Bankruptcy is a big topic, with many interesting facts.
Your income is important. Before you file bankruptcy your attorney will run through your income to determine what type of case you can file. Even if you only work minimum wage part-time, your income will still need to be accounted for and calculated. Your spouse’s income is also important. Even if your spouse is not filing bankruptcy with you, their income will still need to be reported in the case. This is because the court looks at your household’s income and expenses.
A lot of bankruptcy filers never set foot in a traditional court room. Most bankruptcy clients only attend one hearing, which is the meeting of creditors or 341 hearing. This is held in various places around Minnesota, including history museums and courthouse basements. Currently, because of the pandemic, the hearings are virtual, so the client can attend at home, at work, etc.
You have to list all of your creditors in the case. You cannot pick and choose which creditors to list and which to leave off. Even if you want to keep a creditor after the bankruptcy, they still need to be listed in the case. For example, vehicle loans.
In Minnesota, your bankruptcy filing is not reported in the Star Tribune. Your case filing is on the federal bankruptcy court’s website, where technically anyone can search for it. But, it is not front page of the newspaper.
Bankruptcy will not stay on your credit report forever. A chapter 7 will stay on your credit for 10 years. A Chapter 13 will stay on for 7 years.
CALL NOW FOR A FREE STRATEGY SESSION FROM A MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
Bankruptcy is a vast and interesting topic of law. If you have any questions or concerns about filing, visit www.lifebacklaw.com to speak with an attorney today. You will be glad you did!
