Bankruptcy Attorneys in Minnesota
Serving Minneapolis, St. Paul, Bloomington, Edina, St. Louis Park, Roseville and all of Minnesota
The experienced bankruptcy attorneys at Neff Law Firm, P.A., have helped many people assess their eligibility for filing bankruptcy in Minnesota. These Minnesota bankruptcy attorneys can go over a consumer's financial situation with them and help to evaluate the potential for qualifying for bankruptcy.
What are Eligibility Requirements for Filing Bankruptcy in Minnesota?
Bankruptcy Eligibility Minnesota
Consumers who are contemplating filing bankruptcy need information on their eligibility for filing bankruptcy in Minnesota. The Minnesota bankruptcy lawyers at Neff Law Firm, P.A., can help consumers assess their legal assistance situation to see the best course of action for meeting the financial problems they are facing which may include going over bankruptcy eligibility or other legal recourse that may be appropriate. These skilled Minnesota lawyers may be able to provide legal assistance in the areas of bankruptcy, civil litigation, criminal defense, discrimination, wrongful termination of employment, personal injury and other areas as well.
Need a Minnesota Bankruptcy Lawyer?
Minnesota Bankruptcy Lawyer
A Minnesota Bankruptcy lawyer from Neff Law Firm, P.A., reviews a consumer's income, assets, debts and expenses as part of determining eligibility for filing bankruptcy in Minnesota. At an initial meeting between the consumer and the lawyer there can be a discussion of the total debt owed, payment delinquencies, weekly budget, property holdings, unfair collection practices, harassing bill collectors, home foreclosure, repossession, garnishment and debt resolution. After the lawyer has reviewed all relevant concerns he or she can then determine the consumer's potential eligibility for filing bankruptcy in Minnesota.
How is Eligibility for Filing Bankruptcy Determined in Minnesota?
Determining Eligibility for Filing Bankruptcy In Minnesota
There are various factors involved in a consumer's financial situation that must be weighed in determining his or her eligibility for filing bankruptcy in Minnesota. Some of the more common considerations are as follows:
Too Much Money to File a Chapter 7 Bankruptcy
In general, if your annual income exceeds the state of Minnesota's median income for your household size, then your only option may be to file a Chapter 13 bankruptcy.
However, the determination of whether a particular individual or married couple qualifies for a Chapter 7 or a Chapter 13 bankruptcy is not entirely a mechanical test of whether the annual income exceeds or is below Minnesota's median income.
In order to make the determination, it is helpful to discuss with an experienced and knowledgeable bankruptcy attorney all of the factors related to the Means Test in order to determine whether a Chapter 7 or a Chapter 13 is appropriate.
Too Much Debt to File a Chapter 13 Bankruptcy
It is possible to have too much debt, or too much of the wrong type of debt to be able to file for Chapter 13 bankruptcy protection. As of April 1, 2010, the limit for noncontingent, liquidated, unsecured debt was increased to $360,475.00 and the limit for noncontingent, liquidated, secured debt was increased to $1,081,400.00. It is important to have the most current information available when trying to determine eligibility for filing bankruptcy so it is wise to meet with an experienced bankruptcy attorney and give them all of your most current financial information and factor that in with the legal requirement in place at the time of the meeting. This page covers the law in place in June of 2010, but it is important to get the exact law that is applicable to your situation at the time of wanting to make a determination for eligibility for filing bankruptcy.
Specifically, the Bankruptcy Code, Section 11 U.S.C. §109(e) states:
only an individual with regular income that owes, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts of less than $250,000 and noncontingent, liquidated, secured debts of less than $750,000, or an individual with regular income and such individual's spouse, except a stockbroker or a commodity broker, that owe, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts that aggregate less than $250,000 and noncontingent, liquidated, secured debts of less than $750,000 may be a debtor under chapter 13 of this title.
The limits for unsecured debt and secured debt are adjusted every three years pursuant to §104(a) of the code, beginning in 1998. The previous adjustments took place in 2001, 2004, and 2007. Adjustments to these limits are based on the Consumer Price Index for All Urban Consumers.
It is important to understand the difference between "noncontingent, liquidated debt" and "contingent, unliquidated debt" when evaluating whether a particular debtor is eligible for a Chapter 13 bankruptcy.
An experienced and knowledgeable bankruptcy attorney can assist a debtor in determining whether the debtor meets all eligibility requirements for a Chapter 13 or a Chapter 7 bankruptcy.
Other Bankruptcy Eligibility Requirements
Residency, in general, a debtor must be a resident of Minnesota for at least 180 days to be able to file for bankruptcy protection in the U.S. Bankruptcy Court for the state of Minnesota. Other time limitations may apply to the use and availability of various exemptions. If you have recently moved to Minnesota or have acquired real estate in the past 1215 days, then discussing your situation with an experienced and knowledgeable bankruptcy lawyer may be helpful to you.
Perjury
When filing a bankruptcy, it is important to note that a debtor must sign a Signature Declaration which states the debtor is declaring under penalty of perjury that the information contained in his/her/their bankruptcy petition, schedules and statements are true and correct. Because you are declaring under penalty of perjury that the information is true and correct it is important to be completely honest and straightforward with your attorney. The consequences of perjury far exceed the possible loss of an asset or even having to file a Chapter 13 when you would prefer to file a Chapter 7.
