Bankruptcy is all about disclosure. When filing a bankruptcy case, you have to disclose all assets, all property transfers over a period of time, and you have to list all debts you owe in the petition. There are a couple reasons why this is important, and I will lay these out below.

  Social Security is a crucial lifeline for many retired or disabled people in the United States, but oftentimes is not enough to cover both living expenses and payments towards debt. At LifeBack Law Firm, we have worked with many clients on a fixed income file for bankruptcy to improve their financial situation. A common question we receive is “will filing a bankruptcy impact my Social Security payments?” The short answer is no, but we’ll get into the long answer with this post!

If you have a pet, rest assured—we’ll make sure they’re protected in your petition. Your purrrfect pal isn’t just part of your family, they’re part of the bigger picture of your life. At LifeBack, we love all our furry, scaled and feathered friends. Here is the inside scoop on how your pet fits into your bankruptcy case:

 One of the most less-common questions people ask before their 341 Hearing is, what should I wear? For many, court appearances are not a daily occurrence, so it is completely normal question to have while preparing for the next step in your case. 

  In a nutshell, the bankruptcy petition is a collection of legal documents that explain who you are, what you have, who you owe, what you make and spend in an average month, as well as your recent financial history. These legal documents are separated into sections called schedules, and the complete collection of schedules is what makes up the petition.

  If you're considering filing for bankruptcy in Minnesota, you might wonder if you need to go to court for the case. The short answer is not necessarily, but there is a hearing you attend! 

Filing a chapter 7 bankruptcy is a great tool to get a fresh financial start, but many people don’t know where to begin. Here at LifeBack Law Firm, we streamline the process to make filing a chapter 7 as easy as possible for the client! Below is the typical process from start to finish, so you have an idea what to expect when taking this step.

At Lifeback Law, we’ve streamlined the bankruptcy process into a well-oiled system, with many small parts working together to keep everything simple and efficient. When you sign up, you’ll meet several members of our team, each playing an important role in guiding you through the process. Here’s a breakdown of our support staff at Lifeback Law:

Let’s face it: being in debt is anxiety-inducing. If you pair financial anxiety with the complicated emotions of considering filing a bankruptcy, the stress can feel insurmountable. At LifeBack Law Firm, we can help you navigate through bankruptcy filing and alleviate financial stress, but self-care is also crucial to navigate through anxiety. It can be hard to know where to start with self-care, but sometimes it’s as easy as sitting down with a cup of tea. I have included my grandmother’s favorite spiced tea recipe below, and I hope it gives you comfort!

     If you are filing bankruptcy in Minneapolis, Minnesota, be careful of this! Many firms can file your bankruptcy but only one firm takes you the whole way. For example, while a bankruptcy discharge can get rid of your liability on debts, it does not erase the public record. For instance, say you have a 10k judgment against you. When the bankruptcy is discharged, your liability for the judgment (in most instances) is gone forever. However, the judgment itself remains a part of the public record until it is removed.

If you are considering filing for bankruptcy, you may have heard of the 341 Hearing. Clients often ask us about this step, and it's an excellent question — understanding the 341 Hearing helps clarify what happens after your case is filed.

At LifeBack Law Firm, we see this time and time again. People who don’t spend enough time vetting their bankruptcy attorney only to regret the one they chose in haste. We have seen firms, which use software to obtain and try to prevent bad Google Reviews from even showing. It is a slimy tactic engaged in by some because their underlying business model sucks. I have also seen firms engage in geographic origin fraud. Claiming to be at locations, they have not been at in many years. One firm engaged in this took down over 200 false and fake Google Map listings!

You ask, will I qualify for Chapter 7 Bankruptcy? And the answer is, yes, if your income is below the state’s median income and you do not have money left over after you pay your reasonable and necessary expenses. The idea of who qualifies to file Chapter 7 Bankruptcy (assuming you have not qualified a Chapter 7 Bankruptcy and received a discharge in the last 8 years) is largely based on your household income and expenses. 

In the vast majority of bankruptcy cases, debtors have no problem disclosing all of their assets to a bankruptcy trustee. Occasionally, we hear concerns about the possibility of “losing” an asset to a bankruptcy trustee which sometimes prompts the question: do I have to disclose this asset? Bankruptcy schedules are signed under penalty of perjury affirming that all of your assets are disclosed on the schedules. No, you may not pick and choose which assets to disclose. You must disclose all assets, wherever they exist, in the world. 

Filing bankruptcy is not an easy decision and often leaves clients with a complex mix of feelings. No matter how you feel, you are not alone. Every day, we have clients sharing with us their stories and how bankruptcy makes them feel, and every day one of the most common things we hear is relief. But relief is definitely not the only thing we see. Here are some common emotional experiences associated with the bankruptcy process:

In a generation where the prices of homes, cars, and pretty much anything are rapidly rising, it more and more clients come to us saying they own “absolutely nothing.” Now that’s usually not true. Most of us own clothes, maybe a pot or pan, a few pieces of jewelry. But when we talk about assets, most people think of homes and vehicles. So let’s talk about the “good” side of having “absolutely nothing.”