Minnesota Bankruptcy Law Center

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Minnesota Bankruptcy Law Center

Ron Lundquist has practiced bankruptcy law with understanding, compassion, and no judgment since 1999. Ron has represented many clients in Chapter 7 and Chapter 13 bankruptcy with great success. Call Ron today at 651-454-0007!

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This lawyer is licensed to practice in Minnesota and has no record of discipline from the Minnesota bar association. *

Minnesota Bankruptcy Law Center

Minnesota Bankruptcy Law Center

check_circle Open for Business
check_circle Offers Video Calls

Ron Lundquist has practiced bankruptcy law with understanding, compassion, and no judgment since 1999. Ron has represented many clients in Chapter 7 and Chapter 13 bankruptcy with great success. Call Ron today at 651-454-0007!

check_circle

This lawyer is licensed to practice in Minnesota and has no record of discipline from the Minnesota bar association. *

Firm Overview

Ron Lundquist has practiced bankruptcy law with understanding, compassion, and no judgment since 1999. Ron is a debt relief agency, and provides bankruptcy relief under the federal code.

Ron has represented many clients in Chapter 7 and Chapter 13 bankruptcy with great success.
Call Ron today at 651-454-0007!

Ron files Chapter 7 and Chapter 13 bankruptcy cases for his clients.

Ron analyzes five issues for clients to see what case is best for them.

The five issues are:

1. ASSETS: Ron will help list and value your assets. It is required to list all assets in a bankruptcy case.

Most clients do not lose any property whatsoever when they file bankruptcy. This is because the law provides exemption categories to protect property. These exemptions are generous and generally allow most clients to keep 100% of what they own.

2. CREDITORS: What kind of debt does the client have? Debt is either secured or unsecured.

Secured debt examples are house and car, debt in which the lender can repossess or foreclose if payments are not made. As long as a client stays current on these payments they will keep their house and car.

Unsecured debt examples are typically credit cards, lines of credit, tax debt, medical bills, student loans, utility bills, and most other kinds of debt. This type of debt is generally wiped out in bankruptcy, except for student loans, and most tax debt.

3.INCOME AND EXPENSES: Income and expenses are important in bankruptcy cases. There are income guidelines to qualify for Chapter 7 bankruptcy. Sometimes a client makes too much income and then files Chapter 13 bankruptcy instead.

4. TRANSACTIONAL ISSUES: There are 2 of these, the preference and the fraudulent conveyance.
A preference is when a client pays money they owe to a friend or relative within one year before their bankruptcy case is filed. This is not a good thing. This opens up the recipient to being pursued by a Chapter 7 bankruptcy trustee for the amount paid to them. Usually a preference is not a problem in a Chapter 13 bankruptcy case.
A fraudulent conveyance is when a client sells, transfers, or gives away an asset for less than fair market value before filing bankruptcy. This is also not a good thing. In Chapter 7 the trustee will pursue the recipient of the exchange to obtain fair market value, depending on when the transfer happened. Usually a fraudulent conveyance is not a problem in a Chapter 13 bankruptcy case.

5. TIMING: When should the client's case be filed? For some clients a case should be filed immediately. For other clients it is wise to wait, depending on the facts of the case.

Ron Lundquist is highly experienced at analyzing these issues to arrive at the best answer for his clients.

What is Chapter 7 bankruptcy and what is Chapter 13 bankruptcy? Depending on the facts one case may be better for a client than the other case.

CHAPTER 7: Generally discharges most unsecured debt without any paying anything back. Chapter 7 qualification must be analyzed carefully , the Chapter7 world is generally a more aggressive world than the Chapter 13 world. That being said, most Chapter 7 cases are completed successfully.

CHAPTER 13: Chapter 13 is a repayment bankruptcy, generally consolidating all unsecured debt into one payment. Usually the payment is based on the client's ability to pay. Most Chapter 13 clients pay just a part of unsecured debt back, and the rest is wiped out when the case is completed.

There are also specific reasons a client files Chapter 13 as opposed to Chapter 7, since Chapter 13 is more flexible and is designed for specific purposes:

1. The client has disposable income, and does not qualify for Chapter 7.

2. The client has assets that would be lost in Chapter 7. If a client has assets that are nonexempt in a Chapter 7 case, the client can keep the assets as long as the best interests of the creditors test is satisfied, which requires the payback in Chapter 13 to unsecured creditors of an amount at least equal to the value of the non-exempt assets.

3. The client has debt that will not be discharged in Chapter 7. Many clients file Chapter 13 to pay back nondischargeable debt, such as income taxes or child support.

4. Foreclosure or repossession is looming: Chapter 13 allows a debtor to repay past due payments in order to save a home from foreclosure, or a car from repossession.

5. Client preference. Some clients prefer to repay a portion of their debts, if possible.

6. The client may be ineligible for Chapter 7, but eligible to file Chapter 13. If you filed Chapter 7 less than 8 years ago you can't file Chapter 7 again, but if it has been at least 4 years since you filed Chapter 7 you can file Chapter 13.

Call Ron Lundquist today at 651-454-0007 and he can guide with you with understanding through the bankruptcy process.


Main Office

Lundquist Law Firm
3470 Washington Drive
Suite 214
Eagan, MN 55122

Phone

651-454-0007

Fees
Office Information
Office Hours

Monday - Saturday 9 AM - 6 PM

Minnesota Bankruptcy Law Center
Ronald Lundquist

Minnesota Bankruptcy Law Center
Ronald Lundquist

Firm Overview

Ron Lundquist has practiced bankruptcy law with understanding, compassion, and no judgment since 1999. Ron is a debt relief agency, and provides bankruptcy relief under the federal code.

