Beginning the process of filing bankruptcy can seem like an overwhelming task but at http://kainscott.com we have several great resources readily available to any Minnesotan seeking relief from their financial hardships. Our team of expert MN Bankruptcy Attorneys are always happy to address any and all of your specific concerns because we always want to ensure that you are well-informed and comfortable throughout the process.
Before beginning the bankruptcy process take a few minutes to familiarize yourself with the information contained within our free E-Guide titled “What To Expect In Your Bankruptcy Consultation” which is available on our website and by clicking the link I’ve provided at the bottom of this blog. This e-guide is intended to provide a basic understanding of the procedures and expectations regarding Bankruptcy and it will give you a good starting point when beginning to consider your options. In the meantime here are a few other facts about Bankruptcy in MN that you should know.
The Guidelines Governing Chapter 7 Bankruptcy
Bankruptcy offers protections to all people who qualify and if you are facing financial difficulties you may be thinking to yourself that you are an obvious candidate for Chapter 7. But this is not always the case. There are very specific guidelines governing Chapter 7 Bankruptcies to assure the legal process is not exploited and abused by those who would do so. Filing Chapter 7 Bankruptcy will allow those who qualify to wipe out their burdensome debts but there are stipulations associated with the fresh start Chapter 7 Bankruptcy offers that all filers must be aware of.
If your regular monthly income is greater than the state’s median income for a household your size it is possible that you will not be eligible to file a chapter 7 bankruptcy case and instead will have to file a chapter 13 case. If a filer does not immediately qualify for Chapter 7 Bankruptcy based on median income, the filer can complete the bankruptcy means test, which provides a detailed explanation and record of their expenses so that they may present the court with evidence of any specific hardship or expense which has burdened them outside of the already determined allowable expenses. Under certain circumstances, this will allow an over-median debtor to file a Chapter 7 case.
If there is to be any opposition to the initial determination based on the means test you must be prepared to provide detailed record of this. Although there may have been a number of financial difficulties set upon you which led to your decision to file bankruptcy the courts will only consider the information which can be proven and verified via documentation. Because of the complexities involved with this process it is advised you direct these matters to one of our experienced MN Bankruptcy Attorneys and we welcome the opportunity to serve you.
It is important that you understand that in petitioning the courts for debt relief under Chapter 7 Bankruptcy you may lose property and possessions. Some of you who are considering bankruptcy may have already experienced losses such as this. It’s very common for our offices to meet with individuals who have already gone through the process of selling their valuables and property in an effort to get out from under their debt-load and in these instances there is often nothing left of worth for the trustee to sell off as ordered in the bankruptcy code therefore the filer essentially risks nothing while an individual who is still in possession of property or assets may be expected turn these things over to the trustee to be sold and distributed on a pro-rated basis among the creditors as determined by the courts.
The Other Option - Chapter 13 Bankruptcy
Filing Chapter 13 Bankruptcy could still be a viable option for those in situations such as this especially those facing foreclosure or already in the midst of it. Chapter 13 Bankruptcy does not wipe out your debts but it does allow you to restructure them into something manageable while also halting the foreclosure process and any other legal action being taken against you by your creditors or their council. Call the MN Bankruptcy Attorneys at Kain & Scott today and we will gladly arrange to evaluate your specific situation and help you determine what is best for you.
Locating a Qualified Credit Counseling Program
Before filing can begin filers must undergo credit counselling from an approved agency. If you have participated in programs such as this prior to deciding to file bankruptcy you may already have satisfied this requirement if it has been within the last six months and from an authorized service. If not you will need to complete credit counseling courses that are qualified as required by bankruptcy code.
Not all services have been approved by the federal and state courts to satisfy this requirement. If you are in need of assistance in locating one of these qualified credit counselling programs call us and we can help. In some instances consumers are able to work our agreeable terms which eliminated the need to file bankruptcy and allow you the help you need to begin to rebuild your finances. We understand that every individual’s situation is unique and we provide the highest level of service that is tailored to your specific needs. Don’t hesitate or continue to struggle with overwhelming finances, call today and let the recovery begin!