Chapter 7 Bankruptcy: What is a Chapter 7 Bankruptcy? A Chapter 7 Bankruptcy is frequently referred to as a “fresh start” bankruptcy. The focus in a Chapter 7 Bankruptcy is on your assets. The vast majority of Minnesotans do not lose any assets in Chapter 7 Bankruptcy. Most assets are what we call “exempt” and are not lost to a Chapter 7 trustee. Some assets can be “non-exempt” and those assets get turned over to the estate and liquidated and the proceeds used to pay down your debt. Whatever debt that doesn’t get paid off gets wiped out, tax free, forever. These debts are typically in the nature of credit card debt, unsecured loans, personal guarantees, trade payables etc.
Chapter 7 Bankruptcy Process: The Chapter 7 Bankruptcy process really can be reduced to 4 steps. Step 1 is to schedule a free strategy session with Kain & Scott; Step 2 is to schedule a review and sign appointment after signing up; Step 3 is to attend a 341 meeting (typically done by phone, skype, zoom, or in-person); Step 4 is to receive your discharge!
Chapter 7 Bankruptcy Fees: Kain & Scott charges $1975.00 (if paid in full) for a Chapter 7 Bankruptcy. This includes the attorney fees, required courses, and file fee. If our clients would prefer they can pay costs up front, $375.00 and then pay the balance of attorney fees ($2,000.00) at 100/200 per month interest free assuming someone signs a promissory note for them for $2,000.00.
In addition to the Chapter 7 Bankruptcy, Kain & Scott also signs every single client up for a FREE 90-Day Credit Repair Program (a $3,250.00 value) where the client is assigned a real Kain & Scott Credit Repair Specialist who helps you remove judgments (for cost- no attorney fees), repair your credit reports, gives you a list of helpful professionals, and provides a mini course on learning little nuggets to improve your credit going forward.
Call Now for a free strategy session from a MN Bankruptcy Lawyer at Kain & Scott
When the time is right, or when you are ready, reach out to Minnesota’s HIGHEST GOOGLE reviewed bankruptcy law firm at www.kainscott.com. You will be so thankful you did!
