Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

Judgment Liens in Minneapolis, MN and Bankruptcy

Posted by Col Ovik on October 5

Once a creditor obtains a judgment against a debtor in order for the creditor to obtain payment from the debtor the creditor will attempt to enforce the judgment. Enforcement of the judgment can be in the form of a bank levy or garnishment but it can also be a lien against the debtor’s real estate. 

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Looking for the Best Bankruptcy Law Firm in Minneapolis, MN? You Found It!

Posted by Wesley Scott on October 3

LifeBack Law Firm is Minnesota’s most kind and helpful bankruptcy law firm. We recently opened up a new location right where you live in Minneapolis, MN! We are now located at 310 E 38 Street, Suite 111, Minneapolis, MN 55409. We are just south of downtown Minneapolis and located on a bus line with plenty of free parking. If you live in Minneapolis, and you are suffering from overwhelming debt, and you need to file bankruptcy and get your life back, look no further than LifeBack Law Firm. LifeBack has been protecting Minnesotans from their creditors since 1972, and we can protect you too. 

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Nondischargeability of Debts in Bankruptcy in Minneapolis, MN: 523(A)(6)

Posted by Col Ovik on October 2

Not all debts in a bankruptcy are dischargeable. 11 U.S.C. § 523 of the Bankruptcy Code provides exceptions to the dischargeability of some debts. This blog will address the nondischargeability of debts encompassed by Section 523(a)(6). 

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What Is the Effect of Chapter 7 Bankruptcy, on My Credit, in Minneapolis, MN?

Posted by Wesley Scott on October 1

     It is the age-old question isn’t it? What effect does filing Chapter 7 Bankruptcy have on my credit? It’s not what you think and here is why. Suppose you say to me, I have 50k in credit card debt and I have fallen behind on my payments. The credit card companies have not sued me yet but I am in default on all my payments and I am starting to hear from collection agencies. We all know collection agencies are the last stop before you get sued and your wages garnished and accounts levied by creditors.

 

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Where Will My Bankruptcy Case Be Filed?

Posted by Amanda Scharber on September 30

Almost every client wants to know where their case will be filed and whether the county they live in is the location for filing. The county you live in does determine where your case is filed, but your case will not be filed in your local county courthouse. 

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Public Benefits and bankruptcy

Posted by Wesley Scott on September 28

Welcome back to our series of blog posts on the history and philosophy of the economy, bankruptcy, and debt – today we discuss public benefits, which are today are generally couched as welfare. 

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Filing for a Chapter 7 Bankruptcy as a Business Owner

Posted by Danielle Lin on September 27

 If you own an LLC or a corporation, and are thinking about filing for bankruptcy, you may have some questions or concerns regarding whether your business debt will be discharged in a Chapter 7 bankruptcy. By owning an LLC or a corporation, you probably have business debt and personal debt. Business debt is debt that arises from the operation of your business. It is money that you owe from running your business. It is debt that is owed by the business entity, which is separate from the debt owed by you as the owner of the business. Personal debts from running a business can come in the form of taking out loans and incurring credit card debt to pay business expenses. It can also come about when you as the business owner, agree to “personally guarantee” a business loan, which means that you as the owner, agree to be personally responsible for repaying the business loan, in the event the business is unable to pay the loan itself.

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Should I File for Bankruptcy with My Spouse?

Posted by Wesley Scott on September 26

Bankruptcy law allows debtors to file a personal chapter 7 or 13 bankruptcy case either by themselves, individually, or jointly with their spouse. Typically, when both spouses have a substantial amount of debt, it makes good sense for them to file a joint case together. That way, both spouses can wipe out all of their debt, at the same time, without having to go through the additional time and cost of filing two separate cases (debtors don’t have to pay twice for attorney fees and court filing fees).

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Can I Modify My Mortgage During My Chapter 13 Bankruptcy?

Posted by Danielle Lin on September 23

    If you are struggling with making your mortgage payments on time, or if you are facing an impending foreclosure on your house, a Chapter 13 bankruptcy may be the type of bankruptcy that will best suit your needs. A Chapter 13 bankruptcy involves an affordable, monthly payment plan. This monthly payment plan can cure mortgage arrears, and at the same time, protect your house from a foreclosure. A Chapter 13 bankruptcy is a structured and organized way to pay back a small portion of your debt, cure mortgage arrears, and stop a foreclosure; meanwhile, you are able to keep all of your assets and come out of the bankruptcy in 3-5 years debt free. In a Chapter 13 bankruptcy, you will make monthly, affordable payments to your bankruptcy trustee’s office, which can be set up to monthly ACH withdrawals from a bank account of your choice. That monthly, affordable payment can allow you to pay down any mortgage arrears that you may have. 

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Bankruptcy Policy Rationales in the 20th Century

Posted by Wesley Scott on September 22

Over my last posts, we discussed the bankruptcy regimes in the United States up to the Chandler Act of 1938. It is worth taking a moment to plot the policy concerns over those periods.

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I Do Not Eat Spiders

Posted by Col Ovik on September 21

We live in the historical period known as the information age. Everyone has information right at their fingertip, however, are they receiving the correct information? How do we know the information we are reading online is the best, and most current information. Consider the source of the information: is the information coming from someone’s blog or an academic paper, and cross-reference the sources. It can be an arduous task to complete a thorough search on a topic, but likely necessary if you want the entire truth. 

