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:
-
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
At
the time of this writing in spring of 2010, there is good news and
bad news. The good news is that as of April 1st, the numbers
for the federal exemptions have been slightly increased. For
example, the catch-all exemption has increased from $11,200 to
$11,975. The bad news is that as of March 15, 2010 the median income
thresholds - which have a lot to do with who qualifies for filing
Chapter 7 - have decreased slightly. I have just updated the
exemptions
page and the
Chapter 7 page to reflect these changes.
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.
Most people call me Dave. At my Minnetonka, Minnesota office, I have been practicing law in the Twin Cities area for almost 35 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.
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.
Top
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.