Minnesota Bankruptcy Code

The Minnesota Bankruptcy Code is a set of laws that govern how individuals and businesses in Minnesota can legally resolve debts they cannot pay. It provides structured options, such as Chapter 7 for liquidation or Chapter 13 for repayment plans, to help manage or eliminate debts while protecting certain assets. The goal is to give debtors a fresh start while ensuring creditors are treated fairly. The law also details the process for filing, qualifying, and how assets are handled during bankruptcy proceedings, aiming for an organized and equitable resolution to financial distress.