Posts Tagged ‘declare bankruptcy’

Want To Declare bankruptcy?

Wednesday, February 16th, 2011

Some people mistakenly believe that all they have to do to end debts is declare bankruptcy.  This simply is not so.  Bankruptcy is a legal process that has specific requirements that must be met.  Not everyone who is deep in debt is automatically eligible for bankruptcy relief under current law.  The Bankruptcy Abuse Prevention and Consumer Protection Act, also known as BAPCPA and passed in 2005, established a means test to help debtors determine if they qualify for bankruptcy eligibility. The purpose of this test is also to determine who may be able to repay some of their debt and who will need many of their debts to be discharged.  However, the bankruptcy means test is not just a matter of plugging in numbers. It requires careful calculations and thorough analysis of your financial situation.  There must be a through and complete evaluation of a debtors situation including money owed, expenses, assets earnings and income from all other sources to determine whether a person can qualify for bankruptcy.   This process can be daunting so it can be very useful for a debtor to have professional assistance from  an experienced Minnesota bankruptcy attorney.  A consumer can  meet and discuss relevant facts related to a his or her qualifications for filing bankruptcy in Minnesota.

This blog is not intended to give legal advice and does not do so.  The reading of this blog does not establish an attorney-client relationship or substitute for consulting with a licensed lawyer.

We are a debt relief agency. We help people file for relief under the bankruptcy code.