Chapter 7 Bankruptcy Mn_45156

Consumers who file chapter 7 bankruptcy MN must be eligible. To be eligible in filing bankruptcy chapter 7, a consumer must pass a means test. The means test is a way that a bankruptcy trustee can determine whether you have the means to pay your debts or not. When you take a means test and the results shown is that you can pay your debts, this will lead to your assigned bankruptcy trustee to convert your chapter7 bankruptcy to a chapter 13. A chapter 13 is another type of bankruptcy which resolves debts through a repayment plan. You foresee if you can pass a means test by just looking at your own monthly income. Your income must be at least below average to consider yourself having a passing mark in the means test. If you conclude that you cannot pass the means test, there are ways that you can do to fix this. Timing is everything in bankruptcy. If currently you are having an income that is considered as above average but you can see your income will probably drop down to below average in the coming months then I suggest you wait for a while and when your income drops significantly to be considered as below average then proceed in taking the means test. Another thing you can do is just to proceed with the means test whatever the result maybe. If the bankruptcy trustee converted your bankruptcy chapter 7 to chapter 13, do not worry. There is always a possibility reverting it back to a chapter 7 and that is if only your income drops and proves to the court that you are going to undue hardships with the repayment plan.

Your chapter 7 bankruptcy MN starts when you file your bankruptcy petition in court but before that, you need to prepare your papers properly. Your bankruptcy papers are the basis of the bankruptcy court in deciding the faith of your bankruptcy case. Make sure your bankruptcy papers are correctly filled up and prepared. Mistakes are costly in the end. One misplace information can cost you more properties to lose than you need to. You can prepare your bankruptcy papers without any professional help but this can be difficult. Remember that you are learning the bankruptcy process while doing this and can be very hard for inexperience bankruptcy filers who are filing for the first time. For some information and a little help on your papers, you can go online and search information on the internet. You can download PDF bankruptcy forms or even ask an online bankruptcy lawyer for help.

I suggest you prepare your papers by acquiring the help of a petition preparer or a bankruptcy lawyer. They can prepare your papers and fill them out for you. The difference between the two professions is that petition prepares ask only a flat fee and specialize in preparing and filling out bankruptcy forms but they are not authorized to give you legal advice, while a bankruptcy lawyers, on the other hand, charge a lot and can give you legal advices. For more support on how to file bankruptcy, visit www.onlinebkassist.com.