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Socrates, debt, morality, and bankruptcy

Posted by Wesley Scott on September 19

Though we have been tracing the history of bankruptcy policy in America, this week, we will take a break from that discussion. We turn instead to Greek philosophers and discuss some of their ideas about debts and society so we can gain perspective on our modern situation.

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Dismissal or Conversion of a Chapter 13 Bankruptcy

Posted by Danielle Lin on September 17

    There are various reasons a Chapter 13 bankruptcy could be dismissed or converted to a Chapter 7 bankruptcy. A Chapter 13 bankruptcy may be voluntarily converted to a Chapter 7 bankruptcy at any time. A Chapter 13 bankruptcy may be voluntarily converted to a Chapter 7 for a number of reasons, including a change in your financial circumstances that may allow a Chapter 7 bankruptcy to be more suitable. It may also be that due to the nature of the proof of claims that filed by your creditors, confirmation of your Chapter 13 plan is not feasible and converting to a Chapter 7 would resolve issues with creditors, make more sense, and be more beneficial for you. While only a notice of conversion needs to be filed if a Chapter 13 is voluntarily converted to a Chapter 7 bankruptcy, it would be wise to consult with an experienced attorney prior to deciding whether a conversion to a Chapter 7 would be best for your financial situation, needs, and circumstances. 

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How Bankruptcy Provides Protection from Creditors

Posted by Danielle Lin on September 16

At the moment you file for bankruptcy, “automatic stay” kicks in, pursuant to Section 362 of the U.S. Bankruptcy Code. It is an order that gets sent to your creditors immediately, after you file for bankruptcy. The automatic stay affords protections throughout your bankruptcy, regardless of whether you file a Chapter 7 or a Chapter 13 bankruptcy. It is a provision in bankruptcy law that acts as a protective shield and protects you from creditors, while at the same time, providing you time to reorganize your debts, finances, and financial affairs.

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Afraid to File Bankruptcy? You Are Not Alone

Posted by Wesley Scott on September 15

Each year, thousands of Minnesotans reach out to LifeBack Law Firm to ask for help with debt. And we know exactly how you feel reading this blog right now. Our former clients felt the same way. But do you know what they found? They found LifeBack Law Firm is Minnesota’s most kind and helpful bankruptcy law firm in Minnesota. When you are suffering with debt and run out of options, that is when you need to feel kindness the most. At LifeBack Law, we excel in helping Minnesotans file bankruptcy while emphasizing kindness and helpfulness. 

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Chapter 13 Bankruptcy: My Income Has Changed

Posted by Amanda Scharber on September 14

If you are in a current chapter 13 or thinking of filing a chapter 13, you may be wondering what happens if your income changes during your pending bankruptcy. This is an excellent question, as a chapter 13 bankruptcy commits your disposable income during the 3-5 years of the case.  

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Co-Signors in Bankruptcy

Posted by Amanda Scharber on September 13

It is very common that two people will co-sign on each other’s debt. Whether this is a spouse, parent, child, or significant other. If one liable party on the loan decides to file bankruptcy, you may be wondering what will happen to the other party/the co-signor? 

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Can I Keep My Recreational Vehicles in Bankruptcy?

Posted by Wesley Scott on September 12

    Many people who file for bankruptcy have “toys” that they use for recreational purposes. These can include motorcycles, boats, snowmobiles, ATVs, motorhomes, etc. Bankruptcy is a powerful tool that enables many people to become free from their crushing debt. Generally speaking, bankruptcy law is designed to allow a person who files a bankruptcy case (aka the “debtor”) to keep a modest amount of property that is necessary to prevent the debtor becoming completely impoverished, and allows them to “get back on their feet” after their debt is wiped out. The debtor’s homestead (primary place of residence), a modest vehicle, and basic personal property (i.e. clothes, personal effects, and basic furniture) are generally “exempt,” meaning legally protected from being taken or used to satisfy debts. Whether debtors are allowed to keep their recreational toys, which are often not exempt, nor considered necessary for the debtor to possess, depends upon the circumstances and type of bankruptcy that is filed. 

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Looking for a bankruptcy lawyer in St. Paul, MN?

Posted by Wesley Scott on September 11

   I am excited to report that LifeBack Law Firm has moved our Roseville, MN location to St. Paul, MN! We are super thrilled to be at our new St. Paul location at 370 Selby Avenue, Suite 224, St. Paul, MN 55102. We are right where you live in the Capitol of Minnesota on Cathedral hill. Our St. Paul location is on the bus line and is surrounded by fantastic restaurants and coffee shops. 

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Can My Bankruptcy Discharge Not Go Through?

Posted by Amanda Scharber on September 9

If you are filing bankruptcy you may be wondering, can my bankruptcy discharge possibly not go through? This is a common worry and I can see why. If you do all the work of filing a bankruptcy, you don’t want to last second not receive a discharge of your debts. I am here to tell you not to worry- read on to find out why. 

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Bankruptcy and Responsibilities

Posted by Col Ovik on September 9

Filing bankruptcy is a court action. The bankruptcy filer will file a petition, and receive a case number, meet with a trustee, and there is a possibility of additional court actions, motions, and ultimately the case will be discharged and closed. But, as a bankruptcy filer you have some responsibilities to the court. Bankruptcy exists for the protection of the debtor and to provide the debtor with relief from their creditors, but there is also an onus on the debtor when filing. 

