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| Jeffrey Butwinick 2008. All rights reserved. Disclaimer |
| The Law Office of Jeffrey Butwinick 1595 Bohland Avenue Saint Paul, MN 55116 Phone: (651) 210-5055 Fax: (651) 204-6775 |
Considering Bankruptcy?
Tired of harassing phone calls demanding money for bills you are unable to pay?
From time to time the circumstances of life - such as illness, loss of work, or divorce
- can throw your financial situation into turmoil. When times are tough, people need
help.
Should you decide to pursue bankruptcy, we can help you understand your options:
Chapter 7 or Chapter 13.
Bankruptcy Code: Chapter 7
Under this form of bankruptcy, your non-exempt assets (i.e. non-protected assets)
will be liquidated and your debts forgiven. In many cases, it is possible to keep your
home, automobiles and almost all of your belongings.
Not everyone qualifies to file for Chapter 7. If the income for your household is lower
than those shown in the table below, you can file under Chapter 7 in most
circumstances. These figures went into effect on February 1, 2008, based on data
from the U.S. Census Bureau.
If you have a household income above the median, you may be able to pass what is
referred to as the “means test” and qualify for Chapter 7. The means test involves
complicated calculations, based in part on the actual facts of the case and based in
part on IRS and Census Bureau statistics. Please contact us to discuss this option.
Bankruptcy Code: Chapter 13
Under this form of bankruptcy, you undergo consumer debt consolidation in an
attempt to start over. Chapter 13 can also help you to stop foreclosure proceedings
on your home. You will have to make payments on your debts for a period of time,
usually 3-5 years.
What Assets Can Be Protected?
Some assets that can be protected from creditors in a bankruptcy include:
What To Do?
People try to avoid filing for bankruptcy out of a sense of pride. Deciding whether or
not to file for bankruptcy is a very difficult decision, and you don't need to do it alone
– let us help you determine whether bankruptcy is an appropriate option for you.
To learn more about bankruptcy options, enter your contact information on our
Contact page, along with a good time for our office to contact you. Evenings and
weekends are okay. Call us today to take the next step in moving forward.
Disclaimer: The information on this website is for informational purposes only and is subject to
change at any time. It should not be construed as legal advice and should not be used as the
sole factors in making your decisions. We encourage you to contact us for more information. If
the information here differs from current laws and statutes, official laws and statutes prevail.
Tired of harassing phone calls demanding money for bills you are unable to pay?
From time to time the circumstances of life - such as illness, loss of work, or divorce
- can throw your financial situation into turmoil. When times are tough, people need
help.
Should you decide to pursue bankruptcy, we can help you understand your options:
Chapter 7 or Chapter 13.
Bankruptcy Code: Chapter 7
Under this form of bankruptcy, your non-exempt assets (i.e. non-protected assets)
will be liquidated and your debts forgiven. In many cases, it is possible to keep your
home, automobiles and almost all of your belongings.
Not everyone qualifies to file for Chapter 7. If the income for your household is lower
than those shown in the table below, you can file under Chapter 7 in most
circumstances. These figures went into effect on February 1, 2008, based on data
from the U.S. Census Bureau.
If you have a household income above the median, you may be able to pass what is
referred to as the “means test” and qualify for Chapter 7. The means test involves
complicated calculations, based in part on the actual facts of the case and based in
part on IRS and Census Bureau statistics. Please contact us to discuss this option.
Bankruptcy Code: Chapter 13
Under this form of bankruptcy, you undergo consumer debt consolidation in an
attempt to start over. Chapter 13 can also help you to stop foreclosure proceedings
on your home. You will have to make payments on your debts for a period of time,
usually 3-5 years.
What Assets Can Be Protected?
Some assets that can be protected from creditors in a bankruptcy include:
- The family bible, library, and musical instruments.
- A seat or pew in any house or place of public worship and a lot in any burial
ground.
- All wearing apparel, one watch, utensils and foodstuffs of the debtor and
debtor's family.
- Household furniture, household appliances, phonographs, radio and
television receivers of the debtor and the debtor's family not exceeding
$8,550.
- The debtor's homestead including 160 acres of land. Whether claimed
jointly or individually, the value of the claimed homestead exemption may not
exceed $300,000. The homestead exemption does not apply to mortgages
or mechanic's liens. You may claim the full $300,000 exemption provided for
under Minnesota law only if you have lived in your home longer than 1,215
days.
- Life insurance proceeds of a surviving spouse or child not exceeding
$38,000. Add another $9,500 for each dependent of the surviving spouse or
children.
- A manufactured home inhabited as a home by the debtor.
- One motor vehicle to the extent of a value not exceeding $3,800. This
number may be higher if the vehicle has been modified to accommodate
someone with a physical disability.
- Cash value of an unmatured life insurance policy up to $7,600.
- Employment benefits under a stock bonus, pension, profit sharing, annuity,
individual retirement account or similar plan on account of illness, disability,
death, age or length of service up to $57,000 and "additional amounts ... to
the extent reasonably necessary for the support or the debtor and any
spouse or dependent of the debtor."
What To Do?
People try to avoid filing for bankruptcy out of a sense of pride. Deciding whether or
not to file for bankruptcy is a very difficult decision, and you don't need to do it alone
– let us help you determine whether bankruptcy is an appropriate option for you.
To learn more about bankruptcy options, enter your contact information on our
Contact page, along with a good time for our office to contact you. Evenings and
weekends are okay. Call us today to take the next step in moving forward.
Disclaimer: The information on this website is for informational purposes only and is subject to
change at any time. It should not be construed as legal advice and should not be used as the
sole factors in making your decisions. We encourage you to contact us for more information. If
the information here differs from current laws and statutes, official laws and statutes prevail.
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