How Often Can You File Bankruptcy in Minnesota
- There is no limit to the number of times a Minnesota resident can file for bankruptcy. However, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 prevents a Minnesota judge from issuing more than one bankruptcy discharge every eight years. The waiting period for a Chapter 13 bankruptcy is six years from the filing date of a Chapter 7 bankruptcy discharge.
- If you've purchased $550 worth of goods and services within 90 days of your expected filing date, delay your bankruptcy filing until such purchases are at least 90 days old. Running up a credit card months before a bankruptcy filing may result in the dismissal of your bankruptcy petition. You may also face bankruptcy fraud charges, which could result in jail time or hefty fines. Avoid cash advances in excess of $875 at least 70 days before your expected bankruptcy filing date; a judge may consider such transactions non-dischargeable.
- A bankruptcy petition must be accurate and contain the most recent information. Whether you file your bankruptcy petition through an attorney or on your own, attach pay stubs for all employment income during the past seven months; state, federal and property tax returns for the past two calendar years; financial records for the past seven months; loan contracts; a list of debts with corresponding bills; a copy of the deed to your house and other real estate; a credit counseling certificate from a government-approved credit counseling agency; and a recent credit report.
- After you file for bankruptcy, meet with your court-appointed trustee and creditors in what is known as a 341 meeting, appropriately named after statute 341 of the bankruptcy code. Your trustee will send a notice of the hearing to all your creditors.
Revisit the credit counseling agency that provided you with pre-bankruptcy counseling and enroll in a debt education program once bankruptcy proceedings end. Expect to receive a bankruptcy discharge in about 90 days. If you're filing under a Chapter 13 bankruptcy, your discharge will arrive after all the payments in your repayment plan are made.