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Will My Non-Filing Spouse be Impacted by My Bankruptcy?

Posted by Amanda Scharber on September 7

Just because you file bankruptcy does not mean your spouse has to file with you. If your spouse does not file, you may be wondering, will they be impacted by my filing? 

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Creditor Collections After Filing Bankruptcy

Posted by Col Ovik on September 6

When a bankruptcy is filed the automatic stay is immediate, but not unlimited.  The automatic stay typically lasts until the debtors discharge but through the filing of a motion for relief from the stay, a creditor can request permission from the court to continue collection efforts against a debtor. For example, a mortgage company can ask for relief to foreclose on a homestead for non-payment of the mortgage or a vehicle lender can request relief to repossess a vehicle for failure to keep the vehicle properly insured. The creditor must show the court that a reason or a cause exists to lift the automatic stay.

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What is An Adversary Proceeding in bankruptcy?

Posted by Amanda Scharber on September 5

For most chapter 7 and chapter 13 cases, the words adversary proceeding will not come up. Most clients will complete their bankruptcy without having any. If you have an adversary proceeding or there is a chance that you may, you may be wondering what it is? An adversary proceeding is litigation within your bankruptcy case.

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DISCLOSURES AND BANKRUPTCY

Posted by Col Ovik on September 5

Bankruptcy relief affords debtors with the benefit of the discharge of debts. But the cost of this discharge is: debtor must be honest and truthful in their disclosures to the court. If a debtor does not provide an honest and accurate accounting of assets to the court and creditors they will jeopardize the discharge of their debts.  

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Minnesotans looking to file bankruptcy: watch out for this!

Posted by Wesley Scott on September 4

Recently, I spoke to a gentleman who was desperate to file bankruptcy and thought he could do it on his own. He quickly realized bankruptcy is too complicated of a legal process to do it himself. So then, he reached out to an out-of-state company to help him file bankruptcy “on the cheap”. The company was quick to gain access to his checking account and deduct money from his account for their fees ($500 by the time he reached out to LifeBack Law Firm). Soon after hiring this out of state company he began to get a sinking feeling in his stomach that this company was not what it purported to be.

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Preparing for a Bankruptcy Filing

Posted by Danielle Lin on September 2

There are various ways you can prepare for a bankruptcy filing, even before you meet with your bankruptcy attorney. As a prerequisite to filing bankruptcy, one must provide full financial disclosure to the bankruptcy court. One must also be completely open and forthright and must be willing to provide any and all documents requested by the bankruptcy trustee, after the case is filed. When preparing for filing a future bankruptcy case, it is wise to keep detailed records of any large financial transactions and to begin collecting paystubs, bank statements, and recent tax returns, as they are all subject to be requested by the bankruptcy trustee.

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2022 Update to Federal Bankruptcy Code Property Exemptions

Posted by Wesley Scott on September 2

People who file a bankruptcy case in Minnesota have the option of choosing the exemptions specifically provided by the Federal Bankruptcy Code (commonly referred to as the “Federal exemptions”), or any other applicable Minnesota State or Federal laws (aka “State exemptions”), to protect their property from creditors.

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Will I Be Able to Keep My Tax Refunds in bankruptcy?

Posted by Danielle Lin on August 29

If you are are planning on filing for bankruptcy soon, and are also expecting to receive a future tax refund, you may wonder whether you can keep your tax refund after filing a bankruptcy case, or whether you would have to turnover that refund to your bankruptcy trustee. Whether you are able to keep your tax refund or not, depends in large part on what type of law is applied to your case in order to protect all of your assets. There are two types of law that can be applied to any given bankruptcy case – federal or state law. Your bankruptcy attorney will determine which type of exemptions to use in order to best protect your property during your bankruptcy. 

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An Introduction to St. Cloud, Minnesota

Posted by Wesley Scott on August 28

   Welcome to St. Cloud, Minnesota nestled along the tranquil backwaters of the upper Mississippi River. The population of St. Cloud (according to the 2020 census) was 68,881 making it Minnesota’s 12 largest city. St. Cloud is famous for its granite quarries which have been worked since 1868. In fact, St. Cloud has been nicknamed the “granite city”. 

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Crypto Currency and Bankruptcy

Posted by Col Ovik on August 27

Lately it has been in vogue to buy into the cryptocurrency world. And when a debtor files bankruptcy any value that the cryptocurrency would have would be considered an asset. But before you jump into the cryptocurrency market you should consider all the risk. 

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Unemployment Benefits and Overpayment in Bankruptcy

Posted by Wesley Scott on August 26

Many Minnesotans file bankruptcy due to the financial strain of being unemployed for a long period of time. During their period of unemployment, many people often receive unemployment compensation in order to afford to pay their bills. Unemployment benefits are completely “exempt” in bankruptcy. This means unemployment benefits cannot be taken, or used, for the purpose of satisfying a person’s debts when they file a personal chapter 7 or chapter 13 bankruptcy case. When a person files for bankruptcy in Minnesota, they are allowed to choose whether they use Federal or State law to exempt their property. Regardless of which law they choose, any money they receive for unemployment compensation will be exempt, and protected. 

