Chapter 7 bankruptcies are known as the “Liquidation” chapter of bankruptcies. That doesn’t mean the judge is going to pull up in front of your house with a moving truck, load up your stuff, and drive away. Instead, it means the court labels your property as either “exempt” or “non-exempt” based on either federal or state laws. Your non-exempt property can either be: 1) surrendered to your Chapter 7 trustee, 2) “purchased” from your bankruptcy estate, 3) or abandoned by the Chapter 7 trustee. Here, I will first discuss the differences between exempt and non-exempt property. Then, I will discuss the three non-exempt property options.

Fear of the unknown is one of the most difficult emotions to grapple with. When it comes to bankruptcy, most people are fearful because they don’t know what the future has in store. Let me be the first to tell you, everything is going to be ok. People are fearful of bankruptcy because of what they’ve heard from others. There’s a good chance, however, these people don’t know what they’re talking about. Bankruptcy is a great option for individuals who are overwhelmed with debt. If you’re tired of the overwhelming pressure debt has caused in your life, we can help.

What is a Chapter 7 bankruptcy in Eden Prairie, Minnesota? It is the same thing it is all throughout the state of Minnesota. Bankruptcy law is based on federal bankruptcy statutes, not state law. So, what Chapter 7 bankruptcy is in Eden Prairie, Minnesota is the same thing it is all across Minnesota. Chapter 7 bankruptcy is like hitting a reset button on your financial life.

When a potential client comes in for an initial consultation, one of the available options for a client with a debt problem is debt settlement. But is it a good alternative to bankruptcy? The answer is mainly no, it’s not, the reasons of which are spelled out below.

Don’t you wish there was a fast and easy way to erase your debt in Minnesota?

It’s easy to get into debt: the loss of your job, change of circumstances, an unstable market, and serious illness are just a few reasons you may have fallen behind on your payments. Once you fall behind on your payments, the amount of your debt grows quickly as penalties and interest are added.

Lease agreements and executory contracts can either be assumed or rejected through Chapter 7 bankruptcy. Depending on your circumstances, you may wish to separate yourself from an existing lease agreement, or you may want to continue with your obligations after the bankruptcy. Through Chapter 7, you can choose to do either. In this blog we will look at various types of executory contracts and your options for each through Chapter 7.

Last week, I wrote about the challenges of accessing credit after filing a Chapter 7 Bankruptcy case. I concentrated on retail charge cards and revolving credit cards as two commonly-desired credit products that can be accessed after a bankruptcy case has been filed, and the debtor has received a discharge. This week I will look at the mechanics of obtaining approval for credit cards. Then I will look at the challenges of larger credit products - particularly vehicle loans and real estate mortgage loans.

Chapter 7 Bankruptcy provides nearly one million debtors each year with the relief they need from overwhelming debt. Whether or not Chapter 7 Bankruptcy is the best option for you depends on a number of considerations. During your initial consultation with one of our MN Bankruptcy Attorneys we will get to know you and your situation. We will ask a number of questions to fully understand the situation you’re confronted with. After getting to know you and your situation, we will provide you a recommendation on how we think you should move forward. In this blog, we’ll discuss what Chapter 7 is, Chapter 7 filing requirements, and the Business Debt Exception to the Chapter 7 Means Test.

Among the eligibility requirements to file a Chapter 7 Bankruptcy, the Means Test is used to determine whether or not a debtor has the resources available to satisfy their financial obligations. When a debtor fails to satisfy the requirements of the Means Test, they have the option of filing a Chapter 13 bankruptcy instead. However, there are exceptions to the Means Test which provide certain debtors the option of filing a Chapter 7 bankruptcy despite having too high of income. If the majority of your debts are non-consumer debts, you are a disabled veteran, or you are a military Reservists/Guardsmen, you may qualify for Chapter 7 bankruptcy regardless of your income.

The past two weeks, I’ve written about what the requirements are to file a chapter 7 bankruptcy. But as I wrote last week, it is one thing to be able to file a chapter 7 bankruptcy if a person is experiencing significant financial difficulty. But the reason to file is to receive a discharge of debt. So last week we looked at what a chapter 7 debtor needs to do after the case is filed to secure that bankruptcy discharge. This week we’ll wrap up the requirements to receive a discharge.

The Automatic Stay in Chapter 7 Bankruptcy is an invisible wall that keeps your creditors from collecting against you during the pendency of the bankruptcy. In rare circumstances, creditors are able to navigate the automatic stay and still act on the debts that you owe. Most of the time, creditors cease collection action once a debtor has filed bankruptcy. In this blog, we address what the automatic stay, what the automatic stay isn’t, and the benefits debtors receive once their bankruptcy has been filed.

There are numerous online inquiries for what is a Chapter 7 Liquidation anyway? There are many misconceptions about bankruptcy and Chapter 7 Bankruptcy and what it is and what it does and does not do. So, how about we discuss a Chapter 7 Liquidation in terms that we can understand uh? Great, here we go!

Over the past four weeks, I’ve written about the legal consequences of filing bankruptcy. As I wrote when I started looking at the legal outcomes of filing bankruptcy, while the legal consequences of filing are certainly critical for my clients to understand, legal consequences are not the only factors in a client making a decision as to whether to file a bankruptcy case. For my clients, it is just as, if not more important for them to be clear about the financial consequences of filing a bankruptcy case. The effect of filing a bankruptcy financially is what we will look at this week. And I will concentrate on what happens to the consumer debtor (as opposed to the business debtor) when I write about the financial impact of filing bankruptcy.

So, you live in Monticello, Minnesota and you are contemplating getting your life back by filing Chapter 7 Bankruptcy, right? Wouldn’t you like to know the commonly asked bankruptcy questions and the answers to them before you file Chapter 7 Bankruptcy too? I would!

Duluth, Minnesota is a beautiful city. I have fond memories of taking my family to Duluth on many occasions. There is something very special about the city and I feel a little bit nostalgic every time we drive into the city and drive down the hill and toward the harbor. But enough about that. If you live in or near Duluth and your are experiencing overwhelming debt problems, you want it solved for good!