15 Oct Important Instructions to File Bankruptcy in Minnesota
At the point when you don’t make enough to take care of your debts, seeking financial protection in Minnesota can the only solution. Minnesota Chapter 7 bankruptcy and Chapter 13 insolvency, involve:
- Discharge of debt through either a repayment plan in the circumstance where chapter 13 is appropriate; and
- Discharge of the debt through a straight bankruptcy in the circumstance where chapter 7 bankruptcy is appropriate.
Meeting with a qualified bankruptcy attorney is the only way to know which chapter is appropriate for you.
Bankruptcy in Minnesota—Means Testing
The Means test is one of the primary steps in determining whether a chapter 7 or chapter 13 is appropriate. Means testing involves running an analysis of what your gross income is, from all sources. Determining the total number of people who reside at your residence, regardless of familial relations. And, reviewing where you live, the actual location of where you reside.
In most cases, Chapter 7 is appropriate if you make under the median income given the above factors.
In cases where Chapter 7 is not appropriate, given the above factors, Chapter 13 may be appropriate. Also, chapter 13 is appropriate in certain other circumstances. Always consult an attorney to review your options and to make a determination regarding the best option for you.
The important pay diagrams and cost rules are on the U.S. Trustee’s site select “Signifies Testing Information”.
Why Bolinske Law?
Unlike debt settlement companies Bolinske Law owes you the duty to do the best for you. Doing the best for you involves applying your facts to our 15 years of experience. We can only recommend what is best for you, period.
No Comments