more about chapter 13 bankruptcy from the legal team at MLG Legal.

The Benefits of Chapter 13 Bankruptcy

  • Your repayment plan is based on your income and what you can afford to pay.
  • After your repayment period ends, the remainder of your unsecured debt is eliminated tax-free.
  • You likely won’t lose any assets, whether they are exempt or non-exempt.
  • Chapter 13 bankruptcy helps to prevent foreclosures and repossessions.
  • Collection calls from creditors will cease upon filing.
  • You will have the opportunity to get out from underneath your debt and build a better future.

Schedule a consultation with our Edina bankruptcy attorneys today to learn if you are eligible to file for chapter 13 bankruptcy.

Debt Relief

There are more ways than one to achieve debt relief. From debt consolidation to debt settlement, for some individuals, these may be more beneficial options compared to filing for bankruptcy. Depending on the amount and type of debt that you owe, our Edina debt relief lawyers may be able to help you navigate the world of debt relief and get you on your way to a brighter financial future. Schedule a consultation today to learn more.

Loan Modification

If you are struggling with a loan or mortgage, but have not yet reached the point where bankruptcy is your only option, a loan modification may be an amicable solution. Our Edina attorneys may be able to help you lower your monthly payments and even get a better interest rate on your loan depending on your specific situation. 

Learn more today about how loan modification may be able to help you avoid bankruptcy.

Lease Negotiation

Another option that may allow you to avoid bankruptcy while addressing your financial situation is lease negotiation. At MLG Legal, our Edina lawyers are here to assist you every step of the way through lease negotiation and any other debt relief solutions that will help you to move forward in a positive direction financially. Contact our team today and ask us about how lease negotiation may help get you back on the right track.

Consumer Bankruptcy Frequently Asked Questions

This answer varies depending on your particular situation, but in most cases, you can keep your home even after filing for bankruptcy if you are able to pay the monthly mortgage payments, insurance, taxes, and other costs associated with the home. ases where people own more than one property may be more complicated. Each situation varies but it is possible to keep your home after filing for bankruptcy for many people.

Generally, if you are able to keep up with your monthly loan payments after filing for bankruptcy then you can keep your car.

You may notice an initial drop in your credit score after filing for bankruptcy. On average, people experience a decrease of 75–100 points after filing for bankruptcy. However, this is often temporary, and you’re likely to see an increase in your credit score down the road.

This depends on what type of loan you are applying for. Those who file for bankruptcy shouldn’t have a problem being approved for credit cards and some creditors will even extend auto loans. However, your interest rates will likely be higher.

No. In most cases, you will be able to keep all of your assets. Contact us to review your assets and determine if you are at risk to lose any of your assets.

When deciding to file for bankruptcy there are many factors that go into deciding whether to file a chapter 7 or 13, including your income, equity in your home, assets and more. The bankruptcy law team from MLG Legal can help you determine which type of bankruptcy will fit your needs best.

The experienced bankruptcy attorneys at MLG Legal can help you determine which type of bankruptcy is your best option.

If you are struggling financially but do not want to file for bankruptcy, there may be other solutions. Debt relief, loan modification, and lease negotiation are all options that help many people get back on their feet without having to file for bankruptcy. The team at MLG Legal can help you discover your options and determine which is best for you.

Probably. In most cases, when you file for bankruptcy, the court will issue an automatic stay which requires creditors to stop collecting. However, each situation is different and just because a repossession or foreclosure is stopped does not mean that it is in your best interest to keep your property or that you will be able to.

To learn more about stopping a foreclosure or repossession, contact the bankruptcy lawyers at MLG Legal today.