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You are ready to make the commitment to get your financial life back together. You are ready to file a Chapter 13 bankruptcy in Minnesota. You understand that getting a Chapter 13 bankruptcy discharge takes time and may not occur for years. However, do you know what to expect in the short term? What Happens and When in the Weeks Following a Chapter 13 Bankruptcy Filing Once you decide to file for Chapter 13 and you have completed the requisite counseling, the first thing you will do is file a bankruptcy petition in Bankruptcy Court. That begins the bankruptcy process and, after that, you can expect that approximately: 15 days after filing you will have been required to file all of your schedules and your proposed repayment plan. Often, your Minneapolis bankruptcy attorney will file these together with your bankruptcy petition. Additionally, the Court will mail the Commencement of Case to you that will notify you, and your creditors, about the date for the creditors meeting 30 days after filing you will need to make your first payment pursuant to your repayment plan. 45 days after filing your Meeting of Creditors will occur. The court appointed trustee will conduct the meeting and provide your creditors with the opportunity to ask you questions. Your attorney may be present. Most creditors do not attend this meeting. However, as the debtor, you are required to attend. After the Meeting of Creditors, creditors have the right to object to your [...]
You work hard every day to make the money that you need for your family. Some days it seems like all you do is work. Yet, when you sit down at the end of the month to pay your bills there is still not enough money to cover all of your expenses. The stress can be overwhelming. You may feel like you have few, if any, options. You can’t work any harder than you do, and you don’t see any expenses that can be reasonably reduced. Yet, you may not be without choices. There may be a way for you to lower your debt, and thereby your monthly expenses so that you have enough money to pay your bills at the end of each month. That option may be a Chapter 13 bankruptcy. Why Chapter 13 Bankruptcy May be a Good Option for Some Minnesota Debtors You can’t continue to live with the stress of being unable to pay your bills each month. The law recognizes that sometimes people, who earn a regular income, or wage earners, need help. Accordingly, Chapter 13 of the U.S. Bankruptcy Code allows wage earners to file for bankruptcy protection. A Chapter 13 bankruptcy allows a wage earner to create a repayment plan to deal with outstanding debts. As a wage earner you, together with your Minneapolis bankruptcy attorney, will create a repayment plan. Once that plan is approved by the court, you will pay your debts according to the [...]
You have suffered enough financial stress. You work hard at your job, only to find that there is not enough money to pay your bills at the end of the month. You can’t keep living like this, but you aren’t sure how to get out of this mess. The creditors who continuously call you aren’t giving you any advice; they just want to be paid. Yet, you are not alone and you are not without options. You just need to know where to turn and how to get the help you need if you are having financial problems in Minnesota. Hennepin County Bankruptcy Lawyer Provides Free Advice for You Our Minneapolis St. Paul Chapter 13 bankruptcy lawyers understand that you can’t decide what to do about your financial situation until you have all the facts about your rights. We believe that everyone should have access to this information as they plan their future. Accordingly, if you are having trouble paying your monthly bills and you have a regular income, we encourage you to contact us for a free consultation. We will not charge you nor will you feel pressured to hire us. Instead, we want to learn about your financial situation and give you accurate information about your Chapter 13 bankruptcy rights in Minnesota. If Chapter 13 is not right for you, then we will tell you that and suggest other ways that you may relieve your financial burden. Contact a Hennepin County Bankruptcy Attorney Today For More Information You [...]
It doesn't seem fair that creditors in Minnesota can take away the little money you have. Clearly, you are in a bad way financially, yet a creditor has forced their way into your affairs, and is now taking the money that you need to survive. Many wonder if this type of legal action is allowed in Minnesota. Sadly, it is. Creditors Can Legally Take Money Directly From Your Checking Account Unfortunately, when creditors threaten wage garnishment they often follow through. In Minnesota it is legal and common for creditors to obtain a court judgment and seize up to 25% of your income. This means that you may be losing the money that you need to: Pay your mortgage Buy groceries Make your car payment Buy gas Pay your utilities Adding insult to injury, it is possible that you will only know that your money has been taken after the fact. Too often this leads to bounced checks and overdraft fees. You may have decided to give in to the garnishment, not knowing that there is legal help available to you. Do not be embarrassed. You have gotten behind on your bills; perhaps you have lost your job, gotten a divorce or are over your head in day-to-day debt. You are not alone and you have nothing to be embarrassed about. Reaching out for help is the first step toward taking control of your life. Stopping Wage Garnishment May be Easier Than You Think While nobody wants to go through [...]
