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Minnesota Bankruptcy Laws

Minnesota laws on bankruptcy are no different from most of the United States of America states in that they follow the federal codes that are generalized; but just as the other states in the country Minnesota has the ability to modify the application of the code. The state statutes come in handy when modifying the procedures undertaken  filing a bankruptcy petition and also when establishing the value of certain exemptions when the bankruptcy established chooses to use the straight bankruptcy method to discharge the debts. The state doesn’t give full redemption on all debts and in the event that the exceptions are exceeded the extras are liquidated and proceeds used to cover the due of creditors.

Filing a bankruptcy petition is normally done voluntary by the debtor, though in some cases the creditor may force the debtor to bankruptcy involuntarily. When filing for the petition, the debtors are required to first take the means test to ascertain the application of odes in the case. The debtors are also required to provide financial statements, documentation of assets owned, liabilities, list of creditors and other financial documents to qualify for bankruptcy. Once the petition has been issued, the bankruptcy courts prevent the creditors from taking any action towards collection of their debts.


Minnesota Bankruptcy Exemptions:

There are a number of exemptions that one will enjoy in the Minnesota area depending on the category the petition is filed under.Chapter 7 which covers most personal debts is the major code utilized in the bankruptcy cases. The state of Minnesota has both state and federal exemptions and the residents can utilize both as long as they follow the state procedures. Exemptions awarded in the area might also be based on the type of homestead and family, such as an agricultural or real estate homestead exemption and the number of dependants that one may have.


Minnesota Chapter 7 Bankruptcy Laws:

Under the 2005 statute, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), all the requirements to file for chapter 7 bankruptcy still in place. Minnesota chapter 7 bankruptcy laws has not changed.  You still need to qualify and pass the means test for chapter 7.


Minnesota Chapter 13 Bankruptcy Laws:

Similar the other States, Minnesota chapter 13 bankruptcy laws allows you to repay your debt in some cases with very low interest rates. bankruptcy laws in Minnesota also protects most of the assets while a repayment plan is in place. Very important to keep up with the repayment plan. If failed to do so, the court may dismiss the case.


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