Despite what many people think, bankruptcy is a serious thing. It is not something that you should just do on a whim. It is important to thoroughly understand the benefits and drawbacks of the entire process, which is best accomplished by hiring an attorney that specializes in bankruptcies. If you reside in St. Paul, there are quite a few to choose from. Choosing the right Bankruptcy lawyer in St. Paul MN will bring you one step closer to getting a financial do-over.
The first thing to look for is the experience each lawyer has. Some people think that a new lawyer will have fresh eyes and be in on the latest changes to Minnesota and federal laws, but seasoned lawyers must also be current in order to handle the bankruptcies legally in court. It is best to choose a lawyer that has some experience, particularly if you have a more complicated case with a substantial amount of debt that needs to be considered or if you have property that you do not want to have liquidated because you intend to keep it.
When choosing an attorney, think about the assets that you have. If you have a great deal of property or valuables, you should discuss this with the attorneys during your consultation to see which type of bankruptcy would be best for you. For example, if you do not have any property that does not classify as exempt, a Chapter 7 bankruptcy might be better than a Chapter 13. A Chapter 13 is usually chosen when your income exceeds the state maximum or when you have a substantial amount of property that you want to keep.
The Bankruptcy lawyer in St. Paul MN that you choose should be knowledgeable in the bankruptcy laws for both Minnesota and the federal government. Minnesota is one of the states that allow you to choose from the federal or state exemption list. There are differences and the right lawyer will help you figure out which list would be more beneficial to you and the type of bankruptcy that you will need to file based on your income and assets.