Are you struggling with overwhelming debt? Has it become too difficult to manage? If so, these struggles have probably taken toll on the rest of your life as well. When dealing with a major debt problem it can be very difficult to stay happy and focused. Fortunately, if you’re dealing with overwhelming debt right now there are a few easy ways out that our Roseville MN Bankruptcy Lawyers can help you with. One of the easiest, available to all who qualify, is a Chapter 7 Bankruptcy. In this article we will discuss the key components of a Chapter 7 Bankruptcy so that you can learn what to expect during the process and determine if Chapter 7 would be a good option for you.
Step 1: The Initial Bankruptcy Consultation
In Minnesota every debtor has different wants and needs. That’s why at Bankruptcy Law Firm in Roseville we will individually tailor your bankruptcy, specifically for you, to get the exact outcome you want. This begins by signing up for a Free Bankruptcy Consultation with one of our friendly and experienced Roseville MN Bankruptcy Lawyers. During your initial consultation we will discuss your financial situation, what you hope to achieve by filing and explain to you all of your options – both bankruptcy and non-bankruptcy. We’ll also provide you with up-front fees and walk you through the entire Bankruptcy Process.
Step 2: Preparing Your Bankruptcy Petition
Once you’ve decided that bankruptcy Is right for you that’s when the we will start helping you fill out all of the worksheets and preparing your Bankruptcy Petition that needs to be filed with the US Bankruptcy Court. After this paperwork is filed you will be protected from debt collection by the Bankruptcy Automatic Stay. In short, as stated in the US Bankruptcy Code, at this time all credit or debt collection activity against you must immediately stop by law. This is why it is very important to make sure that each and every one of your creditors and debts from the past are listed on your petition. If a debt gets overlooked it can kind of difficult to work back into your bankruptcy after filing.
During this step you will work closely with your Roseville Bankruptcy Lawyer to fill out your schedules thoroughly and accurately. They will make sure to help you clearly outline your income, assets, debts, creditors, expenses and financial obligations. They will also keep your creditors and their counsel informed regarding the status of your bankruptcy. They will also ensure your petition is properly prepared.
Step 3: Filing Your Bankruptcy Petition
Once all of your paperwork has been prepared accurately your Roseville Bankruptcy Lawyer will file it with the US Bankruptcy Court and a Bankruptcy Trustee will be assigned to your case. The Trustee assigned to your case will review the petition for inaccuracies, incomplete records, potential fraud and determine how to best manage any non-exempt assets or property. If you have any, which most people don’t, they will liquidate the property and distribute the proceeds among your creditors.
It is important to know that at this time it is common to encounter a predatory creditor. Oftentimes they merely just try to complicate the filing process in hopes of continuing to collect on their debt. Common tactics include disregarding your notification of filing or claiming that the information was inaccurate. However, by law all parties involved in your case must strictly adhere to the guidelines set forth by the Bankruptcy Code. At Kain & Scott in Roseville our knowledgeable and experienced Bankruptcy Lawyers are fully prepared to defend your rights and protections throughout the entire process.
Step 4: 341 Meeting Of Creditors
After you’ve filed your Bankruptcy Petition you will be required to attend what is called the 341 Meeting of Creditors. These meetings are not held with a judge but rather you, your lawyer and the trustee assigned to your case. During this meeting your creditors will be given an opportunity to come and ask questions about your assets and liabilities. They may request you be denied the right to a discharge should they have a justified reason to believe so. However, don’t be alarmed; this meeting is seldom attended by creditors unless they have evidence which is likely to complicate your bankruptcy case. Seeking to deny a debtor’s bankruptcy discharge maliciously or based on false allegations carries its own consequences and many creditors understand that the severity of a debtor’s financial hardship is genuine when they seek Chapter 7 protection for resolution.
Step 5: Finalizing Your Bankruptcy
After you’ve filed your petition and attended the 341 Meeting of Creditors if you have any non-exempt assets these will need to dealt with. The trustee assigned to your case will determine how to manage, liquidate and distribute the proceeds from the non-exempt assets. Any secured debts backed by collateral which cannot be seized such as homes and automobiles must be dealt with too. You can either retain the asset by continuing to make timely payments on the loan, or surrender the assets to the lienholder. Before you are granted your discharge you must also show proof that you’ve completed an approved financial management course.
Step 5: Receiving Your Discharge
Provided your petition has been completed thoroughly and accurately, you’ve attended the 341 meeting, the trustee has reviewed your case and you’ve attended the required financial management courses you will be granted a Bankruptcy Discharge. At this point all of the debts that were included on your Bankruptcy Petition will be forgiven. Forever. Tax Free!
Contact Our Roseville MN Bankruptcy Lawyers
At Kain & Scott our Lawyers have a proven Bankruptcy Process that is pretty straightforward. We have filed thousands of cases and know how to deal with any complications. Because of this we advise potential clients not to try and file a “pro se” bankruptcy and instead come meet with us either in person, by phone, skype or facetime to better address your concerns and help you begin the path to financial recovery. Contact Kain & Scott today, Roseville MN’s Nicest Bankruptcy Lawyers, and let us help you get on the road to debt freedom!
Kain & Scott, P.A.
100 South Fifth Street #1900
Minneapolis, MN 55402
(612) 843-0527
info@kainscott.com