Bankruptcy is a well-established financial tool that has been a means of successful financial recovery and ongoing stability for many people all across Minneapolis. Many Minneapolis residents will File Bankruptcy this year so that they can start 2017 with a fresh new financial start. Among the many bankruptcies that will be filed a small percentage of them might be attempted to be filed “pro se” without the aid of an experienced Minneapolis Bankruptcy Lawyer. Although it’s not required by law to retain a Bankruptcy Lawyer in order to File Bankruptcy in Minneapolis there are many advantages to doing so.
Filing bankruptcy pro se is not only extremely stressful it also requires a very clear understanding of the Minneapolis Bankruptcy Process so that you can be prepared to address any objections that might arise. At Kain & Scott we caution debtors to file pro se because statistically very few pro se filers who attempt to File Bankruptcy in Minneapolis without a Lawyer are successful. When considering Bankruptcy it’s always best you consult with an experienced Bankruptcy Lawyer in Minneapolis so that you are assured to get your discharge without any complications.
The Challenge of Filing Chapter 7 “Pro Se” in Minneapolis
The most common Bankruptcy filed in Minneapolis is a Chapter 7 Bankruptcy, a liquidation bankruptcy also known as the “fresh start” Bankruptcy. If you’re questioning what a liquidation bankruptcy is you might want to consider speaking with an experienced Bankruptcy Lawyer in order to prevent filing the wrong type of bankruptcy and risk losing assets and property unintentionally.
For the vast majority of debtors in Minneapolis Filing Chapter 7 Bankruptcy seems like the most logical solution and very simple to do on their own. However, even the most basic case can require extensive research, paperwork and court documentation. One should only proceed trying to File a Chapter 7 Bankruptcy on their own if they’re confident in their abilities and certain they will be able to complete the requirements to the court and creditors satisfaction.
The Consequences of Hiding Income, Assets or Property
Whether you are Filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy your income and assets will be brought into question. For many of us this is not a concern based on the allowable exemptions under Bankruptcy Code. Rest assured that the odds are you will get to keep your home, car, clothes and so forth when Filing Bankruptcy, but what about the things we hold dear?
Many people obtain and collect things throughout the course of their lives or perhaps they inherit them from loved ones or share property with another individual. These types of scenarios complicate things but there are legal remedies to protect the things you cherish under various bankruptcy guidelines. With the experienced guidance of a Minneapolis Bankruptcy Lawyer, your bankruptcy can be tailored to keep this property while remaining completely transparent and within the guidelines of the Bankruptcy Code.
Attempting to hide income, assets or property carries far more costly consequences than keeping them. You may be think you’re doing yourself a favor by transferring possession or hiding them from the court but the consequences of bankruptcy fraud can be several thousands of dollars in fines and/or several years of incarceration. Protect yourself by letting an experienced Minneapolis MN Bankruptcy Lawyer help you determine how to best protect what you cherish.
How Your Creditor Will Try To Recover What You Owe
Bankruptcy is not one-sided. Bankruptcy not only involves the debtor and the courts but also all of your creditors. Many people who attempt to file bankruptcy themselves fail to consider the potential for contention on the creditor or trustees part. Even more detrimental, a potential adversary proceeding. Before your bankruptcy can be finalized you must meet with all of your creditors and your trustee so that any issues can be raised before you receive your discharge.
Debt collection is a multi-million dollar industry which has been well established for many years. It doesn’t happen all the time but sometimes your creditors will take action in attempt to recover what they believe is owed to them. They do this by obtaining the services of a lawyer or collection agency who has access to vital personal and statistical information such as your credit report and a detailed log of any information you may have disclosed to them prior such as property, bank accounts and business affiliations.
If your creditor thinks they can recover their debt and halt your Bankruptcy Filing they will raise this objection at the 341 meeting which you are required to attend. If you are not fully prepared to address these objections you could very well find yourself in a more difficult circumstance than you began with.
Are you considering filing pro se? Don’t attempt to file bankruptcy to the best of your ability, contact Kain & Scott today for a free, no-obligation consultation and let us help you get on the road to debt freedom!
Best Bankruptcy Lawyers Minneapolis
Kain & Scott, P.A.
100 South 5th Street #1900
Minneapolis, MN 55402
612-843-0527
