Bankruptcy Fees & Costs To File
Chapter 7 Costs: $385 Includes filing fee, credit counseling courses and credit report. These costs must be paid prior to filing.
Chapter 7 Attorney Fee: $0 Down and easy payments of $100-200 per month. Payment on our fee does not start until after you filed. Promissory note required if fees not paid in full.
What Is Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is often referred to as a fresh start bankruptcy. The reason is most unsecured debts are discharged such as:
Our philosophy is that it is more important to feed your family and pay your mortgage/rent than it is to service a garnishment or a bank levy. Everyone is entitled to a safety net now and then.
In Minnesota, it takes approximately 4 months to complete a Chapter 7 Bankruptcy. An experienced Minnesota bankruptcy lawyer can make sure all the steps are completed correctly and you receive a discharge as soon as possible so you can move on with your life.
Required Credit Counseling Costs
Before you can file for bankruptcy, you must take a court-approved credit counseling session. In addition, youll have to take a financial management course. These courses usually come with a small fee from the provider.
Course costs are are typically less than $50. Fee waivers and reduced rates are available based on household income.
The U.S. Department of Justice website has a list of agencies approved in each state. Visit their websites to find the cost of their bankruptcy-required courses.
How Can I Protect The Co
Short Answer: If someone co-signs a student loan for someone else, it is a serious thing. Many people don’t take it seriously enough. Generally speaking, a co-signer that signs a promissory note for a student loan is agreeing to be liable for the entire debt, if the main borrower defaults. The debt collectors don’t want to hear any excuses.
If you have a student loan with a co-signer, it is likely a private student loan. Private loans are like an unsecured bank loan or unsecured credit card, they are just not dischargeable in bankruptcy. And if you don’t pay it, you and your co-signer could be sued, and a court judgment entered against the both of you.
You and your cosigner’s bank accounts and non-exempt property could be seized to satisfy the judgment.
If you want to protect your co-signer from these collection actions, you can file chapter 13 bankruptcy, assuming that you have regular income and you qualify. If you file chapter 13, there is a “co-debtor stay” that protects your co-signers.
So long as the co-signed debt is a consumer debt, and so long as you propose to pay the debt in full during the chapter 13 case, your co-signer is protected by the Bankruptcy Court “automatic stay” and cannot be called, sued, or anything else for the co-signed debt, so long as you comply with your plan and pay the plan payments.
Talk To Our Oakdale Bankruptcy Attorneys To Learn More
Lamey Law Firm, P.A. has been serving the residents of Oakdale for more than 30 years. Below, you will find brief answers to some of the questions we receive most. Our team serves throughout Pine Springs, Lake Elmo, Maplewood, Woodbury, Oak Park Heights, and more.
To learn more, dial 309-8180 to schedule a free bankruptcy consultation.
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Where Are The Minnesota Bankruptcy Courts Located
Minnesota bankruptcies are filed with the District of Minnesota, United States Bankruptcy Court. There are four court locations where you may present your bankruptcy case for filing. Your section 341 meeting of creditors could be in various locations.
St. Paul: 200 Warren E. Burger Federal Building and United States Courthouse, 316 N. Robert St., St. Paul, MN 55101,
Minneapolis: 301 U.S. Courthouse, 300 S. Fourth St., Minneapolis, MN 55415,
Duluth: 404 Gerald W. Heaney Federal Building and United States Courthouse and Customhouse, 515 W. First St., Duluth, MN 55802,
Fergus Falls: 204 Edward J. Devitt United States Courthouse and Federal Building, 118 S. Mill St., Fergus Falls, MN 56537
Voted Best Customer Service Experience Of Any Bankruptcy Law Firm In Minnesota
Even from the first conversation I had on the phone regarding their services, I knew I was going to choose them. I made an appointment for the following week and was welcomed with no judgement. The whole process was fast and efficient. I worked personally with Misty, Samantha, and Callie but everyone there was extremely helpful when I had questions. There was little to no paperwork and they did most of the work for me. My only regret was not filing sooner!
– Megan W.
The staff at Kain & Scott were amazing! They make you feel very comfortable from the first time you step in the door. Everything is well organized and they respond quickly to any questions you have. Shout out to Wes, Calli, Megan, Sarah, and Lindsey you all were great in helping me get my life back. Keep up the good work!!
– Toby A.
– Maurice W.
Stellar customer service and you have the how can I help you staff! You made my future easier to handle and I have so much more confidence especially with your staff behind me. I appreciate all your help and time you spend helping me address my credit.
– Nancy N.
– Scott K.
