Legal Question in Bankruptcy in Minnesota

do I qualify?

I was involved in a accident a year ago and have a law suit still pending. I am 1 month behind on my morgage and it has been sent to collection, my credit is maxed out and there is no way I can make the payment or catch up on other payments. I'm wondering how I know if I'm eligible to file bankruptcy the people i've talked to say that there's a new formula that is used, or do I just let it go into foreclosure?


Asked on 1/02/07, 8:58 am

1 Answer from Attorneys
David Kelly-952-544-6356 Kelly Law Office

Re: do I qualify?

For an individual to qualify for a Chapter 7 bankruptcy, there is an income requirement where the cut off is around $42,000 per year. If you are below that, you should qualify for a Chapter 7. If you are only a little above that, you may be able to pass the means test and still qualify.

The income limits are based on number of persons in the household, and $42,000 is just for people who live alone. It goes higher for each additional person in your house.

You might want to surf around my site, http://www.mn-bankruptcy.com for more info.

If you don't qualify for a Chapter 7, you probably could do a 13. My contact info is on my site, so call me.

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Answered on 1/02/07, 2:06 pm


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