Though you may think you know what type of bankruptcy to file for, it’s important to consult an experienced attorney beforehand to ensure it’s the right step for you. A consultation with me can ensure you’re taking the proper steps. I’ll analyze your paperwork and make sure you’re protected as you navigate this life change. Here, I will advise you on things to consider when you file for bankruptcy.

Questions To Ask

Do You Qualify for Chapter 7 Bankruptcy?

You can do all the research in the world and think you qualify for this type of bankruptcy, but the only way to know for sure is to contact a reputable bankruptcy lawyer. By sitting down with me, I can analyze your files and records to see if you qualify. A professional attorney can determine how the Court System will view your case and help you start filing.

Are Your Assets Protected Or Exempt?

By choosing to work with a reputable lawyer, I can help you determine which of your assets must be repossessed. The state of Minnesota has a list of assets that are exempt from creditor seizure. With Chapter 7 Bankruptcy cases, almost every asset is protected with room to spare, and similar rules apply with Chapter 13 Bankruptcy. A lawyer will help you determine what you qualify for.

Are There Issues With Preferential Payments?

In bankruptcy, preferential payments are payments made to one creditor at the expense of or in place of a payment to another creditor. In the state of Minnesota, if you choose to make a preferential payment, a lawsuit can be filed against the creditor you paid. By consulting a reputable lawyer, they can determine whether or not you have made a preferential payment, and how to remedy it.

Should You Consider Filing For Chapter 13 Bankruptcy?

You are only allowed to file for Chapter 13 Bankruptcy under certain circumstances. Because of this, most homeowners file a Chapter 7 Bankruptcy, as it is easier and faster. Some of the circumstances regarding your eligibility to Chapter 13 include:

●        You’re protecting your home from foreclosure

●        You’re saving your car from repossession

●        You have filed for Chapter 7

●        You can prove you have non-exempt assets

●        You don’t qualify for Chapter 7 Bankruptcy

707b Objection: What is it?

In some cases, the United States Trustee will object to a Chapter 7 Bankruptcy filing. Many times, this objection says that instead of filing for Chapter 7, you should file for Chapter 13 because your income is too high. When you file for bankruptcy, the amount of money you make is weighed against the amount and type of debt you have. If the system decides you make enough money to pay off your debt, they’ll reject your bankruptcy, or you’ll have to file for Chapter 13.

Contact Ron Lundquist Today

For over a decade, I have been helping clients in the Twin Cities area navigate their bankruptcy claims. To receive a free consultation and learn more, call me at 651-454-0007, or send me a message on our contact page.