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.
You don’t have to reflect on life very long to realize your best plans don’t always work out the way you intended. Who among us wants to be let go from a high paying job? Who among us would love for our business to be an epic fail right from the start? Who among us wants to get married hoping your spouse will turn out to be an epic turd?
A client may be judicially estopped from asserting a cause of action not disclosed on the bankruptcy schedules or otherwise mentioned in the disclosure statements.
A Chapter 13 bankruptcy is a three to five year repayment plan, whereby a debtor pays as much as he or she can afford each month and receives a bankruptcy discharge of their remaining debts after successfully completing their plan payments.
Filing either a chapter 7 or chapter 13 bankruptcy case is a great option for many Minnesotans who are struggling to pay their debts.
Bankruptcy audits can happen randomly or for a specific reason regarding your case. This blog will explore what an audit is and possible reasons there may be an audit.
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...
You don’t have to reflect on life very long to realize your best plans don’t always work out the...
A client may be judicially estopped from asserting a cause of action not disclosed on the...
A Chapter 13 bankruptcy is a three to five year repayment plan, whereby a debtor pays as much as he...
Filing either a chapter 7 or chapter 13 bankruptcy case is a great option for many Minnesotans who...
Bankruptcy audits can happen randomly or for a specific reason regarding your case. This blog will...
