Walker & Walker Can Help You File Chapter 7 Bankruptcy
When debts get out of control, and someone can no longer pay them, one of the smartest legal options is to declare bankruptcy. However, if you’re looking to declare Chapter 7 bankruptcy in the state of Minnesota then there are certain things you need to consider before moving forward. Because depending on your situation, and whether you take the proper steps in the proper order, will depend on how quickly you receive your bankruptcy discharge.
The Rules For Chapter 7 in Minnesota
Different states have different rules and laws for filing bankruptcy for their residents. If you’re in Minnesota, and you want to file Chapter 7, then according to the National Bankruptcy Forum you need to make less than the median income for the state, and your disposable income must not be above certain thresholds. For those filing after November 1, 2017, that means those in a single-earner household are looking at $53,474, and those in a family of two are instead looking at $72,734.
The means test for Minnesota residents is based on the past six months of income, so those who are going to file bankruptcy should choose the time they do so with that information in mind. After all, if you just received a yearly bonus or cleared a high performance evaluation, but that does not happen regularly, it’s important to make sure it doesn’t skew your records during your means test.
So How Long Does Chapter 7 Take To Discharge?
The important thing to remember is that every situation is unique, and there is not going to be a single, right answer that will be a universal fit. However, if you’re declaring Chapter 7 bankruptcy in Minnesota, then according to Nolo you’re looking at roughly 3 months of time from the point that you file, to the time that your bankruptcy is fully discharged.
With that said, however, there are a lot of factors that go into that average amount of time that you need to consider.
– For example, the most important thing you need to take care of is having all of your paperwork in order, and being sure you’ve presented your situation openly and honestly to the court. One of the biggest factors that causes delays is information that isn’t present, which can grind the whole case to a halt while officers of the court track down that information, or need to re-file documents entirely because the previous set were not filled in correctly. Contacting a legal professional can ensure this doesn’t happen in your case.
– The other big concern for extending the time is if your creditors have questions they wish to enter into the record, and get answered. Generally speaking, this doesn’t take a great deal of time, but the more creditors someone has (or the more contentious the debt is), the bigger the chance that said creditors will want to raise issues during this stage of the bankruptcy process. And that can lead to delays if there are enough creditors who all want to have their own issues addressed by the court.
– The final, major concern for time delays is filing your certificate of your financial management course. In order to receive your discharge you must complete two courses, and have the certificate they give you turned over to the court. This certificate must be completed within 60 days of the 341 meeting of creditors hearing. If that is complete, then you can expect the discharge to be complete roughly 60 days after the 341 meeting of creditors hearing as well, though your case may remain open as the details are handled and additional matters resolved.
Contact Us Today To Discuss Chapter 7 Bankruptcy 612-824-4357
Despite the current global disaster, Walker & Walker is still operating fully, albeit remotely. Cases can still be filed and are effective immediately. If you’re concerned about bankruptcy, don’t wait. Contact us at 612-824-4357 for prompt, courteous answers to your questions about bankruptcy from our friendly, knowledgeable staff.