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, 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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