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Can You Get Arrested For Not Paying Student Loans
You cannot be arrested for not paying student loans. However, if you are beingsued for a student loan, have a judgment granted against you, have been ordered by court to answer questions about your finances and you refuse, then you can be arrested. Non-compliance violates the court’s order.
Lesson: Always comply with court orders or you may get arrested and jailed.
I Have A Simple Bankruptcy Case Do I Really Need To Hire An Experienced Bankruptcy Attorney And Is It More Expensive
Short Answer: You may think you have a “simple” case, but really there is no such thing. Each person is different, and each bankruptcy case has its own challenges.
That being said, anexperienced bankruptcy lawyer can recognize issues and opportunities which can help your case a great deal. Also, an expert can make the process go much more smoothly.
Bonus: because our firm specializes in bankruptcy, our fees are the same as and sometimes even less than other firms that do only the “occasional” bankruptcy case, and have to “relearn the wheel” each time that they do a case.
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How Much Does It Cost To File Bankruptcy In St Paul Mn
Does it seem like an oxy-moron to you that a person who has debt has to pay for St Paul Bankruptcy Lawyer? I know, I used to feel the same way. It seems like when you are broke, there would be no way to pay for fees to begin with. However, when you are no longer paying on debt, that will typically create some room to pay for fees.
What About Going To Court
There are Bankruptcy Courts in Minneapolis, St. Paul, Duluth, and Fergus Falls, and we will file your bankruptcy case with one of these bankruptcy courts. Which court we will file your Bankruptcy petition in will be determined by where you live geographically. We will file your bankruptcy case electronically, and you will receive notification that your case has been filed by mail within a week after your case is filed.
The vast majority of people filing bankruptcy never see the inside of a Bankruptcy courtroom or see a Bankruptcy judge. Most matters in bankruptcy are handled by default meaning that unless another party objects, it happens automatically. Even if there is a dispute, it is usually handled by attorneys in the courtroom, and only rarely will clients ever have to appear.
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What Happens To A Co
Short Answer: If someone cosigned a loan for you, he or she will still be on the hook if that loan is eliminated in bankruptcy and will have to pay the loan. If your cosigner is a relative, you can imagine the stress this might cause in your relationship. If you have a cosigner you want to protect, youâll need to consider negotiating an alternative payment plan with your creditor or filing Chapter 13 bankruptcy.
Do you have more questions? Reach out to us at 309-8180 for afree review of your case.
Is It Legal For A Company To Pull My Credit Report Without My Permission And Without A Permissible Purpose
Short Answer: No, it is a violation of the Fair Credit Reporting Act for a company or person to obtain your credit reports, unless they have your permission, or unless they have a “permissible purpose” under the law.
If this occurs, you have the right to bring suit, to have your attorney fees paid, and to be paid $1000 as statutory damages.
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Minnesota Bankruptcy Exemptions And Law
Filing for bankruptcy is often seen as a last resort for those who are in true financial trouble. But the reality is that bankruptcy offers a means for those who are having trouble managing their debt to stop harassing phone calls and collection notices. The pause in collection activity will let you either reorganize your debt to make it more manageable or, if you have no hope of ever paying it off, eliminating it entirely.
Minnesota has put special bankruptcy rules in place that will help you protect your property from your creditors during bankruptcy.
Dealing With Your Car
A lot of people don’t realize how many different options filing Chapter 7 in Minnesota gives them when it comes to dealing with their car. While you can’t simply return your car to the creditor in order to get out of your car loan outside of bankruptcy, you can surrender your vehicle as part of your Minnesota bankruptcy case and have your responsibility on the loan discharged. Of course, if you are happy with your car, you can also keep it even after filing bankruptcy in Minnesota. In order to do so, you will have to either agree to continue making payments according to the terms of your loan or redeem the car by paying only the value of the vehicle to the creditor and discharging the remaining balance. Keeping everything the same does require you to complete a reaffirmation agreement which has the effect of removing your car loan from the pool of debts that is getting discharged. Since that means you will be personally responsible for paying the loan in full, no matter what happens even after your Minnesota bankruptcy case has been filed and your discharge entered, you should only consider this option if you know you can make your car payment every month without issue. The second alternative, called a redemption, does require you to make a lump sum payment to the creditor, so it’s an option only if you are able to raise or borrow enough money after filing bankruptcy in Minnesota to make this payment.