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Reaffirmation Agreements in bankruptcy: What They Are and Why You Shouldn’t Sign One

Posted by Amanda Scharber on August 24

A bankruptcy filing will discharge your personal liability on most debt. This includes secured assets, for example, vehicles or mortgages. Although your personal liability on the loan is dischargeable, if you want to keep the secured property you have to keep making payments. Some creditors will also request you sign a reaffirmation agreement after your chapter 7 bankruptcy is filed. A reaffirmation agreement typically says that you will keep your terms of your debt the same as if you had not filed bankruptcy, including your personal liability on the loan. 

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If I Currently Live Out-of-State, Can I File Bankruptcy in Minnesota?

Posted by Danielle Lin on August 22

If you currently live outside of Minnesota, you may wonder if you can still file for bankruptcy in Minnesota. Do I need to be a resident of Minnesota to file for bankruptcy in Minnesota? Well, the residency requirements to file in Minnesota are quite easy to be met. You simply have to have lived in Minnesota for at least 91 days in order to file for bankruptcy in Minnesota. 

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Example of a Preference in Bankruptcy

Posted by Amanda Scharber on August 20

A preference is essentially a payment that benefits one creditor over others. This commonly occurs with payments to unsecured creditors of $600 or more in the 90 days prior to filing or to a relative of $600 or more in the 1 year prior to filing. The trustee in your chapter 7 bankruptcy will want the funds received from this preference, to distribute to all of your creditors. 

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Don’t Pay Back Family Members before Filing a Chapter 7 Bankruptcy Case

Posted by Wesley Scott on August 19

Bankruptcy provides financial relief for many people who are struggling to pay their debts. A chapter 7 bankruptcy case is a powerful tool that allows people to completely wipe out most types of debts without having to make any payments to their creditors. In the vast majority of cases, people who file for bankruptcy lose little-to-no property in exchange for receiving their discharge. When considering filing a chapter 7 bankruptcy case, one should be very cautious about the financial transactions they engage in with close friends and family members prior to filing their case. Although one may be acting with the best of intentions, their actions may have an unintended negative impact upon their bankruptcy case and even upon their own close friends and family members.

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Homestead Exemption and Different Situations in Bankruptcy

Posted by Col Ovik on August 18

In Minnesota, the creation of a statutory exemption from claims of creditors for real estate used as a homestead is authorized by Article I, Sec. 12 of the State Constitution.  Minn. Stat. Chap. 510 sets forth the homestead exemption. It begins with a definition that reads, in pertinent part: 

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What are the Different Types of Creditors and How Do They Affect My Bankruptcy?

Posted by Danielle Lin on August 17

If you are thinking about filing for bankruptcy, it is helpful to understand the different types of creditors and what kind of creditors you have. The type of debt and creditors that you have can be determinative of the type of bankruptcy that you file. A creditor is somebody you owe money to. When you file for bankruptcy, all of your creditors will be listed in your petition and schedules – those are the legal documents that are filed with the court in order to start your bankruptcy case.

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Examples of Fraudulent Transfers in Bankruptcy

Posted by Amanda Scharber on August 15

A fraudulent transfer is a transfer before a bankruptcy filing with some type of fraud that the bankruptcy trustee can claw back. Common examples are when something is sold or transferred with the intent to hinder, delay, or defraud your creditors or you transfer something under fair market value before filing. But there are other types of fraudulent transfers as well. Your attorney will go through your case with you and should let you know if there is any risk with filing and fraudulent transfers. Your attorney should be able to discuss if there are any possible defenses, as well. Under federal law the look back period for fraudulent transfers is two years. 

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The history of bankruptcy in America: The Chandler Act

Posted by Wesley Scott on August 13

Carrying on from our discussion putting past bankruptcy policies in context, we arrive at the 20th century and the development of our modern bankruptcy regime. The Bankruptcy Act of 1898 was never repealed, lasting until the enactment of the Bankruptcy Act of 1938.  The Chandler Act, as it became known, was not revolutionary. It simply increased access to debtors and made voluntary bankruptcy more attractive for debtors. Technically, the Chandler Act merely amended the previous policy, so an incremental change to bankruptcy policy is not surprising. It is worth noting that modern case law occasionally looks back to these 20th century policies for precedential decisions. 

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Chapter 7 Liquidation Examples

Posted by Amanda Scharber on August 11

A chapter 7 bankruptcy is referred to as a liquidation bankruptcy. This is because any assets above what the bankruptcy exemptions cover will have to be liquidated or you will have to pay their value to keep them. Non-exempt assets can happen in both Minnesota and Federal exemption cases. That being said, they are more common in Minnesota exemption cases. Let’s look at a few examples:

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LifeBack Law Firm: Minnesota’s Highest Google Reviewed Bankruptcy law firm

Posted by Wesley Scott on August 9

  There are some law firms who game the system. They use software to generate and “gate” bad reviews so the reviews that display are typically stronger reviews. This is unethical and dishonest. At LifeBack Law Firm, we have never used software to generate any Google reviews. All of our reviews are left from people who came in contact with the firm in one form or another and were moved to leave a review. LifeBack Law Firm’s Google reviews are the most heartfelt reviews in the bankruptcy business. 