Ron has represented many clients in Chapter 7 and Chapter 13 bankruptcy with great success.
Call Ron today at 651-454-0007!

Ron files Chapter 7 and Chapter 13 bankruptcy cases for his clients.

Ron analyzes five issues for clients to see what case is best for them.

The five issues are:

1. ASSETS: Ron will help list and value your assets. It is required to list all assets in a bankruptcy case.

Most clients do not lose any property whatsoever when they file bankruptcy. This is because the law provides exemption categories to protect property. These exemptions are generous and generally allow most clients to keep 100% of what they own.

2. CREDITORS: What kind of debt does the client have? Debt is either secured or unsecured.

Secured debt examples are house and car, debt in which the lender can repossess or foreclose if payments are not made. As long as a client stays current on these payments they will keep their house and car.

Unsecured debt examples are typically credit cards, lines of credit, tax debt, medical bills, student loans, utility bills, and most other kinds of debt. This type of debt is generally wiped out in bankruptcy, except for student loans, and most tax debt.

3.INCOME AND EXPENSES: Income and expenses are important in bankruptcy cases. There are income guidelines to qualify for Chapter 7 bankruptcy. Sometimes a client makes too much income and then files Chapter 13 bankruptcy instead.

4. TRANSACTIONAL ISSUES: There are 2 of these, the preference and the fraudulent conveyance.
A preference is when a client pays money they owe to a friend or relative within one year before their bankruptcy case is filed. This is not a good thing. This opens up the recipient to being pursued by a Chapter 7 bankruptcy trustee for the amount paid to them. Usually a preference is not a problem in a Chapter 13 bankruptcy case.
A fraudulent conveyance is when a client sells, transfers, or gives away an asset for less than fair market value before filing bankruptcy. This is also not a good thing. In Chapter 7 the trustee will pursue the recipient of the exchange to obtain fair market value, depending on when the transfer happened. Usually a fraudulent conveyance is not a problem in a Chapter 13 bankruptcy case.

5. TIMING: When should the client's case be filed? For some clients a case should be filed immediately. For other clients it is wise to wait, depending on the facts of the case.

Ron Lundquist is highly experienced at analyzing these issues to arrive at the best answer for his clients.

What is Chapter 7 bankruptcy and what is Chapter 13 bankruptcy? Depending on the facts one case may be better for a client than the other case.

CHAPTER 7: Generally discharges most unsecured debt without any paying anything back. Chapter 7 qualification must be analyzed carefully , the Chapter7 world is generally a more aggressive world than the Chapter 13 world. That being said, most Chapter 7 cases are completed successfully.

CHAPTER 13: Chapter 13 is a repayment bankruptcy, generally consolidating all unsecured debt into one payment. Usually the payment is based on the client's ability to pay. Most Chapter 13 clients pay just a part of unsecured debt back, and the rest is wiped out when the case is completed.

There are also specific reasons a client files Chapter 13 as opposed to Chapter 7, since Chapter 13 is more flexible and is designed for specific purposes:

1. The client has disposable income, and does not qualify for Chapter 7.

2. The client has assets that would be lost in Chapter 7. If a client has assets that are nonexempt in a Chapter 7 case, the client can keep the assets as long as the best interests of the creditors test is satisfied, which requires the payback in Chapter 13 to unsecured creditors of an amount at least equal to the value of the non-exempt assets.

3. The client has debt that will not be discharged in Chapter 7. Many clients file Chapter 13 to pay back nondischargeable debt, such as income taxes or child support.

4. Foreclosure or repossession is looming: Chapter 13 allows a debtor to repay past due payments in order to save a home from foreclosure, or a car from repossession.

5. Client preference. Some clients prefer to repay a portion of their debts, if possible.

6. The client may be ineligible for Chapter 7, but eligible to file Chapter 13. If you filed Chapter 7 less than 8 years ago you can't file Chapter 7 again, but if it has been at least 4 years since you filed Chapter 7 you can file Chapter 13.

Call Ron Lundquist today at 651-454-0007 and he can guide with you with understanding through the bankruptcy process.


Main Office

Lundquist Law Firm
3470 Washington Drive
Suite 214
Eagan, MN 55122

Phone

651-454-0007

Fees
Office Information
Office Hours

Monday - Saturday 9 AM - 6 PM

Minnesota Bankruptcy Law Center
Ronald Lundquist

Minnesota Bankruptcy Law Center
Ronald Lundquist

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This lawyer is licensed to practice in Minnesota and has no record of discipline from the Minnesota bar association. *

* Nolo has confirmed that every member attorney has a valid license and is in good standing with the state agency that licenses lawyers. Any past disbarments and suspensions (with possible exceptions for minor violations or nonpayment of dues, in our discretion) will be indicated accordingly in the badge. Member attorneys are required to notify Nolo immediately if they become the subject of any disciplinary action by any state licensing agency.

Contact Us

check_circle

This lawyer is licensed to practice in Minnesota and has no record of discipline from the Minnesota bar association. *

* Nolo has confirmed that every member attorney has a valid license and is in good standing with the state agency that licenses lawyers. Any past disbarments and suspensions (with possible exceptions for minor violations or nonpayment of dues, in our discretion) will be indicated accordingly in the badge. Member attorneys are required to notify Nolo immediately if they become the subject of any disciplinary action by any state licensing agency.