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.

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Reviews ( 32 )

Peter Mullin

11 Sep 2020

An experienced and kind man. I know him as a business neighbor and have observed the affect of his work with some clients - they seem to brag about his work and personal touch.

11 Sep 2020
Diane D'allesandro

20 Sep 2019

Attorney Sam Calvert came highly recommended to us by one of his peers in the St. Cloud area for follow-up issues pertaining to a bankruptcy that could not be covered by the original attorney due to conflict of interest. Working with Attorney Calvert and his staff was such a pleasure in that calls, texts and emails were answered literally immediately! More importantly, Attorney Calvert took the time to explore options with us and helped us to really understand all that was at stake without us having to rely on legal websites for clarifications. We could not have asked for more. THIS is the firm you need. You'll then be recommending them yourself!!! - G & Liz, Becker, MN

20 Sep 2019
Donna Toney

01 Aug 2019

Extremely wise in all things law, and very helpful.. we've used him on three separate occasions for three separate issues, and we have been nothing but pleased with the results. Hands down the best lawyer out there! Seriously

01 Aug 2019
Asif Iqbal

30 May 2019

30 May 2019
Stacey Ringness

20 Feb 2019

Several years ago Mr. Calvert helped me settle a bankruptcy that may have not happened without his expertise. At the time it was questionable whether I qualified for chapter 7 bankruptcy. His knowledge and expertise helped guide me and my bankruptcy thru flawlessly. He was not only knowledgeable but a great emotional support during a troubling time in my life. I am now using him to create contracts for a business that I am starting and he has gone above and beyond in helping me maneuver thru the legal issues of starting a new business.

20 Feb 2019
Neil Palmersheim

13 Feb 2019

Sam is extremely knowledgeable, professional and quick to get back you to you when you leave a message, I will continue to work with Sam when ever the need arises.

13 Feb 2019
Cecilia Lewis

13 Feb 2019

I've had great service and advice from Sam and his team. They're knowledgeable and fully capable of explaining things in plain English.

13 Feb 2019
Joseph Styles

20 Dec 2018

20 Dec 2018
Bob Anderson

06 Apr 2018

Sam is thoughtful, caring, always takes the time to explain things to me and does what he says he's going to do in a very timely manner. If I ever know of anyone or hear of anyone needing legal help, I always will recommend Sam Calvert.

06 Apr 2018
Dave Lott

23 Sep 2017

Greater attorney recommend him any day give him a try or a call

23 Sep 2017
Andy Higgins

03 Nov 2013

03 Nov 2013
Ruth Tamulonis

31 Aug 2013

31 Aug 2013

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