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What are the Benefits of a Chapter 13 bankruptcy?

Posted by Danielle Lin on August 8

If you are thinking about filing for bankruptcy, you may be deciding between whether a Chapter 7 or a Chapter 13 would be better for you. While a Chapter 7 bankruptcy is known to give you a quick refresh button by wiping out all of your unsecured debt in 3-4 months, there are advantages to a Chapter 13 bankruptcy too. A Chapter 13 bankruptcy also provides benefits that a Chapter 7 cannot. 

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NOT EVERY CREDITOR ACTION IN BANKRUPTCY IS A VIOLTION OF THE AUTOMATIC STAY

Posted by Col Ovik on August 7

Section 362 provides that a bankruptcy petition "operates as a stay, applicable to all entities" and "generally prohibits attempts to collect prepetition debts against the debtor or the debtor's property or attempts to enforce liens and other interests against property of the bankruptcy estate”

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NEED TO FILE BANKRUPTCY IN ST. CLOUD, MN? YOU ARE NOT ALONE

Posted by Wesley Scott on August 5

     I think the disease of loneliness is the biggest disease faced by Minnesotans. It is easy to feel alone when you are suffering with a problem like a debt problem. But you are not alone. LifeBack Law Firm has been protecting Minnesotans from their creditors since 1972 and we can protect you too. I know bankruptcy is scary and can make you feel alone and afraid. When you run out of options with your debt, and need to consider bankruptcy, that is when you need kindness the most. Thankfully, LifeBack Law Firm is the most kind and helpful bankruptcy law firm in Minnesota.

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VALUING YOUR ASSETS IN BANKRUPTCY

Posted by Col Ovik on August 3

When filing for bankruptcy your attorney will ask you to value and disclose all your assets on the bankruptcy petition. The importance of an accurate, complete and honest disclosure of assets cannot be emphasized enough. Disclosures are required as to the nature, value, and disposal of assets. Knowingly and fraudulently undervaluing assets or nondisclosure of assets can equate to the intent necessary for the denial of discharge under 11 U.S.C. Section 727.  The intent requisite to preclude a discharge must be an actual fraudulent intent as distinguished from constructive intent. Actual intent such as to hinder a creditor may be inferred from the debtor's actions, like intentional undervaluing of assets or omitting assets. 

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WHICH MINNESOTA BANKRUPTCY LAW FIRM IS THE BEST?

Posted by Wesley Scott on August 1

     When Minnesotans are suffering with debt, that is when you need to feel kindness the most. One Minnesota bankruptcy law firm excels at filing bankruptcy for Minnesotans while delivering the most kind and helpful bankruptcy service in the industry. The Minnesota bankruptcy law firm that delivers the most kind and helpful service by far and away is LifeBack Law Firm.  Just this morning we received one of the most heartfelt 5 star Google reviews I have ever read and it gives a shout out to numerous LifeBack Law team members involved in her case. I am always amazed at the willingness of people to file bankruptcy and then post their name publicly with a review. To me, it tells me these people were extremely moved by the kindness they felt while working with the LifeBack Law team.

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Bankruptcy Act of 1867

Posted by Wesley Scott on July 28

In the last two posts we discussed the Bankruptcy Act of 1800 and the Bankruptcy Act of 1841 respectively so we, perhaps unsurprisingly, now turn to the next policy: the Bankruptcy Act of 1867. It is worth noting that this policy and the previous two were all responses to poor economic conditions and were unintentionally temporary. In the wake of the 1857 financial crisis and the Civil War, debtors and creditors alike were in need of options for remedy. This new incarnation signaled a change in reasoning in bankruptcy policy which was slightly more beneficial to debtors. 

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How Will Bankruptcy Impact My Mortgage?

Posted by Amanda Scharber on July 23

When you file for bankruptcy you have to list all of your creditors, including those you intend to keep. For example, even though you may want to keep your home and keep paying your mortgage, the mortgage company will have to be listed in the case and receive notice of the filing. If you are thinking about filing bankruptcy or already have, you may be wondering how your mortgage company receiving notice of your filing will impact your mortgage.

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SCOTUS When to Worry

Posted by Col Ovik on July 18

There have been some headline making US Supreme Court opinions recently. Some decisions you may agree with, and some you may disagree with, but the real question is when and why should the public be concerned with these decisions. 

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Need to File Bankruptcy in Eagan, Minnesota? Avoid This…

Posted by Wesley Scott on July 16

     If you are like a lot of people who live in or around Eagan, MN, you may find yourself needing to file bankruptcy. As of the date I am writing this blog, June 18, 2022, the economy is starting to crack, inflation is skyrocketing, business is slowing, and lay-offs are beginning. Many good people will find themselves needing to file bankruptcy. The humility of being alive. However, do a little research before you choose a bankruptcy law firm because you don’t want to end up with a lawyer who is stuck in a closet in virtual space with no support staff.

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Plan Objections: Chapter 13

Posted by Col Ovik on July 11

Chapter 13 bankruptcies are repayment plans based on the debtor’s ability to pay. When meeting with your attorney you will discuss your monthly budget: income and expenses, and determine a proposed monthly payment. Once the petition is filed, a creditor’s meeting and confirmation hearing will be scheduled.  Prior to the confirmation hearing, the creditors can objection to the confirmation of the plan.

