Minneapolis Chapter 7 Bankruptcy
Minneapolis Chapter 7 bankruptcy wipes out dischargeable debt completely. About 70% of Minnesota bankruptcy cases are Chapter 7 cases. Almost all of the remaining 30% are Chapter 13 cases.
I can tell after our initial consultation whether you qualify for Chapter 7 or not. Most clients qualify.
To determine if a client qualifies we look at 5 important issues:
1. Your monthly budget (income and expenses). There are two ways your budget is analyzed. One is the Means Test, which looks at your income over the past six months and then compares that income to a houshold of your size in Minnesota. Most clients pass the means test easily. The second budget analysis concerns your specific income and your specific expenses and whether your budget qualifies you to file Chapter 7.
2 Assets. We inventory and value your assets. Assets are valued in many ways, depending on what the asset is. For real estate we generally go with the property tax value, or other tools that are available. For autos we will look to NADA or the Kelley Blue Book. For other items of personal property we will look at craigslist or e-bay. We then protect these assets by using the exemptions that Minnesota bankruptcy law and federal bankruptcy law allow.
3. Creditor issues. We will examine your debt. I will look at your bills and we will pull a credit report at no charge to you. I generally recommend clients get a free credit report from annualcreditreport.com. We often do this in the office during the initial consultation. We can determine how each of your creditors will be effected by your bankruptcy case. Most debt – such as credit card debt, medical bills, lines of credit, ready reserves, unsecured loans, repossession and second mortgage deficiencies, payday loans, internet loans can be wiped out. Taxes and student loans and child support debt generally cannot be wiped out, though there are some exceptions.
4. Transactional Issues. We analyze whether there have been preferences (payments to insiders or other creditors outside the normal course of business) or fraudulent conveyances (wrongfully selling or giving away an asset). It is rare that these present issues for clients but its important to NOT engage in such activity unless advised to do so by a knowledgable Minnesota bankruptcy attorney.
5. Timing. We will analyze when your case will be filed. Sometimes a client has to wait because they don’t pass the means test. More often we will fast-track a bankruptcy case to be filed if the client is facing garnishment or some other legal action.
For the quality of service, knowledge of the law, experience, and client attention no attorney will give you more bang for your buck.
I am recognized as a debt relief agency, and provide bankruptcy relief using the laws of the State of Minnesota and the United States Bankruptcy Code.
Together we can get you back in charge of your finances.
CALL ME OR EMAIL ME TODAY!
My phone numbers are 651-454-0007
My email is firstname.lastname@example.org
Learn More about the Minneapolis Bankruptcy Process
- Initial Consultation : What you should expect when you first meet with me.
- Bankruptcy Alternatives : Learn more about your options.
- Bankruptcy Reform : Learn how the Bankruptcy Laws in Minnesota change.
- Chapter 13 Bankruptcy : Specifics about Minneapolis Chapter 13 bankruptcy.
- Attorney Rating : Make sure your attorney comes highly recommended.