A reaffirmation is an official way to “reobligate” yourself on the loan. This involves the lender sending us a reaffirmation contract to be signed by you.
The Process of Filing Chapter 7 Bankruptcy in Minnesota
If you’re looking to file for Chapter 7 bankruptcy in Minnesota, it is good to get a grip on the process before taking the first step. The Chapter 7 bankruptcy process is a lot like putting together a puzzle—the individual steps aren’t hard, but completing the full picture is best done with help. Watch the video below by bankruptcy lawyer Michael Sheridan of Atlas Law Firm to understand the process of filing for Chapter 7 bankruptcy in Minnesota.
The First Steps for Filing Chapter 7 Bankruptcy in Minnesota
Everyone who thinks that bankruptcy is a necessary step needs to go through some credit counseling. This required counseling is in place to ensure that you don’t have any other options. If after the counseling you still think bankruptcy is your best option you can go forward with your plans to file.
The Chapter 7 bankruptcy procedure then requires taking a means test to determine whether or not you qualify to file Chapter 7. The means test tells you which of the two common bankruptcies—Chapter 7 or 13—you qualify for.
Atlas Law Firm: Chapter 7 Bankruptcy Attorneys
Just like any part of the legal system, you can complete all of the steps of your bankruptcy filing on your own. The laws are complicated as bankruptcy is federal law and is supplemented by the state laws. The process is further complicated by the fact that different federal district courts interpret the bankruptcy laws differently. Failure to adequately outline your case can result in potentially exempt items being taken away or in having your request denied altogether. Hiring us as your Chapter 7 bankruptcy lawyer will give you the greatest chance for completing a successful Chapter 7 bankruptcy in MN. Our bankruptcy lawyers have several years of experience and fully understand bankruptcy laws in MN.
The next steps in the process are all ones that are imperative to have legal advice from good bankruptcy Chapter 7 attorneys.
Gather Documents, Start the Paperwork
If you can, go over the paperwork with the bankruptcy attorney for Chapter 7 that you’ve hired. We will have the experience to help ensure that the information you provide is both accurate and complete. Be completely honest, both with us and in your bankruptcy filing. Any little oversight could be problematic.
Submit the Paperwork
Once you and your Chapter 7 bankruptcy attorneys are satisfied that your request is ready, we will file it. The court will appoint a trustee to oversee your request, who will read the whole thing and see if there are any errors or inconsistencies. The trustee’s goal is not to look out for you, but to ensure the creditors get as much as possible.
Attend the 341 Meeting of Creditors
This is typically a short meeting between you and the trustee that can (but rarely is) be attended by the creditors. This meeting ensures that everyone is on the same page and, if you’re relinquishing any kind of property or assets, you’ll give them to the trustee to sell and distribute. Your bankruptcy Chapter 7 attorney will prepare you for what this meeting entails.
Final Stages: a Few Hurdles Yet to Cross
Before you are totally discharged, you’ll have to attend a financial management instructional course; failure to do this will totally invalidate your bankruptcy. You will eventually receive a notice that your debts have been discharged.
Getting help from a bankruptcy attorney when filing for Chapter 7 is important to ensure that the process goes smooth. The bankruptcy lawyer will answer all the questions and queries you have about the bankruptcy process and the attorney will help you with the bankruptcy filing process as well. For legal help in Minnesota, call Atlas Law Firm at today! You can also visit our offices located in Anoka, MN, Bloomington, MN, Minneapolis, MN, St. Louis Park, MN, Edina, MN and Minnetonka, MN.
Chapter 13 is essentially a payment plan that you organize through the court system. Think of it as a consolidation loan with teeth.
There are 2 things you must do after your case is filed: (1) attend the meeting of creditors (aka the 341 hearing); and (2) complete a debtor’s education course via phone within 75 days from the date your case was filed. The 341 hearing is sometimes referred to as the meeting of creditors because your creditors can attend the meeting and ask you questions about the information contained in your petition.