Minneapolis area bankruptcy attorney David Kelly discusses income and other requirements for filing personal Chapter 7 bankruptcy in Minnesota, from Attorney David Kelly, Minnetonka, near Minneapolis, St. Louis Park, Hopkins, Golden Valley and Plymouth.
This is the kind of bankruptcy which is the usually first choice of individuals who are in serious financial difficulty. It is very well suited to consumer debts, but often works well for self-employed individuals and small businesses too. It is commonly called a "straight" bankruptcy, and is also often referred to as a "liquidation." The bankruptcy court appoints a trustee who reviews what assets the debtor has available for distribution to creditors. Those would be only the assets that the debtor is unable to claim as exempt. If some assets are available, the creditors are notified. Those who submit claim forms will be given their proportionate share of the available assets, but that is ordinarily all they are going to receive.
Since this video was made the median income requirements which the video refers to have gone up twice, so those numbers in the video are out of date. Up to date numbers for median income in Minnesota can be found on Dave Kelly's web site at http://www.mn-bankruptcy.com/chapter7.html
Kelly Law Office
1013 Ford Rd.
Minnetonka, MN 55305
952-544-6356
http://www.mn-bankruptcy.com
Kelly Law Office represents bankruptcy clients throughout the Twin Cities - Minneapolis, Minnesota area including Bloomington, Edina, Minnetonka, Eden Prairie, St. Louis Park, Wayzata, Plymouth, Maple Grove, Brooklyn Park, St. Paul, Anoka, Shakopee, Hastings, Eagan, Burnsville, Buffalo, Hennepin County, Anoka County, Carver County, Scott County, Ramsey County, Dakota County, and Wright County.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. The use of the Internet for communications with the firm will not establish an attorney-client relationship and messages containing confidential or time-sensitive information should not be sent.
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