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Who Qualifies For Chapter 7 Bankruptcy
Short Answer: There is a lot that goes into determining one’s eligibility to file for Chapter 7 Bankruptcy. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made several alterations to American bankruptcy laws. One main provision was to make it harder for people to file for Chapter 7 bankruptcy. Chapter 7 has always been a very attractive option to debtors due to the fact that most debts can be completely forgiven.
People of all income levels used to be able to file for Chapter 7 bankruptcy, but it is not that way anymore. The debtor’s income is compared to the median income in their state of residence if they make more than the median amount, they must take a “means test.” The means test will take various kinds of deductions into account as a way to determine eligibility.
If the bankruptcy means test determines that someone makes too much money to qualify for Chapter 7, Chapter 13 bankruptcy is another option for the individual to consider. It will not wipe out debts entirely, but it will consolidate those debts to be repaid in manageable monthly payments. If a person does find out he is eligible to file for Chapter 7 bankruptcy, it is highly recommended that he contact an experiencedOakdale Bankruptcy Attorney to be sure this will be the best option.
If you are thinking about filing for Chapter 7 bankruptcy, contact us for a free consultation at 309-8180.
What Is The Bankruptcy Means Test In Minnesota
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Minnesota residents are a unique brand of tough. Braving the harshest winters in the lower 48 states makes Minnesotans strong and resourceful. However, even the most resilient, responsible, and capable individuals can fall on hard times. No matter how hard you work, you may find yourself in a position where you canât pay all of your bills. Thankfully, there are legal resources available for Minnesotans who are experiencing financial hardship. One of the most useful debt management solutions available is Chapter 7 bankruptcy. This process generally allows lower-income households to eliminate their debts while maintaining ownership of most, if not all personal property. To qualify for Chapter 7 relief, households must fall within certain income limits and they must pass the bankruptcy Means Test in Minnesota. This eligibility requirement helps the government ensure that only filers actually unable to pay their bills are allowed to take advantage of a Chapter 7 bankruptcy.
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What Is The Difference Between Chapter 7 And Chapter 13 Bankruptcy
Short Answer: In order tofile under Chapter 7, your income must be less than the median income in the state of Minnesota or Wisconsin. If you qualify, your unsecured debt – credit cards, medical bills, and certain kinds of loans – will be wiped out.
In a Chapter 13 bankruptcy, your debt is restructured according to a payment plan agreed to by your creditors. A trustee is appointed by the court, tasked with ensuring you make payments on time and creditors receive a percentage of what they are owed over the course of 3 or 5 years.
Fairway Group Holdings Corp Ipo
The split took place during an IPO on April 17, 2013 under the name of parent company Fairway Group Holdings Corp. on the NASDAQ under the ticker symbol FWM. On May 2, 2016, Fairway Markets filed for Chapter 11 bankruptcy, losing money every quarter since it went public and was sold unsuccessfully to 60 potential buyers.
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Will I Have To Go To Court When I File Bankruptcy
Short Answer: In most bankruptcy cases, you only have to go to a proceeding called theâmeeting of creditorsâ, which is a short and simple meeting where you are asked a few questions by the bankruptcy trustee. While the meeting is held at the courthouse, the meeting doesnât take place in a courtroom.
Occasionally, if complications arise, you may have to appear at a hearing in front of a bankruptcy judge. In a Chapter 13 case, you may have to appear at a hearing when the judge decides whether your plan should be approved . If you need to go to court, you will receive notice of the court date and time from the court or your attorney who will help you prepare for your appearance.
Can I File Bankruptcy And Not Include My Spouse And Not Hurt His Or Her Credit
Short Answer: If you have credit accounts just in your name, and your spouse has credit just in their name, and only one of you has financial problems, it’s an easy decision that only the one that has financial problems should file bankruptcy.
Just because you are married does NOT “merge” your credit files. If you apply for credit together, yes, both your files are shown to the creditor pulling the credit. But the only thing that causes both of you to suffer credit-wise when only one spouse has financial problems, is if you have joint credit accounts.
Many times, people come in to meet with our attorneys and only one spouse wants to file bankruptcy so that they can “keep the other spouse’s credit” so that they can buy a house or something else in the future. Well, that is fine if all of the debts that will be listed in the bankruptcy are in the spouse-to-file’s name.
But if people have been married a long time, it’s common that they have one or more “joint” accounts, on which they are both equally liable. And it’s not a good idea for only one spouse to have credit, period. Both should have some credit, in case something happens to the other spouse or they get a divorce, etc.
In my experience, if the debt that you and your spouse have or a substantial part of the debt is joint debt, it is better for both spouses to file bankruptcy. Your credit can recover quickly after a bankruptcy, so long as you do not default on new obligations.
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