Chapter 7 Bankruptcy in Minneapolis, Minnesota

While there are a few different types of bankruptcy cases, our firm only files chapter 7s and chapter 13s. A chapter 7 bankruptcy case is 90 days long, with the court ordered discharge being granted at the end of the 90 days. 

To file a chapter 7 bankruptcy case you have to qualify based on income. The means test looks at the median income in your state with your household size and your income over the last six months, to determine if you qualify for a chapter 7. Your attorney will look at your gross income over the six months from all sources (excluding social security and veteran’s benefits). Each state has their own numbers for median income based on household size.

During a chapter 7 bankruptcy case you will typically only attend one hearing. This is the 341 hearing. It takes about 5 minutes and will be held by Zoom. This is the trustee’s opportunity to gather information to verify your case. The trustee will ask you various questions throughout the hearing that you mostly will have to answer yes or no to. You will have representation during the hearing, while the attorney cannot answer questions for you, they can help out if able. 

In a chapter 7 case you can have non-exempt assets. This means you have assets that there are no legal exemptions for. When this happens you either have to buy the property back from the estate or it could be liquidated. Your attorney will let you know prior to filing if you have non-exempt assets.  

CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM

If you have questions about bankruptcy and would like to do a free consultation to go over your options, visit www.lifebacklaw.com to speak with an attorney. You will be glad you did!