Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

    Asset Concealment in Bankruptcy

    Posted by Col Ovik on July 3

    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. 

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    Why Do Minnesotans Needing to File Bankruptcy Choose Lifeback Law Firm?

    Posted by Wesley Scott on July 1

         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. 

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    Do I have to go to Court if I File Bankruptcy in Saint Paul, Minnesota?

    Posted by Wesley Scott on June 30

    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!

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    WHY YOU WILL REGRET FILING CHAPTER 7 BANKRUPTCY YOURSELF

    Posted by Wesley Scott on June 29

        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.

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    Will All of My Credit Accounts Close After Bankruptcy in Minneapolis, Minnesota

    Posted by Amanda Scharber on June 27

    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. 

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    Creditors Attending the Bankruptcy 341 Hearing in Minneapolis, Minnesota

    Posted by Amanda Scharber on June 26

    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. 

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    Chapter 7 Bankruptcy and the humility of being alive

    Posted by Wesley Scott on June 23

    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?

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    NON-DISCLOSURE OF ASSETS AFTER FILING BANKRUPTCY

    Posted by Col Ovik on June 20

    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. 

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    Can Changes Be Made to a Chapter 13 Bankruptcy Plan When Life Happens in St. Paul, Minnesota?

    Posted by Danielle Lin on June 17

    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.

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    How Will Filing Bankruptcy Affect My Credit Score in Saint Paul, Minnesota?

    Posted by Wesley Scott on June 15

    Filing either a chapter 7 or chapter 13 bankruptcy case is a great option for many Minnesotans who are struggling to pay their debts.

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    What is a Bankruptcy Audit- Minneapolis, Minnesota

    Posted by Amanda Scharber on June 12

     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. 

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    Do I Have to Pay Back Loans on Home Furniture and Household Goods When I File for Bankruptcy in Saint Paul, Minnesota?

    Posted by Wesley Scott on June 9

    Filing a personal bankruptcy case is a great way for Minnesotans to manage, and eliminate, large amounts of debt.  When a person successfully completes a chapter 7 or chapter 13 bankruptcy case, they receive a discharge from the bankruptcy court, legally forgiving all of their debts, with certain limited exceptions (ie most types of tax debt, child support, student loans, and etc.) 

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    Is a Negative Bank Account Balance Considered Dischargeable Debt in a Bankruptcy in St. Paul, Minnesota?

    Posted by Danielle Lin on June 6

    A Chapter 7 and a Chapter 13 bankruptcy are great ways for individuals to manage debt and pay down debt that has become untenable and overwhelming. In bankruptcy, most types of debts are dischargeable – this means that once a debtor successfully completes their bankruptcy case, the bankruptcy court will discharge, or legally wipe out the debt forever.

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    Paying Back Family Members before Filing Bankruptcy (and defenses to it) in Saint Paul, Minnesota?

    Posted by Wesley Scott on June 3

    Bankruptcy is a powerful tool that enables thousands of Minnesotans to deal with, and eliminate, overwhelming debt, every year. In exchange for the debtor (what you call a person who files for bankruptcy) receiving this tremendous benefit, the bankruptcy court has an obligation to make sure all creditors are treated fairly.

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    Should Spouses File Bankruptcy Together in St. Paul, Minnesota?

    Posted by Danielle Lin on June 1

    Individuals may file for bankruptcy for themselves or jointly with a spouse. Bankruptcy allows for the discharge of debt. “Discharge” means that the debt becomes legally forgiven and wiped out forever, without the individual paying it. It makes sense for spouses to file together when they each have a lot of debt. For instance, both spouses may have a lot of credit cards in their names individually, or joint credit cards.

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    Claiming Dependents When Filing for Bankruptcy in St. Paul, Minnesota

    Posted by Danielle Lin on May 31

    The number of dependents a debtor has is significant, as it determines whether the debtor passes the means test and qualifies for a Chapter 7 bankruptcy.

    The means test looks at a debtor’s household income from the previous six months prior to the debtor’s bankruptcy filing, and compares it to the median household income of the state the debtor resides in. If the debtor’s household income is above the household median income, then the debtor does not qualify for a Chapter 7 bankruptcy. The number of dependents a debtor has will affect their household size and thus influence whether the debtor passes the means test. Moreover, a debtor filing for bankruptcy must complete Schedule J of their bankruptcy petition and schedules. Schedule J lists all of the debtor’s household expenses. A debtor must provide their number of dependents in Schedule J of the petition and schedules. The number of dependents a debtor has will determine the debtor’s household size, which can impact the value of allowed expenses the debtor’s family may be allowed to have when filing for bankruptcy. 

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