Patrick Burns Interviewed By Pioneer Press On Bankruptcy Filings In Minnesota
Released: January 12, 2011
Twin Cities attorney Patrick Burns was quoted extensively in the St. Paul Pioneer Press on January 4 regarding the evolving financial profiles of bankruptcy filers. A few years ago, the typical consumer bankruptcy was likely to involve extensive credit card debt. Today, in the wake of the Great Recession, high unemployment and depressed real estate values have led many people with significant assets to consider bankruptcy.
In his interview with the Pioneer Press, Mr. Burns explained how filing for bankruptcy can, in some cases, be a sound strategic choice for people dealing with a heavy mortgage debt load. For example, suppose a couple bought a house for a half-million dollars and also took out a second mortgage on it when real estate values were rising. But now, after the market slide, it may be worth $200,000 less than that. In circumstances such as this, letting the home go into foreclosure and filing for bankruptcy to clear up the second mortgage may make good financial sense.
Helping clients make decisions like this and taking appropriate action to implement them is what the law firm of Burns & Hansen, P.A., does best. Based in Minneapolis, the firm serves clients in Hennepin County, across the Minneapolis – St. Paul area, and throughout Minnesota. In addition to debt relief and foreclosure, the firm’s versatile practice includes business law and litigation, real estate, estate planning, family law and civil lawsuits, as well as appeals. Clients include individuals, families and small to midsized businesses.