Home foreclosure. These words strike fear in the hearts of families across our state. As you struggle to pay the bills, the thought of filing for bankruptcy or losing your home can make you feel like a failure. You feel like you have failed to provide for your family, to keep the home you love. But as experienced Minnesota bankruptcy lawyers, we don't see it that way. Bad things happen to good people. Hardworking, dedicated employees are laid off. A loving family, trying to do their best to stay afloat, find themselves buried in credit card debt, unable to make payments on the cards, or their home. While you have thought about bankruptcy, you have not been able to speak the word, to let others know just how desperate your situation is, how you have failed to support yourself, your family. You have not failed. Bankruptcy is Not a Failure - It is Your Chance at a Fresh Start We know that the creditors are making your life a living hell, making you feel that you have failed to meet your obligations, failed to fulfill a promise. Your financial situation is dire, but it is not about failing or succeeding; it's about doing the right thing, right now. Filing for Chapter 7 or Chapter 13 bankruptcy in Minnesota is not admitting defeat, not a failure. It's making the decision to take control of your destiny, get your life back and save your home. Making that decision is difficult, and it [...]
Struggling with debt is one of the most stressful things that can happen to you. For many people, it affects their health, their family relationships and their future. There is an understandable tendency to sweep the financial problems under the rug, to keep living with the daily stress and not to address the problem for fear of what will happen. Our Minnesota bankruptcy lawyers understand that fear and don’t want you to suffer unnecessarily. You may have options available to you that have advantages you hadn’t previously considered. Possible Benefits of Chapter 7 Bankruptcy People who file Chapter 7 bankruptcy in Minnesota often benefit because: Creditor Calls Cease. Once the petition has been filed, creditors are usually prohibited from contacting you directly. The calls to you and your family will stop, and the creditors’ attempts to recover money will go through your Minnesota bankruptcy attorney and the court. Resolutions are Fairly Quick and Certain. Chapter 7 bankruptcy cases are often resolved more quickly than other types of bankruptcy cases, since no reorganization plans needs to be negotiated or fulfilled. Additionally, since Chapter 7 cases are settled with the use of non-exempt property and not reorganization negotiations, your Minnesota Chapter 7 bankruptcy lawyer can counsel you on what the consequences of a Chapter 7 bankruptcy will be prior to your filing. You Can Get a Fresh Start. Bankruptcy is meant to provide honest people with a fresh financial start. Contact an Experienced Minnesota Bankruptcy Attorney to Learn More [...]
You know that it’s time to do something about the crushing debt that has seemingly taken over every aspect of your life. You’ve been thinking about talking to a Minnesota bankruptcy lawyer about your legal options. You are interested in the relief and fresh start that can be obtained through a Chapter 7 bankruptcy filing, but are you eligible for Chapter 7 relief? Learn how to find out! General Chapter 7 Bankruptcy Eligibility in Minnesota Generally, there are two ways for individuals to qualify for Chapter 7 bankruptcy protection. First, an individual whose monthly income is below the state median income usually qualifies for Chapter 7 protection. For much of 2011, the Federal Bankruptcy Court listed $45,760 as the annual median income for an individual in Minnesota. For a family of two, the annual median income was $61,690, for a family of three the annual median income was $74,082 and for a family of four the annual median income was $85,146. $7,500 is added to the median for every individual in the family after four. If your income is higher than the median amounts in the state, you may still qualify for Chapter 7 relief if your filing is found not be abusive. A bankruptcy filing may be abusive if your monthly income is higher than a certain amount or more than a certain percentage of your non-priority unsecured debt. The Court may listen to special circumstances you and your attorney raise in deciding whether or not a Chapter [...]
One of the first questions often asked of a Minneapolis-St. Paul bankruptcy attorney is: what can I keep if I file for bankruptcy? It is an important question that depends on a number of factors, including what type of bankruptcy you file, what exemptions you choose to use, the value of your property, and other issues. A Minneapolis-St. Paul bankruptcy lawyer will help you make the decisions that are right for you and your family after considering your individual situation. Common Exemptions In Minnesota you have a choice between federal bankruptcy exemptions and state bankruptcy exemptions. You must pick one list or the other. You may not choose some from each list. Federal Exemptions Some of the federal exemptions include the following, up to a certain limit: Equity in your home. Household goods and appliances. Motor vehicle. Tools of your trade. Benefits. Catch-all exemption that lets you choose (up to a limit) which property to keep. Minnesota Exemptions Some of the Minnesota exemptions include the following, up to a certain limit: Family bible, library or musical instruments. A seat or pew in a place of worship and a burial plot. Clothes. Your home and up to 160 acres of land. Wedding rings or other symbols of marriage. These lists are not complete, but rather highlight some of the important exemptions. Additionally, they are subject to change. Thus, it is important to speak with an experienced Minneapolis bankruptcy lawyer before filing a bankruptcy petition. Contact [...]