Before you begin the process of filing bankruptcy, you’ll need to hire a skilled bankruptcy attorney to go over all the paperwork. Only an attorney can make sure you are protected through this challenging processing. Below are some questions that will come up during our first meeting. I recommend that you write down a list of other questions you may have during our session as well. I am here to answer your questions and help you in any way I can.
1. Do You Qualify for a Chapter 7 Bankruptcy
No matter how much research you do or who you ask, the only way you’ll know for sure if you qualify for bankruptcy is to visit my office and talk to a legal expert. We can review all your records including your debt versus income to see if you qualify. It is essential to know where you stand today in the eyes of the Court and where you will be once you are ready to file.
2. Which Assets are Protected or Exempt?
The state of Minnesota has outlined a list of assets considered to be protected or "exempt" from creditor attachment or seizure. In almost every Chapter 7 case every asset is protected, with room to spare. The same exemption rules apply in Chapter 13, so in almost every case all assets are protected.
3. Are There any Preferential Payment Issues?
A preferential payment is a payment to one creditor at the expense of or in the absence of payments to other creditors. In Minnesota, payments such as these can lead to a lawsuit against the creditor who was paid. After reviewing your records, I can determine if any of these payments have taken place in your situation and what to do to correct them.
Why Would I Recommend a Chapter 13 Bankruptcy?
Most homeowners file a Chapter 7 bankruptcy. It is the easiest and fastest way to register. You may be eligible for a Chapter 13, however, under certain circumstances. For instance:
● You’re saving your home from foreclosure.
● You’re saving your car from repossession.
● You’ve already filed a Chapter 7 bankruptcy.
● You do not qualify for a Chapter 7 bankruptcy due to your high-income level.
● You have non-exempt assets.
What is a 707b Objection?
Occasionally, we will encounter an objection to a Chapter 7 case over the course of representing clients in bankruptcy. A 707b objection is typically an objection by the United States Trustee alleging that you should file a Chapter 13 because you make too much money. This, of course, is relative because we weigh the amount of money you make versus the amount and type of debt you have. If the court rules that you make enough money to pay all your debts, you’ll either be denied a bankruptcy or you’ll have to file a Chapter 13 bankruptcy.
File Your Bankruptcy Through Ron Lundquist
I have been serving home and business owners for over a decade. My firm has the experience and certification necessary to help you navigate through your bankruptcy. I offer bankruptcy services and foreclosure services for clients in Minneapolis and St. Paul, Minnesota. To schedule an initial consultation, contact me at 651-454-0007, or you can message me on my contact page.