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Looking for the Most Kind and Helpful Bankruptcy Law Firm in Minneapolis?

Posted by Wesley Scott on July 8

     Minnesotans who reside in and around Minneapolis looking for a Chapter 7 Bankruptcy law firm near them want a team of professionals who are kind and helpful. How is it we know this to be true? They tell us this over and over. You see, if you are suffering with a debt problem, it was likely triggered by some awful event in your life: business failure, income drop, divorce or relationship break up, medical problems, or just bad financial decisions (we have all made them). But, the last thing you want is to deal with a lawyer or staff that are self-centered, mean, or act like you have to jump hurdles to get relief from your debts.

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Will I Be Able to Keep My House During a Bankruptcy?

Posted by Danielle Lin on July 4

Will I be able to keep my house when I file for bankruptcy? It’s a common concern that you may wonder about as you are making preparations to file for bankruptcy. It could be that you are facing a daunting foreclosure and want to file for bankruptcy in order to save your house. Or, you could have a perfect record with your mortgage company because you have always made your mortgage payments on time, and you do not want the bankruptcy to affect that and cause you to lose your house. These are all valid concerns that many people who file for bankruptcy have.

 

After filing for bankruptcy, you will be able to keep your house, regardless of whether you file a Chapter 7 or a Chapter 13 bankruptcy, so long as you keep making your mortgage payments on time. If you are paying your mortgage company on time, then you can rest assured that you will be able to keep your house during the bankruptcy. You see, when you file for bankruptcy, your attorney who is helping you file your case, will apply one of two different laws to protect all of your assets – federal law or state law. The type of law that is applied to your case depends in part on whether you own a house with a significant amount of equity, or whether you are renting a house or an apartment. Federal law will be applied to protect your house and all of your assets, if the equity in your house falls within the threshold value allowed by the homestead federal statute. If the equity in your house exceeds that value, then Minnesota state law will be applied instead. The reason that federal law is usually favored, is because federal law has a wildcard provision that protects up to $13,900 worth of assets. This provision provides greater protection is protecting all of your assets. Therefore, your house is protected, whether federal or state law is applied, so long as you continue to make your mortgage payments.

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The Bankruptcy Act of 1898

Posted by Wesley Scott on July 1

In the last post, we discussed The Bankruptcy Act of 1898 and its new focus on the wellbeing of debtors, rather than solely as a remedy for creditors. Previously, we had discussed the prior bankruptcy policies in America: the bankruptcy acts of 1800, 1841, 1867, and 1898. Let’s use this post to recap some of those policies and put them in context. 

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Fiat Currency

Posted by Ben Abraham on June 30

Last time we did a slap-dash history of specie currency, so now let’s turn to the modern concept of fiat currency. Fiat money is issued by a government (or a just a bank but that is out of scope). It is not backed by a commodity. Rather, the government merely backs U.S. dollars as legal tender. Furthermore, as a product of the money no longer being tied to a physical item of limited source, they could print as much money as they wanted. 

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I Can File a Chapter 7 Bankruptcy but Should I?

Posted by Col Ovik on June 29

Not everyone is eligible to file a chapter 7 bankruptcy. There are income requirements to filing a chapter 7 and those individuals that do not meet the income requirements, will not be able to file a chapter 7 bankruptcy. But, even those that do meet the eligibility requirements to file a chapter 7, may find the outcome of filing a chapter 7 disagreeable. While chapter 7 filings are effective vehicles for discharging unsecured debt and they are short in duration, there are times when even those eligible for a chapter 7 bankruptcy may choose to file a chapter 13 instead.

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Filing Bankruptcy in Minnesota? Watch Out for These 2 Things

Posted by Wesley Scott on June 28

 Filing bankruptcy takes courage. In fact, it takes a lot of courage. Once you have summoned the courage to reach out for help, the last thing you want to deal with is rude and self-centered lawyers and staff. You know the kind I am talking about—the kind that think they are self-important and tell you all their stories but don’t want to listen to your story. 

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Avoidance and Recovery of Transfers

Posted by Col Ovik on June 27

The bankruptcy trustee may avoid transfers that the debtor made or incurred within two years before the filing of the bankruptcy petition if such transfer was made with actual intent to hinder, delay, or defraud a creditor or the debtor received less than fair market value for the transfer. The trustee then may recover, for the benefit of the estate, the property transferred or the value of such property. 

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Monies Owed to You and Bankruptcy

Posted by Col Ovik on June 25

On the bankruptcy petition you will list all of your assets, and this includes anything owed to you, or potentially owed to you, even if you believe the funds or asset is not collectable. For example, if you lent you neighbor $1,000, but you believe that he is unlikely to pay you, it is still important to list the money owed as an asset in your bankruptcy. If you have a case with non-exempt assets, the bankruptcy estate may have an interest in the funds lent. And depending on the amount of monies owed to you, the bankruptcy estate may pursue you neighbor for the lent funds. 

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Should I Surrender My “Cross-Collateralized” Collateral in my Chapter 7 Bankruptcy?

Posted by Danielle Lin on June 23

You may have heard of the principle of “Cross-Collateralization” and have wondered to yourself, what it means in regards to your Chapter 7 bankruptcy. How does it affect my Chapter 7 bankruptcy? Cross-collateralization clauses can be found in loan agreements you may sign with a lender. For instance, if you borrowed money from a bank to purchase an asset, the loan agreement you signed, may have contained a cross-collateralization clause in it.

