Ron Lundquist Bankruptcy Blog

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All Bankruptcy — Mon, 10 Oct 2016 18:36:38 GMT

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3 REASONS TO FILE MINNESOTA BANKRUPTCY AT THE BEGINNING OF THE NEW YEAR

All Bankruptcy — Thu, 13 Oct 2016 22:16:00 GMT

If you were to ask a bankruptcy attorney when it’s best to file, most lawyers would say that it should be done as soon as possible

AN OVERVIEW ON FILING FOR CHAPTER 7 OR CHAPTER 13 BANKRUPTCY A SECOND TIME

All Bankruptcy — Thu, 13 Oct 2016 22:19:00 GMT

You’ve filed for bankruptcy before, but you’ve found yourself in some type of financial difficulty that has you thinking that filing for bankruptcy again may not be a bad idea. However, you’re wondering if you can file again.

A BASIC GUIDE TO UNDERSTANDING THE TYPES AND PURPOSE OF MINNESOTA BANKRUPTCY

All Bankruptcy — Thu, 13 Oct 2016 22:22:00 GMT

Bankruptcy can give you the fresh start you need to build a better future, but it should not be undertaken without competent legal advice from experienced bankruptcy attorneys.

BANKRUPTCY MYTHS BUSTED: WHY BANKRUPTCY MAY BE RIGHT FOR YOU

All Bankruptcy — Thu, 13 Oct 2016 22:26:00 GMT

For many, bankruptcy is seen as a desperate, last act of someone who has made a series of very bad decisions, and it carries with it a deep sense of shame and even failure. However, it should not be seen that way.

MINNESOTA BANKRUPTCY AND MILITARY SERVICE: CAN I FILE FOR BANKRUPTCY IN THE MILITARY?

All Bankruptcy — Thu, 13 Oct 2016 22:38:00 GMT

While declaring bankruptcy may have once have caused slow career advancement, most commands now recognize bankruptcy as a positive step by service members who are trying to honor their financial responsibilities while serving their country.

BANKRUPTCY BASICS: HOW CAN I REBUILD MY CREDIT AFTER BANKRUPTCY?

All Bankruptcy — Thu, 13 Oct 2016 22:40:00 GMT

Good credit is a basic requirement for everyone, and the first question most debtors ask after filing for or discharging a bankruptcy is how to restore their credit rating.

WHAT YOU NEED TO KNOW ABOUT TIME REQUIREMENTS WHEN FILING FOR BANKRUPTCY MORE THAN ONCE

All Bankruptcy — Thu, 13 Oct 2016 22:43:00 GMT

If you have already filed for bankruptcy once, but you now have new debts or some of your old debts did not get included, chances are you have a lot of questions.

Strategies that Help you Avoid Foreclosure in Minnesota due to Bankruptcy

All Bankruptcy — Thu, 13 Oct 2016 22:48:00 GMT

When you are facing a foreclosure, stress and uncertainty are extremely powerful. This stress and uncertainty only grow more powerful as you approach the final steps of a foreclosure. Even when you feel that you are at the end of your rope, there are still some things you can do to help avoid a foreclosure.

Here are a few strategies to consider.

Bankruptcy
Even if your foreclosure is scheduled in the next few days, you can delay the process by immediately filing for bankruptcy. Usually, this will put an immediate stay in the proceedings of your foreclosure. But, even if it doesn’t, it could delay it for at least a month or two.

Loan Modification
A loan modification is something that can help you avoid a complete foreclosure. You can actually start this process well before the final days of a foreclosure.

However, even if you have waited, filing for a loan modification is something that can stall a foreclosure.

Complete a Short Sale
A short sale is an excellent option for homeowners who have the potential of going through a foreclosure. This occurs when you sell your home for less than what it’s worth in order to remove the debt quickly. Keep in mind that this is something that you will need to have prior approval for through your lender.

These are just some of the things you can do to avoid a foreclosure even if you are reaching the end of your options. When you are going through this process, it is always best to seek guidance from a professional to help you navigate the tricky path of home mortgages and foreclosures. To learn how we can help with this process, contact us today.

Bankruptcy Basics: What to expect during a meeting of creditors

All Bankruptcy — Thu, 13 Oct 2016 22:50:00 GMT

Whether you file for bankruptcy under Chapter 7 or Chapter 13, one of the first steps you will be required to take is called a ‘meeting of creditors’. Your attorney may also refer to this as a ‘341 hearing’, in reference to the section of the bankruptcy code which established the hearing requirement.

Regardless of what you call it, the meeting of creditors is a basic, simple, quick process, and is no cause for anxiety or concern.

Normally, the only attendees at the meeting are the appointed bankruptcy trustee, the individual filing bankruptcy, and their attorney.

Creditors are invited to attend the meeting, but in most cases do not. If creditors do attend, your attorney will make sure they do not treat you unfairly or try to get some advantage during the proceeding.

At is heart, the basic purpose of this meeting is to confirm financial and personal information that you have previously provided the trustee.

The trustee is not there to grill you, trip you up, or to find personal fault with you. The trustee’s only purpose is to confirm that the information you have submitted as part of your bankruptcy filing is accurate and up to date.

Before the meeting begins, the trustee will ask you to present your driver’s license and social security card so that he can confirm your identity.

Next, the trustee will swear you in.

The remainder of the meeting will consist of the trustee going over the information provided in your bankruptcy filing, such as salary, debts owned, assets, and so forth.

The trustee may also review the documents that you would have previously submitted to them, such as tax returns and pay stubs, and ask to confirm that the information is correct or if it has changed since your filing.

Generally, it is just a process of confirming the information you have provided in the filing.

However, if the information is incorrect or out-of-date by the time of the hearing, it is very important that you discuss any changes or incorrect information that may be in the filing prior to the meeting so that your attorney will be prepared for any questions the trustee may have.

This will allow you to adequately explain any discrepancies to the trustee during the meeting.

The meeting normally last less than one hour.

At the close of the meeting, the trustee may request additional documentation. If so, you will need to make sure you return this documentation to your attorney for delivery to the trustee as soon as possible.

What happens next depends on whether have filed for a Chapter 7 or Chapter 13 bankruptcy.

If you have filed for Chapter 7, the trustee will prepare a report for the judge advising a discharge of the bankruptcy. If the judge agrees with the findings of the trustee, your discharge will be granted and the case will be closed.

If you have filed for Chapter 13, the trustee will report his findings to the judge.
The judge will then schedule a confirmation hearing to decide if your bankruptcy plan should be approved. Generally, a judge will approve the plan unless creditors or the debtor provides information that will require the plan to be modified.

Bankruptcy can be a complicated process, and requires competent, experienced legal representation to protect your best interest. Contact us for more information on bankruptcy.