Schreiber Law Office, LLC Richard M. Schreiber, Attorney
MEMBERSHIPS
MINNESOTA BANKRUPTCY LAW FIRM
FREQUENTLY ASKED QUESTIONS REGARDING BANKRUPTCY
Do I Make too much Money to File for Chapter 7 Bankruptcy? The primary factor to determine chapter 7 eligibility is your income compared to the state's median income (the "means test."). If you make below the median income listed below, you "pass" the means test, and are much more likely to be eligible for a chapter 7 bankruptcy. The median income figures are usually updated twice a year. The current income numbers for Minnesota residents are: HOUSEHOLD SIZE                                 HOUSEHOLD ANNUAL INCOME           1.                                                             $52,127          2.                                                             $70,006              3.                                                             $83,974           4*                                                            $100,494           *For each additional family member, add $8,400 If you make above the median income, you still may be able to qualify for chapter 7, depending on what your expenses are. Will I Lose Any of My Assets if I File For Bankruptcy? The Bankruptcy Code allows individuals to keep enough of their property to be able to obtain a fresh start after their case is filed. In most cases, this means individuals are able to keep all their property.  For example, if you own a house, Minnesota law allows you to keep up to $390,000 in equity for a homestead. Do I Make too much Money to File for Chapter 13 Bankruptcy? No. There are no income guidelines for chapter 13 eligibility. How will Bankruptcy Affect My Credit? It depends on how good your credit is now. If you currently have good credit, filing for bankruptcy will hurt your credit more than if your credit score already has negative marks on it. Filing for bankruptcy does not make it impossible to obtain future credit. Simply look in the newspaper at the classified ads for car loans that say “Bad Credit, No Problem” and “Bankruptcy, No Problem.”  The general rule is the farther in the past your bankruptcy was filed, the easier it is to obtain credit. Is there a credit counseling requirement in order to file for Bankruptcy? Yes, If you decide to file bankruptcy, the law requires that a credit counseling briefing must be done either in person, online or over the phone.  There are some exceptions to this requirement, but the exception is limited to narrow circumstances.  The credit counseling briefing must be administered by an agency approved by the Bankruptcy Court.  It generally takes about an hour and costs about $10-15 depending on the credit counseling agency selected.  If you are considering bankruptcy, it is best to meet with an attorney before doing the credit counseling to make sure bankruptcy is your best option before spending the time and money on the credit counseling.
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
Do I Make too much Money to File for Chapter 7 Bankruptcy? The primary factor to determine chapter 7 eligibility is your income compared to the state's median income (the "means test."). If you make below the median income listed below, you "pass" the means test, and are much more likely to be eligible for a chapter 7 bankruptcy. The median income figures are usually updated twice a year. The current income numbers for Minnesota residents are: HOUSEHOLD SIZE HOUSEHOLD ANNUAL INCOME   1. $52,127   2. $70,006      3. $83,974   4* $100,494        *For each additional family member, add $8,400 If you make above the median income, you still may be able to qualify for chapter 7, depending on what your expenses are. Will I Lose Any of My Assets if I File For Bankruptcy? The Bankruptcy Code allows individuals to keep enough of their property to be able to obtain a fresh start after their case is filed. In most cases, this means individuals are able to keep all their property.  For example, if you own a house, Minnesota law allows you to keep up to $390,000 in equity for a homestead. Do I Make too much Money to File for Chapter 13 Bankruptcy? No. There are no income guidelines for chapter 13 eligibility. How will Bankruptcy Affect My Credit? It depends on how good your credit is now. If you currently have good credit, filing for bankruptcy will hurt your credit more than if your credit score already has negative marks on it. Filing for bankruptcy does not make it impossible to obtain future credit. Simply look in the newspaper at the classified ads for car loans that say “Bad Credit, No Problem” and “Bankruptcy, No Problem.”  The general rule is the farther in the past your bankruptcy was filed, the easier it is to obtain credit. Is there a credit counseling requirement in order to file for Bankruptcy? Yes, If you decide to file bankruptcy, the law requires that a credit counseling briefing must be done either in person, online or over the phone.  There are some exceptions to this requirement, but the exception is limited to narrow circumstances.  The credit counseling briefing must be administered by an agency approved by the Bankruptcy Court.  It generally takes about an hour and costs about $10-15 depending on the credit counseling agency selected.  If you are considering bankruptcy, it is best to meet with an attorney before doing the credit counseling to make sure bankruptcy is your best option before spending the time and money on the credit counseling.
Minnesota Bankruptcy Law Firm
FREE CONSULTATION AVAILABLE
(651) 554-0121
Schreiber Law Office, LLC Richard M. Schreiber, Attorney
Minnesota Bankruptcy Law Firm
(651) 554-0121
FREE CONSULTATION AVAILABLE
Do I Make too much Money to File for Chapter 7 Bankruptcy? The primary factor to determine chapter 7 eligibility is your income compared to the state's median income (the "means test."). If you make below the median income listed below, you "pass" the means test, and are much more likely to be eligible for a chapter 7 bankruptcy. The median income figures are usually updated twice a year. The current income numbers for Minnesota residents are: HOUSEHOLD SIZE HOUSEHOLD ANNUAL INCOME   1. $52,127   2. $70,006      3. $83,974   4* $100,494        *For each additional family member, add $8,400 If you make above the median income, you still may be able to qualify for chapter 7, depending on what your expenses are. Will I Lose Any of My Assets if I File For Bankruptcy? The Bankruptcy Code allows individuals to keep enough of their property to be able to obtain a fresh start after their case is filed. In most cases, this means individuals are able to keep all their property.  For example, if you own a house, Minnesota law allows you to keep up to $390,000 in equity for a homestead. Do I Make too much Money to File for Chapter 13 Bankruptcy? No. There are no income guidelines for chapter 13 eligibility.
How will Bankruptcy Affect My Credit? It depends on how good your credit is now. If you currently have good credit, filing for bankruptcy will hurt your credit more than if your credit score already has negative marks on it. Filing for bankruptcy does not make it impossible to obtain future credit. Simply look in the newspaper at the classified ads for car loans that say “Bad Credit, No Problem” and “Bankruptcy, No Problem.”  The general rule is the farther in the past your bankruptcy was filed, the easier it is to obtain credit. Is there a credit counseling requirement in order to file for Bankruptcy? Yes, If you decide to file bankruptcy, the law requires that a credit counseling briefing must be done either in person, online or over the phone.  There are some exceptions to this requirement, but the exception is limited to narrow circumstances.  The credit counseling briefing must be administered by an agency approved by the Bankruptcy Court.  It generally takes about an hour and costs about $10-15 depending on the credit counseling agency selected.  If you are considering bankruptcy, it is best to meet with an attorney before doing the credit counseling to make sure bankruptcy is your best option before spending the time and money on the credit counseling.