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The document is a comprehensive guide from U.S. Legal Forms™, Inc. regarding bankruptcy forms and information for Chapter 7 and Chapter 13 bankruptcies in the District of Minnesota. It outlines the eligibility criteria, procedures, and implications of filing for bankruptcy, emphasizing the importance of legal representation, especially for non-individual entities. The document details the differences between Chapter 7 (liquidation) and Chapter 13 (voluntary repayment plan), including associated fees, potential debt discharge, and exemptions. It also advises individuals to seek legal counsel due to the complexities involved in bankruptcy filings.

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Do I qualify for bankruptcy in MN?

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and dont have the option of filing Chapter 7.

What makes you eligible to file bankruptcies?

Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from driving accidents, and most unpaid taxes.

What assets are safe from bankruptcies?

There is no minimum debt to file bankruptcy, so the amount does not matter.

What disqualifies you from filing bankruptcies?

As a result, concealing assets, making fraudulent transfers within one year of filing, destroying financial records or lying on bankruptcy forms will typically disqualify your case and could potentially result in criminal charges.

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