Projected Disposable Monthly Income
The Means Test and a Debtor's Actual Income and Expenses
In Minnesota, the amount of a debtor's projected disposable monthly income is not based on a mechanical reading of the means test. Instead, the Bankruptcy Court looks at the situation the debtor is in at the time of filing and the likelihood that the situation will continue on into the future after the date of filing. For instance, if a debtor loses his or her job and as part of that job loss receives a severance payment, the debtor may not have to wait until that severance money has been exhausted before he or she can file for bankruptcy protection. Even if the inclusion of the severance payment in the 6-month look back regarding the debtor's income would place the debtor as an "above the median income debtor" the loss of the job and the debtor's future job prospects may enable the debtor to file for Chapter 7 protection rather than Chapter 13 protection, or if a Chapter 13 bankruptcy is still appropriate or desired, it may result in a lower Chapter 13 Plan payment than would have been the case had the debtor maintained the previous income level or what might appear on the surface to be the appropriate level given the severance payment.
Similarly, it is not simply a case of figuring out your income and adding up your expenses and if the expenses exceed the income assuming that you are eligible for a Chapter 7 bankruptcy. The new bankruptcy laws require that a debtor's expenses be reasonable in light of the applicable IRS collection standards. While it may be possible for a debtor to exceed the allowed expenses in one or more categories, there must be a good and valid reason for such excess expenditure and there needs to be proper support for such excess expenses. For instance, if you have prescriptions that exceed the IRS collection standard figures for medical expenses, then proper support for the expenditure might be copies of your prescriptions and copies of the receipts for your cost in purchasing the prescription.
Talking the facts of your situation over with an experienced and knowledgeable bankruptcy attorney can help you clarify your situation and determine fact from fiction.
Comprehensive Legal Help in Minnesota
Minnesota Bankruptcy Attorney Can Evaluate More Than One Type of Legal Case
The Minnesota attorneys from Neff Law Firm, P.A., are aware that consumers may be experiencing financial distress based on more than one problem. Neff Law Firm, P.A., has been providing comprehensive legal help in Minnesota since 1986. The experienced lawyers from the law firm are available to help a consumer evaluate his or her situation to determine what legal steps may be taken to help. For example, a consumer who finds himself or herself in deep financial distress due to loss of employment may go over appropriate recourse in addressing the wrong that has been done to them as well as available legal options that may help relieve the financial problems being experienced. The attorney may provide legal help to the consumer for more than one type of legal matter.
Looking for Help with Debt?
Debt Problems that Lead to Consideration of Filing Bankruptcy
The experienced Minnesota bankruptcy lawyers at Neff Law Firm, P.A., understand that consumers may feel great financial pressure causing them to consider filing bankruptcy. These bankruptcy lawyers are sensitive to the debt related pressures that a consumer may be experiencing. At a confidential meeting the client may go over with the lawyer various financial pressures he or she is experiencing such as debt payment difficulties, inability to meet monthly budget needs, owing more on secured debts than the property is worth, harassment by creditors, unreasonable acts of a collection agency, foreclosure of a home, repossession, garnishment, credit card problems, crushing medical bills, late payments, default judgments and predatory financial practices of creditors.
Talking with a Bankruptcy Lawyer
Consultation with Experienced Minnesota Bankruptcy Lawyer
The experienced Minnesota bankruptcy lawyers at Neff Law Firm, P.A., have over fifty years of combined experience helping consumers who are considering filing bankruptcy. An experienced Minnesota bankruptcy attorney from the law firm is available to meet and discuss relevant facts related to possibly filing bankruptcy including a consumer's bankruptcy eligibility in Minnesota. The bankruptcy attorneys from the law firm have decades of experience assisting debtors who are considering filing for bankruptcy. These skilled bankruptcy lawyers can provide assistance to consumers who are considering bankruptcy. They can provide professional help to consumers in determining eligibility for filing bankruptcy in Minnesota. Consumers may set up an in person appointment to meet with a lawyer at one of the law firm's convenient Minnesota offices by calling the central scheduling telephone number of (952) 831-6555.
Minnesota Bankruptcy Legal Assistance
A Minnesota bankruptcy attorney from the Neff Law Firm, P.A.'s, Roseville office in Ramsey County, or from the Edina office in Hennepin county can meet in person with a debtor and go over all relevant financial matters to help evaluate his or her eligibility for filing bankruptcy in Minnesota. These twin cities bankruptcy attorneys have over fifty nine years of combined experience helping consumers that are in the process of assessing their eligibility for filing bankruptcy in Minnesota.
Twin Cities Bankruptcy Attorney
A Twin Cities bankruptcy attorney from Neff Law Firm, P.A., is available to consumers throughout Minnesota including people living in Minneapolis, St. Paul, Edina, Roseville, Bloomington, Golden Valley, St. Louis Park, Robbinsdale, Brooklyn Center, Anoka, Columbia Heights, Oakdale, Egan, Mendota Heights, Eden Prairie, Deep Haven, Minnetonka, Wayzata, Mound, Hopkins, Chaska, New Brighton, Chanhassen, Excelsior, Orono, Shakopee, Richfield, Brooklyn Park, Plymouth, St. Anthony and Maple Grove.
