Posts Tagged ‘means test’

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.

Fear Of Losing Property In Bankruptcy

Saturday, December 18th, 2010

Sometimes people who are feeling tremendous financial pressures refuse to consider bankruptcy because they fear a loss of property in bankruptcy.  This fear is based in part on the bankruptcy myth that once you declare bankruptcy you will automatically lose all of that you own.  This misconception ignores the fact that there are legal exemptions that apply in bankruptcy that may be helpful in keeping property.  Rather than give up exploring debt relief through bankruptcy a consumer should contact a Twin Cities law firm that offers a bankruptcy service and arrange for a conference with a Minnesota Bankruptcy attorney.  A Minneapolis bankruptcy attorney or St. Paul bankruptcy attorney can explain to a debtor  how exemptions work in bankruptcy. A Twin Cities bankruptcy attorney can do a bankruptcy evaluation with the means test to determine a debtor’s eligibility for filing bankruptcy as well as appraising  the proper use of exemptions.  A consumer may find that his or her worst fears of losing property were baseless and that a bankruptcy may provide a chance for a fresh start.

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

Papers To Review For Bankruptcy

Thursday, December 16th, 2010

People who are contemplating  bankruptcy need to not only do a great deal of thinking about it, but review a number of documents.  Reviewing documents is an essential part of determining a person’s eligibility for filing bankruptcy.   It is a sound idea for a debtor to contact a Twin Cities law firm that has a bankruptcy service to set up an appointment to meet with a Minnesota bankruptcy attorney to do a bankruptcy evaluation with a means test. During the meeting with a bankruptcy lawyer there can be a discussion of avenues for debt relief and an opportunity to ask relevant bankruptcy questions.  At that meeting the Minneapolis bankruptcy attorney or St. Paul bankruptcy attorney can also review documents to determine a debtor’s qualification for bankruptcy.  The  papers to review for bankruptcy generally include documents referring to current and/or past due mortgage installment payments, home improvement loan related debt, home equity debt, car loan payments, contract for deed installments, personal loans, bad checks, credit card debt, medical bills, tax liabilities, student loans, other payments, collection notices or other similar financial obligations.
This blog is not intended to give legal advice.

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