Although a bankruptcy discharge will cover a lot of an average consumers’ debt, there are some debts that are not subject to discharge.
A CMA, or comparative market analysis, is typically done by a licensed real estate professional. The realtor will usually go through your property to price it out for sale, comparing other properties of the same size, condition, and in similar neighborhoods.
Before filing a bankruptcy case, it is important that you do not incur any debt. There are specific federal laws that make certain debts incurred prior to filing presumed non-dischargeable. Meaning, under these laws creditors wouldn’t have to do anything to have the debt deemed non-dischargeable in your case.
Here are two things to avoid when filing Chapter 7 Bankruptcy in Minneapolis, MN. First, do not file a bankruptcy yourself. A person who files a Chapter 7/13 bankruptcy them self has a fool for a client. The Bankruptcy Code is a complicated legal set of rules that govern your assets and debts in bankruptcy. It takes years of practice before a lawyer can understand what the Bankruptcy Code says and how it intersects with actual cases.
How can you tell if you should file Chapter 7 Bankruptcy? Suppose Al has credit card debt of 20k and a medical bill for $2,500.00. Al makes the minimum payments but Al is not decreasing the principal balance much and when he is finished paying all of these minimum payments, he has little left over to purchase groceries, pay rent, pay utilities, and vehicle expenses so he can do it again next month.
The thought of filing a bankruptcy can be stressful and nerve-racking. Although, sometimes it is hard to get rid of all nerves and stress, at LifeBack Law we strive to make the bankruptcy process as stress free as we can for our clients. Filing bankruptcy is a big deal, which is why you should feel confident and comfortable with the attorney you hire.
Recently, we gave a project to three LifeBack Lawyers to detail what a leader at LifeBack Law Firm looks like.
Not all debts in a bankruptcy are treated equally, and some debts can be excepted from the bankruptcy discharge. Under § 523(a)(6), the creditor must demonstrate "willful and malicious injury by the debtor" to another person or their property, and if a creditor can successfully demonstrate a willful and malicious injury by the debtor the creditor’s claim can be excepted from discharge.
Schedule a Free Strategy session on how to resolve a debt problem for good.
Debtors should disclose all assets on the bankruptcy schedules, and failure to do so can result in the denial of discharge. If a debtor discovers or remembers an asset was not properly disclosed on the bankruptcy schedules, even if the asset is discovered years later, the debtor should amend the schedules to properly disclose the asset.
I often reflect on what it would be like for prospects researching which Minnesota bankruptcy law firm to use. There are many claiming to be the best and hey, choose me, choose me! It leaves a prospect to wonder who they should reach out to in the sea of bankruptcy attorneys.
The prospect of having to go to court can be intimidating and often deters people from filing for bankruptcy, despite the fact that it can bring them tremendous relief from their creditors. Just the thought of having to appear in front of a judge to explain one’s situation and request relief from bankruptcy court from one’s personal debts can seem like a daunting endeavor. The good news is that this scenario is extremely rare, and nowadays, a person can file for bankruptcy, and receive a discharge of their debts, without even having to physically set foot in a courtroom!
I can recall years ago attending a Chapter 7 Bankruptcy hearing. These hearings are like cattle calls where there are large numbers of debtors waiting to appear before a Chapter 7 Trustee who is responsible for administering your Chapter 7 Bankruptcy case. Typically, 4-6 hearings are held each half hour.
An extremely common question in consultations for bankruptcy is whether all credit accounts will close after filing. Most attorneys will advise you that even if the account is at $0 prior to filing or excluded off of a case, it likely will still close.
When you file bankruptcy all of your creditors will be informed of the date, time, and instructions for your 341 hearing. The 341 hearing, also known as the meeting of creditors, is your creditors chance to ask specific questions about the information in your case. Although most creditors do not show up for the 341 hearing, some may.
Although a bankruptcy discharge will cover a lot of an average consumers’ debt, there are some...
A CMA, or comparative market analysis, is typically done by a licensed real estate professional....
Before filing a bankruptcy case, it is important that you do not incur any debt. There are specific...
Here are two things to avoid when filing Chapter 7 Bankruptcy in Minneapolis, MN. First, do not...
Credit Unions typically have more structured policies regarding what happens after a customer files...
How can you tell if you should file Chapter 7 Bankruptcy? Suppose Al has credit card debt of 20k...
The thought of filing a bankruptcy can be stressful and nerve-racking. Although, sometimes it is...
Recently, we gave a project to three LifeBack Lawyers to detail what a leader at LifeBack Law Firm...
Not all debts in a bankruptcy are treated equally, and some debts can be excepted from the...
Schedule a Free Strategy session on how to resolve a debt problem for good.
Debtors should disclose all assets on the bankruptcy schedules, and failure to do so can result in...
I often reflect on what it would be like for prospects researching which Minnesota bankruptcy law...
The prospect of having to go to court can be intimidating and often deters people from filing for...
I can recall years ago attending a Chapter 7 Bankruptcy hearing. These hearings are like cattle...
An extremely common question in consultations for bankruptcy is whether all credit accounts will...
When you file bankruptcy all of your creditors will be informed of the date, time, and instructions...
