A preference is essentially a payment that benefits one creditor over others. This commonly occurs with payments to unsecured creditors of $600 or more in the 90 days prior to filing or to a relative of $600 or more in the 1 year prior to filing. The trustee in your chapter 7 bankruptcy will want the funds received from this preference, to distribute to all of your creditors.
A fraudulent transfer is a transfer before a bankruptcy filing with some type of fraud that the bankruptcy trustee can claw back. Common examples are when something is sold or transferred with the intent to hinder, delay, or defraud your creditors or you transfer something under fair market value before filing. But there are other types of fraudulent transfers as well. Your attorney will go through your case with you and should let you know if there is any risk with filing and fraudulent transfers. Your attorney should be able to discuss if there are any possible defenses, as well. Under federal law the look back period for fraudulent transfers is two years.
A chapter 7 bankruptcy is referred to as a liquidation bankruptcy. This is because any assets above what the bankruptcy exemptions cover will have to be liquidated or you will have to pay their value to keep them. Non-exempt assets can happen in both Minnesota and Federal exemption cases. That being said, they are more common in Minnesota exemption cases. Let’s look at a few examples:
When you file for bankruptcy you have to list all of your creditors, including those you intend to keep. For example, even though you may want to keep your home and keep paying your mortgage, the mortgage company will have to be listed in the case and receive notice of the filing. If you are thinking about filing bankruptcy or already have, you may be wondering how your mortgage company receiving notice of your filing will impact your mortgage.
Medical debt is dischargeable in bankruptcy, both in chapter 7 and chapter 13 cases.
Here, at LifeBack Law Firm, we make filing bankruptcy as simple as we can. There are not countless worksheets to fill out, we do the drafting for you, and a licensed attorney will be working with you during the bankruptcy process. All the attorneys at LifeBack Law Firm are licensed to practice in Minnesota. Therefore, we can only file bankruptcy cases in Minnesota.
I was at a hearing just the other day where someone filed their chapter 7 bankruptcy case pro se, meaning they did not have attorney representation. Although, it is perfectly legal to file a case for yourself, typically it is not a good idea to do so. This is because bankruptcy law is vast and nuanced.
We file two different kinds of bankruptcy cases at LifeBack Law, both Chapter 7 and Chapter 13. How long each will take and a timeline of what happens in each differs. Below we will go through both.
The trustee is another attorney who is assigned to your case by the US Trustee to represent the bankruptcy estate. The trustee is the person who administers your estate and distributes any funds that come in during your case. They also make sure what you said in your bankruptcy case is truthful and correct and verify the information you provided. You will meet with the bankruptcy trustee at the 341 hearing, usually about 4 to 6 weeks after your case is filed.
Medical debt is dischargeable in bankruptcy, both in chapter 7 and chapter 13 cases.
Gambling debt can be included and discharged in your bankruptcy case.
In a chapter 7 bankruptcy, typically, the only hearing you will attend is the 341 hearing. This happens about 4-6 weeks after your case is filed.
In most chapter 7 and chapter 13 cases, there is only one hearing you will need to attend.
It is typically easiest if all of your creditors are listed in your case correctly when the case is first filed. But, that cannot always happen. Sometimes you are unsure that a debt went to collections, maybe it was sold, maybe the creditor is finally trying to collect after years of not doing anything with the debt, or maybe you even forgot it existed. You can add creditors after your case is filed, but there are a few exceptions.
If you are considering filing bankruptcy and wondering whether your spouse will have to file with you, the answer, which may surprise you, is no.
If you are planning on filing bankruptcy there are a few things you should try to avoid before your case is filed.
A preference is essentially a payment that benefits one creditor over others. This commonly occurs...
A fraudulent transfer is a transfer before a bankruptcy filing with some type of fraud that the...
A chapter 7 bankruptcy is referred to as a liquidation bankruptcy. This is because any assets above...
When you file for bankruptcy you have to list all of your creditors, including those you intend to...
Medical debt is dischargeable in bankruptcy, both in chapter 7 and chapter 13 cases.
Here, at LifeBack Law Firm, we make filing bankruptcy as simple as we can. There are not countless...
I was at a hearing just the other day where someone filed their chapter 7 bankruptcy case pro se,...
We file two different kinds of bankruptcy cases at LifeBack Law, both Chapter 7 and Chapter 13. How...
The trustee is another attorney who is assigned to your case by the US Trustee to represent the...
Medical debt is dischargeable in bankruptcy, both in chapter 7 and chapter 13 cases.
Gambling debt can be included and discharged in your bankruptcy case.
In a chapter 7 bankruptcy, typically, the only hearing you will attend is the 341 hearing. This...
In most chapter 7 and chapter 13 cases, there is only one hearing you will need to attend.
It is typically easiest if all of your creditors are listed in your case correctly when the case is...
If you are considering filing bankruptcy and wondering whether your spouse will have to file with...
If you are planning on filing bankruptcy there are a few things you should try to avoid before your...