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What is money?

Posted by Ben Abraham on June 20

First off, for the sake of simplicity, let’s limit our discussion to 18th century America. Money is a store of value, and there are many kinds of money. In the colonial era, money was (arguably) much more complicated than it is now: each colony would issue their own bills of credit, which all had their own values. So, for example, a Pennsylvania pound might be worth less than a New York pound of the same denomination. Also worth noting about money in the colonial era is that the “stored value” of the bills of credit were redeemable for actual gold or silver. Money that is redeemable for gold or silver are known as specie (pronounced SPEE-sha). 

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Do You Fear Filing Chapter 7 Bankruptcy? Call Lifeback Law Firm

Posted by Wesley Scott on June 16

 It is not unusual for Minnesotans to fear filing Chapter 7 Bankruptcy. Prospective clients often come to LifeBack Law Firm feeling very afraid. We know how you feel. Most of our former clients felt the same way you do now. But do you know what they found? They found that LifeBack Law Firm has the most kind and helpful bankruptcy staff in Minnesota. LifeBack Law Firm clients get spoiled by the staff. We honor the courage it took for you to reach out for help with a debt problem.

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Are There Some Types of Debt That Cannot Be Discharged In Bankruptcy? (Part I)

Posted by Wesley Scott on June 14

One of the questions that we commonly hear is whether there are types of debt that cannot be discharged in bankruptcy. Unfortunately for many debtors, there are, indeed, types of common debts that cannot be discharged in bankruptcy, as well as some uncommon types. Over the course of the next several blog posts, we will discuss some of those debts. Note: this is not meant to be an all-inclusive list.

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Tax Refunds and the Importance of Filing Taxes During Your Bankruptcy

Posted by Danielle Lin on June 13

If you have not filed your taxes for the upcoming tax season, and you are thinking about filing for bankruptcy, you may wonder if you can file your taxes and keep the refund, if you are entitled to receive a refund. Whether you are able to keep your tax refund, depends in part on the type of bankruptcy that you file. It also depends on the value of your total assets and your particular financial circumstance. There are two types of bankruptcies in the bankruptcy world.

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Bankruptcy and Bank Accounts

Posted by Wesley Scott on June 12

Many people wonder how filing for bankruptcy will impact their bank accounts. In many cases, people have checking and savings accounts with banks, and also have debts owed to the bank such as credit cards, personal loans, car loans, and home mortgage loans.

If a person does not have any debts with the bank, they can continue to maintain and use their bank accounts, as the bank is not a creditor impacted by the bankruptcy. However, if the “debtor” (person filing for bankruptcy) owes debt directly to the bank, the bank will be considered a creditor in the bankruptcy case, and whether the bank decides to close the debtor’s bank account or allow them to continue using the bank’s services depends on the amount of debt owed to the bank and the type of debt owed to the bank. 

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What Happens if I am Unable Complete My Chapter 13 Bankruptcy Case?

Posted by Wesley Scott on June 10

A chapter 13 bankruptcy case is a three to five year repayment plan wherein the debtor makes monthly payments towards their debts. After successfully completing their repayment plan, the debtor’s remaining unsecured debts are discharged, with some exceptions (i.e. student loans). Once the bankruptcy court “confirms,” or officially approves, the debtor’s repayment plan (typically a few months after their case is filed), the debtor is bound to contribute all of their disposable income towards their monthly payments.

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I Just Found Out I Have a Judgment

Posted by Col Ovik on June 10

There is a process and procedure for serving defendants and initiating a lawsuit. Plaintiffs do have to follow the correct procedures for proper service. Some individuals are successfully sued and a judgment is awarded to the plaintiff without any knowledge by the defendant. The defendant only becomes aware of the judgment when the creditor begins to enforce the judgment through a bank levy or a garnishment. The question I receive from debtors is: how can they vacate or remove the judgment because they were not properly served with the lawsuit.

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The Bankruptcy Act of 1841

Posted by Ben Abraham on June 8

In my last post, we discussed the first bankruptcy code in the United States, the Bankruptcy act of 1800; in this post we will turn to the second incarnation, The Bankruptcy Act of 1841. Clearly, congress was not interested in creative nomenclature. Nonetheless, there were other improvements in the content of the new code. First, debtors could now file bankruptcy for themselves, voluntarily. Second, bankruptcy was available to individuals rather than just merchants. Third, the more informal processes utilizing administrators was left behind in favor of using the district courts. 

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Handling Secured Debts in a Chapter 7 Bankruptcy

Posted by Wesley Scott on June 8

When a person files a chapter 7 bankruptcy case, they often have secured debts. These types of debts are secured to certain property, known as “collateral,” which can be taken to satisfy the debt if the debt is not repaid by the borrower.  Home mortgages and car loans are examples of secured debts as the lender retains a “lien” on the home or car (the collateral) and can foreclose on the home, or repossess the car, if the borrower defaults on their monthly payments on the debt. 

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The Timing of Your Bankruptcy Filing

Posted by Col Ovik on June 6

Carefully considering when to file your bankruptcy can maximize the benefit you achieve from the filing. There are many factors that may speed-up or delay the need to file. 

