Forest Lake Bankruptcy Lawyer

Common Questions about Bankruptcy

Understanding how the Protections under the U.S. Bankruptcy Code can Help You.

At Anderson & Associates in Forest Lake, Minnesota, we help people from all over the Twin Cities exercise their rights under the U.S. Bankruptcy Code. While people often think of bankruptcy as “losing everything” bankruptcy laws actually help people going through a difficult financial time protect what is most important to them. To help people who are considering bankruptcy make a good decision, we have a few questions and answers below. For help on your specific situation, please take advantage of a free initial consultation with one of our experienced bankruptcy lawyers.

Can I keep My Car if I File Bankruptcy?

Yes, almost without exception. The two main types of bankruptcy, Chapter 7 and Chapter 13 treat automobiles slightly differently. However, as long as you are current on your car payments, you can keep your car. If you are NOT current on your car payments, the automatic stay will give you time to get caught up as the car will not be repossessed. There are a lot of variables when it comes to the value of the car and what is best for your specific situation. But to provide a short answer, you do not need to worry about losing your car.

Will I lose my Home if I file Bankruptcy?

file bankruptcy keep your house

In most cases, you will not lose your home. There are cases where people use bankruptcy to get away from a home where the mortgage far exceeds the actual value of the home. If you are several months behind on your mortgage payment, and the bank is looking at foreclosure or a sheriff sale, filling bankruptcy will stop that process. However, if the home is simply too much for you to afford, our lawyers can help you understand your options of how you can use bankruptcy to help you transition to what is next.

Will I lose my IRA, 401(k) Savings or other Retirement account if I file Bankruptcy?

bankruptcy and retirement accounts

Absolutely not. Your retirement savings is completely and totally safe. Even if you have a considerable amount saved up in your 401(k) or other retirement account, it is still safe. The only thing that makes that money unsafe is if you remove it from the retirement account or borrow against it. Do not make the mistake of tapping into your 401(k) to simply delay the inevitable. So long as you leave the money in your retirement account, your IRA or 401(k) is safe.

Will my Friends, Neighbors and Co-Workers Know if I file Bankruptcy?

bankruptcy and privacy

For all practical purposes, bankruptcy is a completely private process. There is a public record of your bankruptcy hearing, but it is not something that many people would expect to see in their daily lives. There is also a court record with your name, but again, it’s not something that is widely circulated. Your creditors will be informed, as would anyone you co-signed on a loan with. But for most people, the only way anyone finds out you filed bankruptcy is if you tell them.

Do you Have Additional Questions about Bankruptcy? Get them Answered in a Free Consultation.

We can provide answers in a free initial consultation. You can meet with a lawyer about your case in our Forest Lake office, or over the phone. Call (651) 464-8510 or click here to contact us via email.

Contact Us Today

Office Location

Forest Lake, MN Office
1650 11th Avenue SW Suite 203
Forest Lake, MN 55025
Map & Directions

Phone: (651) 464-8510
Toll Free: : (888) 902-8529

1650 11th Ave SW #203,
Forest Lake, MN 55025

Email us Today:
Phone: (651) 464-8510
Fax: (651) 464-8513

Minnesota Bankruptcy Intake FormThe Forest Lake, Minnesota bankruptcy lawyers of Anderson & Associates, L.L.C., represent people from our local area (Hugo, Lindstrom, Chisago City, Wyoming, Lino Lakes, Centerville, Shoreview) as well as Minnesota communities throughout the Twin Cities and greater Minnesota.