Filing Bankruptcy In Minnesota

Feb 20th, 2014 | By | Category: Legal

Filing for bankruptcy is an important decision, so it is natural to have bankruptcy questions before making a final decision. Due to the important of filing for bankruptcy it is essential to have all…

When someone files for bankruptcy, it isn’t uncommon for him or her to feel a feeling of failure. Since many of us judge our success or failure by our financial standing, our self worth lowers when we find ourselves in a situation we did not choose. Self-confidence wanes and self-esteem shrinks. We feel out of control and experience a lack of confidence in our abilities and for the entire world at large.

If you’re thinking of filing bankruptcy, consult a bankruptcy attorney for answers to your questions. He is knowledgeable of current Minnesota bankruptcy law and will be in a position to guide you on the right path and help you reach a solution to your financial crisis.

Those emotions aren’t beneficial to anyone. If they’re allowed to continue, they’ll hurt your chances for a brighter future. A few days of mourning for your financial losses are acceptable. However, then you must figure out a way to create a more active attitude. Once the mourning period is over, refuse to allow yourself to indulge in feelings of anger or self-pity any longer.

Begin by reminding yourself repeatedly why the bankruptcy laws were created. The courts realized that sometimes things happen that are beyond people’s control. Many people who file for bankruptcy in Minnesota have been placed in that situation through no fault of their own. Bankruptcy was intended to help citizens get past that point and go on to live a successful life.

Remember, you’re not alone. Many honest, intelligent people have needed to take advantage of bankruptcy protection, including celebrities and even US presidents. Abraham Lincoln actually filed for bankruptcy twice in his lifetime.

Focus on the benefits of bankruptcy. You now have a chance to start fresh. You will no longer have to cope with the constant harassment of creditors or worry about having your wages garnisheed. You do not have to be scared to answer the phone or go to the mailbox. That alone eliminates an enormous number of stress in your life. You can breathe again.

Take the opportunity to acquire new financial management skills. Talk to a financial counselor and get to establish a budget. Set reasonable financial goals and challenge yourself to meet them. Break old habits like buying yourself something new when you are feeling down. Learn new ways, such as exercise or a hobby, to deal with stress. Most important of all, maintain a good sense of humor. Positive emotions play a definite role in the maintenance of our physical health and no sum of money can replace that.

No one likes the thought of filing bankruptcy, especially since Minnesota bankruptcy law can be so confusing.. It can play havoc with your emotions. Even though you may feel like your life has spun out of control, remember, it is only temporary. This is a new beginning for you. Take a deep breath, relax and make the most of it. It will not be easy. However, you can do it.

If you’re going to opt for Bankruptcy and are hiring Minnesota Bankruptcy Attorney, do keep a number of points in mind. The most important one being that, going by the Minnesota Bankruptcy law, filing for bankruptcy will hardly mean that you’ll be in a position to get rid of all debts. Some of the liabilities that you’ll always have to bear include: Alimony, Child Support, Current taxes, Recent large purchases of more than $550 on luxury goods bought within 90 days of filing for Minnesota Bankruptcy, Fines or penalties belonging to government agencies, Fraudulent debts, Cash advances of $825 within 70 days of filing etc.

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Thank you for writing this article! I really feel like my life’s out of the control and my self-esteem has hit rock bottom. I will read this article repeatedly just to help with the impression that you have described.

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Can I sue someone who filed bankruptcy, but still was paying me and after?
Can I sue someone (for a personal loan, from 4 yrs ago) who filed bankruptcy after the money was loaned, but still continued to pay me 2 years after they filed (but has not paid off the total loan amount). They did not add me to their bankruptcy claim when they filed. I live in Minnesota. Thanks

  • yes, if they didn't list you as a creditor you can sue.

  • If you knew about the bankruptcy, you can't sue.

  • What they did was illegal. Failure to bring forth any and all debts, both public and private, during a bankruptcy is fraud and cause for the entire bankruptcy ruling to be vacated. On the flipside, if she is still under the protection of the bankruptcy court (the case has not been discharged yet), and you contact her about a debt, you can find yourself in some hot water. However, the other person would have to inform the authorities about your actions and to do so, they'd have to admit to fraud.

  • Yes you can sue, anyone can sue if they put down their money and file a complaint in court. Will you win, maybe yes or no. So say you sue and win, will you collect? Also possible yes/no, since they filed bankruptcy, most likely no assets to collect, so even if you win, that is all it is a win period and no money. To find out your legal rights, you need to talk to a "real" lawyer in person. Only a lawyer can explain if you should pursue or just move on and forget it.

  • Although they should have listed you as a creditor in the bankruptcy, you were aware of the bankruptcy so it may not matter. If you were aware of the bankruptcy at the time that the case had been filed, you are out of luck and you are barred by the bankruptcy discharge – you had "actual knowledge" so you weren't harmed by the fact that you weren't listed. If you did not know about the bankruptcy until several months after the case was filed, you still may be out of luck, unless it was a case where creditors were paid. If creditors were paid, and you were not informed of the bankruptcy with enough time to file a claim in the case, your claim may have survived the bankruptcy. If you attempt to sue, you may be violating the bankruptcy discharge. Do not proceed without consulting an attorney.

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