Thinking about whether or not to file Chapter 7 Bankruptcy often takes our guests some time to think about. They, of course, want to deliberate and let it sink in and make sure it makes the most sense for themselves and their family.
At Kain & Scott, it is this deliberation that we honor. The courage and anxiety it takes to face an overwhelming debt problem cannot be understated. If your level of anxiety is as high as mine is, this takes time to sort out and accept this reality. The good news is once you make the decision to file Chapter 7 Bankruptcy two things will happen to you. One, you will not regret your decision to file bankruptcy but you will regret waiting so long. And two, the actual process of filing chapter 7 bankruptcy in Eagan, Minnesota or anywhere else in Minnesota is easier than you think!
STEP 1: FREE CONSULTATION
When the time is right, and when you are ready to proceed, set up a free consultation. You will be glad you did. The process of filing chapter 7 bankruptcy must always begin with a free consultation. The consultation can be done by SKYPE, FACE TIME, TELEPHONE, or IN-PERSON. The consultations typically last anywhere from 30-60 minutes
Kain & Scott has 8 Law Firms in Minnesota including Brainerd, St. Cloud, Maple Grove, Eden Prairie, Eagan, Woodbury, Roseville, and Minneapolis.
At the consultation, we will introduce ourselves and tell you that our promise to our guests is timeless: we don’t judge you we help you get your life back! We will take a peek under the hood and sort of spec out your assets and debts, income and expenses, and determine which solution makes the most sense for you and your family.
Should you do nothing, debt consolidation, Chapter 7 Bankruptcy, or chapter 13 bankruptcy? Everyone’s situation is unique and no solution fits everyone. I have advised that guests do all four of these things over the years. However, I have advised the vast majority of guests, I have met with, to file bankruptcy- either chapter 7 or chapter 13. Why? Because it was their best solution to get their life back as soon as possible.
If you agree that a Chapter 7 Bankruptcy is your best solution we sign you up for a Chapter 7 Bankruptcy. We have no worksheets for you to fill out and we also pull your assets and credit report for you. We do most of the work- you relax. Finally, we set a date for your next appointment to meet with us again. It is called a review and sign appointment. Before you come back for your next appointment, we will have you gather a few documents for us. Don’t worry, we will tell you exactly what we are looking for!
STEP 2: REVIEW AND SIGN APPOINTMENT
When you return for your review and sign appointment guess what we do? HA! Yes, we review and sign the petition and schedules we have drafted for you while you were busy enjoying your family!
The bankruptcy schedules contain information about you and your assets and debts, income and expenses, and questions about your financial affairs. These documents must be complete, correct, and thorough. When our guests hire us, they hire us to be their rock, to make sure the schedules are well prepared and filed with the court in a timely manner.
It is at this review and sign appointment that we sit with you and go over each page contained in the schedules. We make sure all the information contained in the schedules are true, correct, and complete. Occasionally, we will still have questions for you after the review and sign appointment. Sometimes, we are even missing a document or two. We will make sure you know what to get us and when so that your schedules can be filed with the court as soon as possible so you get the relief you need.
When the schedules are complete and correct, we file your case electronically with the bankruptcy court. Instantly, your creditors are banned from doing anything to collect from you and Kain & Scott is working behind the scenes to make sure everything goes smoothly.
STEP 3: 341 MEETING OR MEETING OF CREDITORS
Section 341 of the Bankruptcy Code and the bankruptcy rules require debtor to attend a 341 meeting also known as a meeting of creditors. In the vast majority of cases, creditors do not appear. Typically, the meeting takes 5-10 minutes. The purpose of the meeting is to have a chapter 7 trustee (usually an attorney appointed by the US TRUSTEE’S OFFICE to administer the case) verify that the information contained in the schedules are true, correct, and complete.
At Kain & Scott, we never have our guests go to these meetings alone- that is why you hired us! We are there with you during the entire process. At the hearing, when you case is called, the trustee will ask you to provide proof of your social security number (like a social security card or w-2 or a 1099) and proof of your identification (driver’s license). The trustee will ask you to raise your right hand and swear the testimony you are about to give is true, correct, and complete.
Once you have answered the questions about the schedules the meeting is concluded and typically no further appearances are necessary. The meeting of creditors can be an anxiety producing event. However, our guests, who have gone through it, would tell you that the experience was not painful. In fact, the event is usually so boring, that most of our guests who have to file bankruptcy again (it can happen to any one of us!) don’t even remember attending this meeting in their first case!
STEP 4: DISCHARGE
After the meeting of creditors, you wait approximately 60 days at which point the court enters a notice of discharge and mails you a copy of it! What does the discharge mean? It means the nightmare is finally over and you now have your life back!
The “discharge” is a court order that is binding on all of your creditor which states that the debt has been wiped out, forever, tax free. I honestly don’t know of any other way to get your life back quicker than by filing a chapter 7 bankruptcy.
CONCLUSION
Life is humbling. The time it takes deliberating whether you should file a Chapter 7 Bankruptcy and get your life back or not, can be long and sometimes painful. We have never had someone regret filing bankruptcy but they always regret waiting so long to file bankruptcy. Weird uh?
When the time is right, or when you are ready, reach out to Minnesota’s only 24-7 Bankruptcy Help Line located at www.kainscott.com. You will be glad you did.
