What is bankruptcy and will it wipe out all of my debts?

Bankruptcy is the legal process in which a judge and court trustee examine a person or business’ assets and liabilities who are insolvent and decide whether to discharge their debts, which makes them no longer legally required to pay them. There are certain debts that might not be discharged in bankruptcy, such as tax liens, student loans, back child support, and debts obtained through fraud.

What are the main differences between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy discharges debts while Chapter 13 reorganizes them, meaning that with Chapter 13, people make ongoing payments for several years according to a plan. Chapter 7 bankruptcy filers do not make ongoing debt payments. Businesses cannot file under Chapter 13. Chapter 7 bankruptcy is for people with limited incomes and people who do not pass the means test cannot file this type of bankruptcy.

Which bankruptcy option will allow me to keep my property?

Chapter 13 does not liquidate assets like Chapter 7 does so you can keep all your property with a Chapter 13 filing. If you file for Chapter 7, some of your property may be exempt and will not be taken. Exempt property may include a portion of equity in your home, pensions, motor vehicles (up to a certain value), tools for your profession, reasonably necessary clothing, furnishings and household goods, household appliances and jewelry.

Can I choose which type of bankruptcy to file? How do I choose the right one?

You may be eligible for more than one type of bankruptcy. In this case, you can select the form that is best suited to your situation. Which type of bankruptcy you should file will depend on a variety of factors, including what type of debt you have, what type of relief you need, if you are interested in keeping certain property and what exemptions you qualify for. An experienced bankruptcy lawyer like Sam Calvert can discuss your options and make a recommendation based on your particular situation.

What happens if I do not disclose all of my assets when I file for bankruptcy?

It is important that you disclose all of your assets to your bankruptcy lawyer and in your bankruptcy petition. Failing to disclose assets can result in serious consequences, including a dismissal of your case, a refusal to discharge debt, liquidation of the asset and charges of bankruptcy fraud.

Sam Calvert, Attorney at Law

Bankruptcy Attorney/ Lawyer in St. Cloud, Minnesota

Sam Calvert, Attorney at Law represents people in financial distress and individual or small businesses. Sam Calvert was formerly a member of the private panel of bankruptcy trustees for chapter 7 and a chapter 12 trustee. His bankruptcy practice now focuses on representing people in financial distress and individual or small businesses--not large corporations. He is also a Real Property Specialist, certified by the Real Property Section of the Minnesota State Bar Association.

Our Areas of Practice include:
Real Estate | Wills And Estate Planning | Bankruptcy | Chapter 7 Bankruptcy | Chapter 13 Bankruptcy | Chapter 11 Bankruptcy | Business Bankruptcy | Bankruptcy Litigation

Bankruptcy Attorney Sam Calvert serves clients across St. Cloud, Saint Joseph, Sartell, Sauk Rapids, Saint Stephen, Saint Cloud, Gilman, Rice, Holdingford, Stearns County, St. Joseph, Waite Park, Avon, Albany, Freeport, Richmond, Paynesville, Cold Spring, Roscoe, Rockville, Eden Valley, Watkins, Kimball, Fairhaven, South Haven, Annandale, Maple Lake, and Silver Creek, Minnesota.