Filing Chapter 7 bankruptcy in Minnesota is a big step towards erasing your debt and getting a fresh start. As with any major life decision, you want to make sure that you have all the facts you need to make the right decision for your family. That’s why our bankruptcy specialists at Kain & Scott have addressed the most common questions our clients have about filing for Chapter 7 bankruptcy in Minnesota.For the most frequently asked questions our bankruptcy specialists are asked, read on! To find out more about how Kain & Scott can help you file for Chapter 7 bankruptcy in Minnesota, contact our office for your free initial consultation!
1. What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy is a debt solution that allows you to eliminate your unsecured debt. Simply put, by filing the proper bankruptcy petition with the court, you can have your unsecured debt discharged in as little as 90-120 days. At Kain & Scott, we know that you are eager to wipe away your debt; that’s why we file your petition with the court within days, not weeks or months like other law firms! And, once your unsecured debt is discharged, it’s gone forever and you never have to pay a single penny towards that debt again!
2. Am I eligible to file Chapter 7 bankruptcy in Minnesota?
Each type of bankruptcy has its own eligibility requirements. To determine whether your household is eligible for Chapter 7 bankruptcy, the courts apply a bankruptcy “means test.” In simple terms, the means test establishes a median income level that helps prevent those with too high of income from filing Chapter 7. The median income level varies by state and is calculated by averaging your gross income for the past six months and then multiplying that number by 12 to get an “annualized” income. And median income factors in household size. For instance, in Minnesota, the median income level is $61,170 for a family of two. So a couple with annualized income of more than $61,170 would have to go through the means test to determine if they would be eligible for a chapter 7 case. The means test is a series of deductions from the average monthly gross income to determine if a debtor has disposable income.
For those clients for whom the means test shows have disposable income, Chapter 13 bankruptcy is a more appropriate option.
3. Can I file for Chapter 7 bankruptcy on my own?
Filing for Chapter 7 bankruptcy is a complicated process, and most clients benefit from having an experienced Minnesota lawyer who specializes in bankruptcy to assist them. Because bankruptcy laws change and requirements vary by state, it is best to hire a bankruptcy specialist to ensure that your petition isn’t rejected for mistakes and that the entirety of your unsecured debt is eliminated.
4. Will filing for Chapter 7 bankruptcy repair my credit?
Unfortunately, filing for Chapter 7 bankruptcy by itself will not repair your credit. Rather, you must take the appropriate measures to repair your credit score, which can take time and money. With Kain & Scott, however, we offer our clients a FREE 90 Day Credit Repair Program that can show you ways to boost your credit score fast and obtain financing from our list of trusted Minnesota lenders.
5. How can I find the right Minnesota Chapter 7 bankruptcy law firm for my family?
Having the right Minnesota Chapter 7 bankruptcy law firm on your side when you file for bankruptcy is a great way to ensure that your petition is accurate, all your unsecured debts are discharged, and the process goes as smoothly and quickly as possible. At Kain & Scott, we offer our clients fast and easy Chapter 7 bankruptcy but we don’t stop there.
First, Kain & Scott saves you time and money. Your relationship with us starts with your free initial consultation with one of our bankruptcy specialists from the comfort of your own home, either by telephone, online, or via Skype. From there, we work with you to complete your paperwork and file it within days. After a brief 341 meeting, you can sit back, relax and wait for your debt to be erased. Our affordable flat rates mean that there are no hidden costs or fees and with our 100% Money Back Guarantee, you have nothing to lose but years of debt!
Second, Kain & Scott offers comprehensive debt solutions: this means that we don’t just help you become debt-free, we also help you repair your credit! Our FREE 90 Day Credit Repair Program can help you amp up your credit score fast!
Third, we aren’t satisfied with just being Minnesota’s leading bankruptcy law firm—we pride ourselves on also being Minnesota’s Nicest Bankruptcy Law Firm. From your free initial consultation to your 341 meeting, our friendly and knowledgeable bankruptcy specialists will answer your questions and guide you through Minnesota’s Chapter 7 bankruptcy process with the respect and kindness you deserve. At Kain & Scott, we don’t judge you; we help you get your life back!
Start your path to financial freedom with a free initial consultation with Kain & Scott
To get started on filing for Chapter 7 bankruptcy, contact our office today by visiting us online at www.kainscott.com.