In today’s world, it’s rare that any individual adult lives debt-free. In fact, many dedicate over a quarter of their income to payments on a range of debts from credit cards to mortgages. This often leads to a delicate financial balance that can easily turn into an unmanageable situation. If you’re struggling to meet monthly debt payments, it’s possible bankruptcy is the next best step to recover from crippling financial imbalance. With the help of the expert attorneys at Behm Law Group, Ltd., you can file a strong case for bankruptcy in Mankato, MN, and start on the road to long-term financial stability.
Filing for bankruptcy can be a difficult process without the right professional guidance. It can even be tough to gather all the information necessary to build your case without mistakes. Behm attorneys are here to work with you every step of the way, whether you’re filing for Chapter 7 liquidation or Chapter 13 reorganization.
The best way to work through filing for bankruptcy in Minnesota is to go step by step in building your petition. Your bankruptcy petition will serve as the foundation of your case throughout the following processes and court judgement.
Step by Step
- The first step to building your bankruptcy petition is to gather the necessary documents and evidence of your financial information. You can download a full list of the documents and bankruptcy forms the court will require. In general, this includes information on your income, employment, debt history, credit, vehicles, home and living situation, tax returns, retirement and other accounts, and student loans, child support, and other obligations exempt from the bankruptcy process.
- Next, you’ll have to undergo
- credit counseling through a court-approved agency. Typically, these counseling sessions only take an hour or two from your time, but the court will not accept your petition without a certificate of proof showing you attended credit counseling within a 180-day period prior to filing.
- When you have submitted all the required information including your credit counseling certificate, you’ll have to pay a bankruptcy fee or submit a request to have the fee waived. You can also submit an application to pay the fee in installments.
- Finally, if you plan to file for Chapter 7 bankruptcy, you’ll have to take the Means Test, which determines your qualification for liquidation. To pass the Means Test you have to have an income lower than the state median for a similar household or a debt-to-income ratio that results in that level of net income.
Once you’ve completed these steps with the guidance of an experienced bankruptcy attorney, you can file your petition. If accepted, there will be more step by step actions to take and requirements to meet. What follows a bankruptcy petition will often prove to be a complicated process, no matter how straightforward a case may be. The counsel and advice of a bankruptcy attorney is critical to filing a successful petition and working through the full process.
To learn more about Behm Law Group, Ltd. attorneys, or for more information about filing for bankruptcy in Mankato, MN, contact us today at (507) 387-7200.