Most people don’t plan to file for bankruptcy during their lives, but sometimes it’s the best choice. When you find yourself struggling to make financial ends meet, and it seems like you can’t catch a break, filing for bankruptcy may be the best way out.

If you’ve been considering filing for bankruptcy in Minnesota, you may wonder what the process is like. In this post, we will consider the process of filing for bankruptcy in Minnesota and how an experienced and compassionate bankruptcy law attorney can help you.

Starting the Process

When you decide that bankruptcy is the best option, the first step is to gather all your relevant documents, including your tax returns, pay stubs, and any other financial documents that are relevant to your case. You will then answer questions about your situation and fill out bankruptcy forms with the help of your attorney.

In Minnesota, the filing fee for Chapter 7 bankruptcy is $338. You may be able to apply for a fee waiver if your household income is less than 150% of the federal poverty guideline.

Once your Minnesota bankruptcy forms are filed, it immediately puts an “automatic stay” on your creditors. This stops creditors from suing you, confiscating your property, garnishing your wages, evicting you, disconnecting your utilities, or bothering you with phone calls. This allows you to collaborate with your attorney to develop a bankruptcy plan without hindrance.

Meeting of Creditors

A meeting called a 341 hearing is a mandatory aspect of the bankruptcy proceeding. At the meeting, you will produce evidence and answer questions about your income, spending, assets, and obligations.

  • Bring paperwork proving your identification, social security number, income, and expenses. Recent pay stubs and receipts for all of your spending, including bills and other fees, may be helpful.
  • Once everything is filed, the court will set a date where they’ll review your petition and make sure everything looks good from their perspective before approving it as official paperwork.
  • If you are filing Chapter 7, you have the option to surrender your vehicle and have your loan liability erased or  keep the vehicle and keep making the monthly payments on the loan.

Credit Counseling

After filing for bankruptcy, you must also attend an official financial management course online or over the phone. Once you finish this counseling, you will receive a certificate of completion.

After completing the required paperwork, meetings, and counseling, all that is left is having your bankruptcy discharged. Then all those debts can finally be erased from your record and life.

Contact an Experienced Minnesota Bankruptcy Attorney

At Hoverson Law Offices, P.A., we have over 35 years of experience working with clients facing financial difficulties. We would be pleased to help you through the task of filing for bankruptcy so that you can experience relief from stressful financial problems and have the opportunity to start fresh.

Call us at (612) 349-2728 or fill out our contact form for more information.

We target Minneapolis, Bloomington, and the surrounding Minnesota communities.