Blog

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.

We represent people and businesses in both Chapter 7 and 13 bankruptcy cases. We meet with people and businesses to counsel them on their debt resolution options so that they can make an informed choice on whether bankruptcy can help them meet their goals.

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

Once your case is filed, your creditors have the opportunity to object to you getting rid of (aka “discharging”) their debt. The creditor must have sufficient legal grounds to make this objection.

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

In general, you have 4 options in order to delay the date of the foreclosure sale and which one you choose depends on what you wish to accomplish, the first 3 I’ll mention assume you wish to keep the house, the last option assumes you wish to let the house go, but stay in it as long as possible:

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 trustee has a duty to conduct due diligence, and that basically means reviewing the documents that are filed by the debtor and then holding a hearing called a Section 341 hearing in which the trustee asks some standard questions of the debtor.

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.

For anyone who is considering bankruptcy, because they are struggling with a financial hardship: schedule a free consultation with us. You are going to save in the long run.