Filing
Bankruptcy in Minnesota
Kelly Law Office
10709 Wayzata Blvd. #205
Minnetonka, Minnesota 55305
Phone: (952) 544-6356
Fax: (952) 525-7924
Mobile: (612) 735-3797
Email: dave@kelly-law.com
Serving St. Louis Park, Golden Valley, Hopkins, Plymouth, Wayzata, Minneapolis-St. Paul, Twin Cities, Minnesota.
MOST POPULAR ARTICLES:
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Keeping your House and Car
Retaining your home and vehicle -
Chapter 7 - Business or Personal
When and how the means test applies -
The Minnesota and Federal Exemptions
Assets the trustee can't touch, new domicile requirements -
Watch Dave Kelly on YouTube
Introductory comments about means testing, debts and exemptions
A Message from Dave Kelly
As
of July 10, 2009 I am moving my office to 10709 Wayzata Blvd.,
Minnetonka, Minnesota, which is about a half mile west of my old
office along the frontage road on the south side of I-394. The
new location is often called "the pyramid building" by folks around
here for obvious reasons. My new office is Suite 205 in the
southeast corner of the pyramid. It looks pretty dramatic from the
inside as well as the outside, but is actually more economical than
the old office
Most people call me Dave. At my Minnetonka, Minnesota office, I have been practicing law in the Twin Cities area for almost 34 years. In late 2005 a "reform" act was passed which was supposed to make filing bankruptcy more difficult. Since then, however, I have helped a large number of clients qualify to file either Chapter 7 or Chapter 13. While the paperwork has become a lot more complicated, I am finding that most people who need to are still able to file. I care about people who are in financial difficulty, and I get a lot of satisfaction from helping them.
As of March 15, 2009 the income limitations applicable in Minnesota as to who can file Chapter 7 without having to do a means test have changed. The limitations are based on family size; and for most families the threshold limits have gone up. This means that a few more people than before will qualify for Chapter 7 without having to pass the means test. These income limits are shown in a table on my Chapter 7 page.
Every three years the amounts allowable for asset exemptions under the federal exemptions go up. The most recent increase was April 1, 2007; so it is my expectation that the amounts will increase again in early 2010. Many of the Minnesota state exemptions went up on July 1, 2008; and they are scheduled to go up again on July 1, 2010. Both the federal and state exemption amounts are listed on my exemptions page.
The means test only is required of consumer debtors who are above the median income for the state in which they live. It is not required in primarily business-related Chapter 7 bankruptcies. In Chapter 13 cases, where the debtors have income above the median, the means test determines the starting point for the payment plan. Those whose incomes are only a little above the median usually can pass the means test and still file a Chapter 7. For a full outline of the filing process from start to finish, take a look at my bankruptcy filing process page.
I
know that filing a bankruptcy is the last thing you want to do.
You have probably been struggling for a long time to avoid
bankruptcy. You might already have refinanced your home in an
effort to get caught up, only to find that it wasn't enough - and
now your home equity is gone or seriously reduced. You might
be desperately using cash advances from one credit card to pay
another - robbing Peter to pay Paul - but certainly not getting
ahead by doing so. A point comes when bankruptcy becomes the
only viable choice. To their credit, most of my clients have
waited way past that point before calling me. If you are wondering
whether you file under the new standards, please call me.
Watch me on YouTube
Here's a link to an introductory video, "The Green Smiley Face," which I have posted at YouTube. When running the numbers on my bankruptcy software, the screen displays a green smile symbol as long as my client is passing the means test. This turns into an orange frown if my client starts to fail. Needless to say, I do my best to keep the face green and smiling.
Please ignore any advertising or additional links which may appear from YouTube after my video is over. Anything after the video is material from them, not from me, and I am not responsible for it.
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Kelly Law Office represents bankruptcy clients throughout the Twin Cities - Minneapolis, Minnesota area including Champlin, Crystal Bay, Dayton, Eden Prairie, Edina, Excelsior, Hamel, Hopkins, Howard Lake, Long Lake, Loretto, Maple Plain, Minneapolis, Minnetonka Beach, Minnetonka, Monticello, Mound, Navarre, Osseo, Otsego, Rogers, Saint Bonifacius, Saint Paul, Spring Park, Wayzata, Young America, Bloomington, Edina, St. Louis Park, Wayzata, Plymouth, Maple Grove, Brooklyn Park, Anoka, Shakopee, Hastings, Eagan, Burnsville, Buffalo, Waverly, Montrose, Hennepin County, Anoka County, Carver County, Scott County, Ramsey County, Dakota County, and Wright County.
The information you obtain at this site is for general information purposes on and is not legal advice. You should consult the attorney of your choice for individual advice regarding your own situation. The use of the Internet for communications with the firm will not establish an attorney-client relationship and messages containing confidential or time-sensitive information should not be sent.