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There are several different ways to file for bankruptcy. The bankruptcy code, which is the body of bankruptcy laws, is divided into various chapters.

The three common triggers for bankruptcy are unemployment, medical expenses, and divorce. Unemployment can trigger bankruptcy, which is pretty straightforward.

There are a few dangers by waiting too long to file for a bankruptcy. Most people do not think about bankruptcy until they get into a situation where things do not look good financially.

The name for Chapter 7 bankruptcy in Minnesota is “Liquidation.” Although that sounds scary, it doesn’t mean you will lose all of your assets.

Bankruptcy mills are law firms with attorneys, who focus their practice on bankruptcy laws. However, the word mill refers to an attorney who markets himself or his practice, and then has legal assistants, and non-lawyer employees handle working on the cases.

The 341 meeting of creditors refers to Title 11, Section 341 of the Bankruptcy Code. That is the section that authorizes a mandatory meeting for anyone who is filing for bankruptcy protection with the trustee assigned to their case.

A trustee can object to a discharge if there’s been some amount of fraud in the bankruptcy case. When you’re filing for bankruptcy, you are asking for equitable relief and under the law.

If you’re behind on your mortgage payments and want to know how to save your house from foreclosure, call Atlas Law Firm today. A chapter 13 bankruptcy can stop the foreclosure sale and suspend your creditors from demanding immediate payment of the amount you’re behind on.

Homeowners whose homes are over-burdened with mortgage debt beceause of the real estate bubble have recently been given a powerful tool to help them stay in their homes. In Fisette v. Keller the 8th Circuit Bankruptcy Appellate Panel ruled that people who file for Chapter 13 protection can remove a wholly unsecured second mortgage on their home in bankruptcy.

The questions involve broad information in your petition, including assets, debts, income, expenses and transfers or transactions. This is one of the differences between a 341 meeting in a chapter 7 and a chapter 13. In a chapter 7 341, the chapter 7 trustee is really more interested in assets and less interested in income and expenses.