Most people call me Dave. At my Minnetonka, Minnesota office, I have been practicing law in the Twin Cities area for over 36 years. In late 2005 a "reform" act was passed which was supposed to make filing bankruptcy more difficult. Since then, however, I have helped a large number of clients qualify to file either Chapter 7 or Chapter 13. While the paperwork has become a lot more complicated, I am finding that most people who need to are still able to file. I care about people who are in financial difficulty, and I get a lot of satisfaction from helping them.
Call Dave Kelly - we'll figure it out.I know that filing a bankruptcy is the last thing you want to do. You have probably been struggling for a long time to avoid bankruptcy. You might already have refinanced your home in an effort to get caught up, only to find that it wasn't enough - and now your home equity is gone or seriously reduced. You might be desperately using cash advances from one credit card to pay another - robbing Peter to pay Paul - but certainly not getting ahead by doing so. A point comes when bankruptcy becomes the only viable choice. To their credit, most of my clients have waited way past that point before calling me. If you are wondering whether you file under the new standards, please call me.
This is the kind of bankruptcy that is often described as "straight bankruptcy." For most of my clients, most unsecured debts are completely wiped clean while they get to keep all their assets. The bankruptcy court appoints a trustee who reviews the assets of the debtor to see if anything is available for creditors. If all the assets are exempt, which is usually the case, the creditors get nothing.
Eligibility for Chapter 7 requires satisfaction of certain income and expense limitations. If things have gotten so bad that you need to look at this, chances are you qualify. This video goes into depth on the eligibility requirements. However, the numbers keep changing as to what the median income is - so it is best to check for updates at http://www.mn-bankruptcy.com/chapter7.html.
This video is for general information purposes only, is not legal advice, and does not create an attorney-client relationship. Please consult the attorney of your choice concerning the details of your case. I am a debt relief agency helping people to file for relief under the federal bankruptcy code.
