Dealing with financial problems can be physically, mentally, and emotionally draining. There’s not enough money to make ends meet and you keep getting phone calls from creditors wanting to know when you’re going to pay them with money you don’t have. Many people think that bankruptcy is an embarrassing last resort, but this is not true. Bankruptcy is a legal option that was created to help good people escape debt when they have fallen on hard financial times. It lays the foundation for a fresh start and helps you rebuild your finances. Live in Minnesota or Western Wisconsin? Let Lallemont Law, LLC help you get a fresh start in life.
Bankruptcy Frequently Asked Questions
It allows debtors that qualify to eliminate credit card debt, installment loans, medical bills and most other unsecured debt. Usually the debtor can keep all of his or her personal belongings and property. If the debtor is current on payments on a vehicle and home, the debtor can typically continue to make payments to the creditor and retain possession of the property.
In order to be eligible for Chapter 7, you must meet several criteria:
- Your income cannot be over a certain amount, and if it is, you must pass the “means test.” Lallemont Law, LLC can help you determine if you meet the income requirements to file Chapter 7 bankruptcy in Minnesota or Western Wisconsin.
- The court will dismiss your case if you have filed a previous bankruptcy within the past 8 years, or if the court believes you are cheating your creditors.
The first step in filing for bankruptcy is to fill out the confidential questionnaire and personal property list. In addition, you will need to gather the following documentation for your meeting with Angela:
- An alphabetical list of your creditors (people you owe money to) their complete addresses and approximate amount you owe them. The list should be handwritten or if it is typed please sign your name at the bottom of the list. Listing your creditors in alphabetical order will help you to make sure you do not miss any creditors.
- Copies of your State and Federal Income Tax Returns (W2’s and 1099’s) for the past two years.
- The last 6 months of paystubs, pay records or gross revenue/expenses state monthly for businesses.
- Certificates of Titles for any and all vehicles. If you do not have the Certificate of Title, bring the document that you get to purchase your license tabs with (it should have the VIN on it). If you lease your car, bring in a copy of the lease.
- A list of sources of income other than employment, if any.
- Bring your driver’s license or some other identification with your photo on it and your social security card.
- A copy of any checking or saving account statements for the last 2 months.
- Copies of your mortgage on any real estate together with a copy of the most recent Real Estate Tax Statement.
Once you have this documentation gathered, call Lallemont Law, LLC for your free initial consultation with Angela. At the consultation, Angela will review your assets, go through your budget and review your debts. After the review, Angela will provide you the background information to move you toward debt relief.
Currently, the filing fee for a bankruptcy case is $335. This must be paid prior to filing. The attorney fees depends on whether the case is individual or joint. Angela will review the fees at your free consultation.
The law requires that you complete two financial classes if you file for Chapter 7 bankruptcy in Minnesota or Western Wisconsin. The courses can be completed online or over the phone, 24 hours per day, 7 days a week. The first course is the Credit Counseling course and must be completed before filing bankruptcy. The second course is the Debtor Education course which must be completed after filing and before discharge.