Avoid These Two Things When Filing Chapter 7 Bankruptcy

Posted by Wesley Scott on July 17, 2023 at 5:30 AM
Wesley Scott

chapter 7 bankruptcy     Here are two things to avoid when filing Chapter 7 Bankruptcy in Minneapolis, MN. First, do not file a bankruptcy yourself. A person who files a Chapter 7/13 bankruptcy them self has a fool for a client. The Bankruptcy Code is a complicated legal set of rules that govern your assets and debts in bankruptcy. It takes years of practice before a lawyer can understand what the Bankruptcy Code says and how it intersects with actual cases. 


     If I had a quarter for every person who thought it was a smart idea to try and save a few pennies only to lose much more I would have lot of quarters. If I had a quarter for every person who came out of a meeting of creditors looking hopeless, because they thought it was a shrewd idea to file a bankruptcy themselves, I would have a lot of quarters. A quality Minnesota bankruptcy law firm can save you money not cost you money. The money you spend on LifeBack Law Firm is an investment not a cost.

     Second, do not transfer any assets without the advice of a competent lawyer. This is true for the period of time prior to filing bankruptcy and post filing as well. For example, if you transfer assets within the first 90 days of filing Chapter 7 Bankruptcy you could be in a lot of trouble. Until the objection period for exemptions has passed (typically 30 days after the date set for the meeting of creditors), you are not legally able to transfer assets. And if you do transfer assets during this period, you could risk losing your bankruptcy discharge or worse.


     When the time is right, or when you are ready, reach out to Minnesota’s HIGHEST GOOGLE reviewed bankruptcy law firm by going now to www.lifebacklaw.com. You will be so thankful you did.


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