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.
What Is Bankruptcy?
The Bankruptcy Process
There are a lot of myths surrounding bankruptcy. Many people think that you will automatically lose your car or your house if you file. That’s not true. The bankruptcy laws – called the bankruptcy code – is federal law passed by Congress. The right to file bankruptcy is also stated in the Constitution…READ MORE
Chapter 7 Bankruptcy
If you’re looking to file for Chapter 7 bankruptcy, 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…READ MORE
Chapter 13 Bankruptcy
Both chapter 7 and chapter 13 bankruptcies discharge your debts. Under a chapter 13 however, you propose a payment plan to the court to pay a portion of your debt. There is no required percentage of the debt that you must pay, instead the payment plan is based on your budget. There are a…READ MORE
Bankruptcy & Credit
A lot of people ask, what happens to your credit when you file bankruptcy? There is no set formula for how bankruptcy will affect your credit. It depends on 2 factors: (1) where your credit score is when you file for bankruptcy protection; and (2) the strategies you use to rebuild your credit after filing…READ MORE
Garnishment is a legal process by which a creditor tries to get money from your bank account or paycheck. Before the creditor can garnish wages or a bank account, the creditor must get a judgment against you. This requires that the creditor go through the legal process. First, the creditor must serve…READ MORE
To get answers to more questions related to bankruptcy and bankruptcy law in Minnesota, call Atlas Law Firm at for a Free Initial Consultation. Our bankruptcy lawyers are ready to assist those in need. We fully understand bankruptcy law in Minnesota and can help you with debt relief and debt consolidation.
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.