As bankruptcy attorneys, we will be the first to admit that bankruptcy is challenging and has many moving parts, while also being completely unique per case. At Kain & Scott, we primarily file chapter 7 and chapter 13 bankruptcies—focusing solely on the consumer.
Collectively, taking into account the difficult cases and situations our firm has seen over the 45+ years, we recommend always consulting and filing bankruptcy with an attorney. Taking on this difficult task will certainly be an additional stressor to the already all-consuming fear and uncertainty of not being able to pay your bills or recover from previous debt.
The Process of Filing Bankruptcy in MN
The typical bankruptcy petition and schedules can run from 65-80 pages. There are hundreds of details that need to be addressed and disclosed for a successful bankruptcy filing, as well as interpreting and using the correct bankruptcy code provisions. Beyond just the paperwork itself, filing a bankruptcy requires a lot of preparation.
This will include, but is not limited to:
- pulling credit reports,
- meeting the median household income to make sure you are filing the correct chapter,
- using the correct set of exemptions,
- using and interpreting the exemptions to protect your assets,
- completing required credit counseling courses,
- filling out the means test,
- filing amendments if the initial petition and schedules was incomplete.
Filing the paperwork with the court system is not where the case ends. Depending on what chapter you are filing, you may be in an active bankruptcy for 3 months or 5 years. There may be times when creditors do not abide by the automatic stay or times when a creditor was not listed in the original petition and schedules. There are types of debts that will not be discharged in your bankruptcy, even if you listed them.
The 341 Meeting
Roughly a month after filing, you will have your first major experience with a trustee during your 341 hearing. There are questions the trustee will ask during the 341 meeting of creditors, questions that you may not have been prepared to answer or did not know you had to disclose. Wait, can creditors show up to this meeting? They sure can. A trustee will search high and low to see if they can recover money or assets, especially if they were not included in the filing. Without attorney representation, you will be on your own to provide documentation to the trustee and be expected to adequately respond and negotiate.
Potential Minnesota Bankruptcy Problems
As previously mentioned, there are many moving parts of a bankruptcy. Here, we have briefly covered some of the basics that must be accomplished before the bankruptcy is successfully filed. There are a variety of instances where things will go wrong or important items will be faulty due to missed guidelines.
Filing a bankruptcy is no simply task and most of the time, cases are not as cut and dry as they may seem. Keep in mind, even after you receive your discharge, your case may not yet be closed. You may be required to turn over assets, money, tax returns, and tax refunds. How is anyone supposed to keep it all straight? That is a completely legitimate question.
Streamlining the Minnesota Bankruptcy Process
We understand this challenge and have developed a system that works and will keep you updated every step of the way. We have trained employees that specialize in all aspects of filing a bankruptcy case. We completely understand people do not actually want to contact our office, we really do understand. But once you do, we will do whatever we can to make sure this process is smooth and effective for you.
Seeking counsel for your bankruptcy could be the single best decision toward the fresh start you want.
CALL NOW FOR A FREE STRATEGY SESSION FROM A MN BANKRUPTCY LAWYER AT KAIN & SCOTT
The easiest way to avoid red flags and trouble down the road, is to consult a Kain & Scott bankruptcy attorney today. Give us a call or visit www.kainscott.com for a FREE consultation. Even if you do not need to file a bankruptcy or choose another route, we want you to know the importance and magnitude your decision will have; so, why not give us a call and get those burning questions answered?