Schreiber Law Office, LLC Richard M. Schreiber, Attorney
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MINNESOTA BANKRUPTCY LAW FIRM
ABOUT CHAPTER 7 BANKRUPTCY
A Chapter 7 bankruptcy, the more common of the two bankruptcies, is often referred to as a “straight bankruptcy.” In this type of case, individuals are generally able to discharge their unsecured debts, which are debts without collateral. Common examples of unsecured debts include credit cards, medical bills and personal loans. Secured debts such as a mortgage or car payment must continue to be paid if the person desires to keep the property. Most, but not all debts, are discharged in a Chapter 7 bankruptcy (see below).   There are income guidelines to qualify for Chapter 7 bankruptcy.  The primary guideline to determine eligibility for Chapter 7 is your income compared to the state's median income (the "means test").  Please see the FAQ section of this web site for more information on the means test and Chapter 7 eligibility. Understandably, many folks worry that they may lose their property if they file for bankruptcy.  This is a common myth.  The bankruptcy code is written in a way to allow people who file for bankruptcy a fresh start from their debts while being able to keep the property they already own.  In fact, for the vast majority of bankruptcy cases filed no assets are lost. Not all debts are discharged in bankruptcy. Common Debts that are Non-Dischargeable:  Certain Debts Incurred Through a Divorce.    Certain Taxes Owed to the IRS or State of Minnesota.    Debts for Injury Caused While Driving Under the Influence of Alcohol.    Debts for Spousal Maintenance and Child Support.    Most Student Loans.   Also, if a substantial amount of purchases are made on a credit card right before a bankruptcy is filed, it is possible that the creditor may bring an action to declare that credit card debt non-dischargeable on the basis of fraud.
To ask a question or schedule a free consultation with an experienced attorney, call or email:
(651) 554-0121
Schreiber Law Office, LLC Richard M. Schreiber, Attorney
ABOUT CHAPTER 7 BANKRUPTCY                                                                            
A Chapter 7 bankruptcy, the more common of the two bankruptcies, is often referred to as a “straight bankruptcy.” In this type of case, individuals are credit cards, medical bills and personal loans. Secured debts such as a mortgage or car payment must continue to be paid if the person desires to keep the property. Most, but not all debts, are discharged in a Chapter 7 bankruptcy (see below).   There are income guidelines to qualify for Chapter 7 bankruptcy.  The primary guideline to determine eligibility for Chapter 7 is your income compared to the state's median income (the "means test").  Please see the FAQ section of this web site for more information on the means test and Chapter 7 eligibility. Understandably, many folks worry that they may lose their property if they file for bankruptcy.  This is a common myth.  The bankruptcy code is written in a way to allow people who file for bankruptcy a fresh start from their debts while being able to keep the property they already own.  In fact, for the vast majority of bankruptcy cases filed no assets are lost. Not all debts are discharged in bankruptcy. Common Debts that are Non-Dischargeable:  Certain Debts Incurred Through a Divorce.    Certain Taxes Owed to the IRS or State of Minnesota.    Debts for Injury Caused While Driving Under the Influence of Alcohol.    Debts for Spousal Maintenance and Child Support.    Most Student Loans.   Also, if a substantial amount of purchases are made on a credit card right before a bankruptcy is filed, it is possible that the creditor may bring an action to declare that credit card debt non-dischargeable on the basis of fraud.
Minnesota Bankruptcy Law Firm
FREE CONSULTATION AVAILABLE
(651) 554-0121
generally able to discharge their unsecured debts, which are debts without collateral. Common examples of unsecured debts include
Schreiber Law Office, LLC Richard M. Schreiber, Attorney
Minnesota Bankruptcy Law Firm
(651) 554-0121
FREE CONSULTATION AVAILABLE
ABOUT CHAPTER 7 BANKRUPTCY                                                                            
A Chapter 7 bankruptcy, the more common of the two bankruptcies, is often referred to as a “straight bankruptcy.” In this type of case, individuals are
generally able to discharge their unsecured debts, which are debts without collateral. Common examples of unsecured debts include
credit cards, medical bills and personal loans. Secured debts such as a mortgage or car payment must continue to be paid if the person desires to keep the property. Most, but not all debts, are discharged in a Chapter 7 bankruptcy (see below).   There are income guidelines to qualify for Chapter 7 bankruptcy.  The primary guideline to determine eligibility for Chapter 7 is your income compared to the state's median income (the "means test").  Please see the FAQ section of this web site for more information on the means test and Chapter 7 eligibility. Understandably, many folks worry that they may lose their property if they file for bankruptcy.  This is a common myth.  The bankruptcy code is written in a way to allow people who file for bankruptcy a fresh start from their debts while being able to keep the property they already own.  In fact, for the vast majority of bankruptcy cases filed no assets are lost. Not all debts are discharged in bankruptcy. Common Debts that are Non-Dischargeable:  Certain Debts Incurred Through a Divorce.    Certain Taxes Owed to the IRS or State of Minnesota.    Debts for Injury Caused While Driving Under the Influence of Alcohol.    Debts for Spousal Maintenance and Child Support.    Most Student Loans.   Also, if a substantial amount of purchases are made on a credit card right before a bankruptcy is filed, it is possible that the creditor may bring an action to declare that credit card debt non-dischargeable on the basis of fraud.