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HONESTY IN BANKRUPTCY

Posted by Col Ovik on June 5

If a debtor is being represented in a bankruptcy they should allow their bankruptcy attorney to work for them, and the only way their attorney is able to provide adequate representation is if they know all the details about the debtor’s case. If a debtor chooses to omit certain transactions or details then the attorney will not be able to advise appropriately regarding those transactions which could be problematic in the case. 

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How do you Surrender a Car in a Bankruptcy?

Posted by Danielle Lin on June 4

If you are thinking about filing for bankruptcy, you may wonder whether you are able to give up a car that you are financing, through the bankruptcy, and therefore relieve your liability on the loan. Surrendering a car is easy to do in a bankruptcy. If you own a car that has no equity, meaning that you owe more on it than its worth, you can simply surrender the car in the bankruptcy, without having to owe any more payments on it. After you receive your bankruptcy discharge, you may finance a new car with the money that you have saved from ceasing payments on the surrendered car. Surrendering a vehicle that has essentially no equity can also be beneficial because you can reduce your monthly expenses and save money. 

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Thinking about filing bankruptcy in Minnesota? Think LifeBack Law Firm

Posted by Wesley Scott on June 3

     If you are thinking about filing bankruptcy in Minnesota, think LifeBack Law Firm. Why think LifeBack Law Firm? LifeBack Law Firm has Minnesota’s most kind and helpful bankruptcy staff in Minnesota. How do we know this to be true? Just read the Google reviews left by your friends, neighbors, and family who has used LifeBack Law Firm to help them get their lives back. The last thing you want when you file bankruptcy is to be judged by bankruptcy lawyers and staff for filing bankruptcy.

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Can I Keep Credit Cards in my Chapter 7 Bankruptcy?

Posted by Danielle Lin on June 2

A Chapter 7 bankruptcy works as a quick reset button – all of your unsecured debt will be wiped out in approximately 3-4 months, from the date your case is filed. Unsecured debt includes credit card debt, medical bill debt, and personal loans. This sounds exciting, as it certainly provides you with a fresh new start. Instead of paying your credit card bills, you can simply wipe out the remaining debt you have. You can obtain a new credit card after you receive your bankruptcy discharge, and rebuild your credit score by using the credit card and paying it off every month. 

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What is interest?

Posted by Ben Abraham on June 1

In my last post, we discussed whether paying back debts is a moral issue – now let’s turn that question to the issue of interest. It is believed that interest rates originated as early as 2400 BC and were primarily used to stimulate agricultural and urban development. Aristotle viewed money not as a good in itself, but primarily as a means of exchange, and so viewed “money begetting money” as unnatural. In a similar vein, Plato saw the potential for interest leading to social instability – perhaps like the municipal bankruptcies we discussed in the last post. 

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Can Second or Third Mortgages on Your House be Removed in a Chapter 13 Bankruptcy?

Posted by Danielle Lin on May 30

One of the benefits of a Chapter 13 bankruptcy is the ability to pay mortgage arrears, past due house payments, through a Chapter 13 payment plan. But, can second mortgages be removed in a Chapter 13 bankruptcy? Many people have multiple liens on their house, because they have taken out a second or a third mortgage. Often times, people take out a subsequent loan against a house that is already mortgaged, in order to pay for large expenses, such as buying a second house, or paying for a wedding.

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Can I File Multiple Bankruptcy Cases?

Posted by Wesley Scott on May 27

Bankruptcy provides tremendous relief to people who become unable to pay back their debts. After the debtor receives their bankruptcy discharge, their creditors are forever legally prevented from undertaking further debt collection efforts against the debtor, with certain limited exceptions (i.e. generally student loan debt, domestic support obligations, and most income tax debt remain collectable).  

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How Will Bankruptcy Affect My Credit Score?

Posted by Danielle Lin on May 26

One of the biggest concerns people often have when considering whether to file for bankruptcy, is the effect it will have on their credit score. The main effect bankruptcy initially has on your credit score immediately upon filing for bankruptcy, depends in large part on how high your credit score was prior to filing.

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401k Accounts and 401k Loans in Bankruptcy

Posted by Wesley Scott on May 25

The law is very generous for allowing people who file for bankruptcy (aka “debtors) to keep and protect their retirement accounts.  Absent unusual circumstances, retirement accounts, such as IRAs, 401k accounts, and pension plans are generally fully exempt in bankruptcy, meaning that they cannot be taken to pay creditors.  One of the most common types of retirement accounts that people have is a 401k account.

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Can I File bankruptcy on Medical Debt?

Posted by Amanda Scharber on May 24

Medical debt is dischargeable in bankruptcy, both in chapter 7 and chapter 13 cases.

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How Restrictive is a Chapter 13 Bankruptcy?

Posted by Wesley Scott on May 21

A chapter 13 bankruptcy repayment plan is not designed to be easy but it is almost always worth the effort. This is due to the fact that a person who files a chapter 13 bankruptcy case (aka the debtor) gets to keep all of their property, is protected from the direct collection efforts of their creditors (absent limited circumstances), and usually pays back only a fraction of their debt before receiving a discharge of any remaining debt at the end of the plan.  

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Where Can the Attorneys at LifeBack Law Firm File Your Bankruptcy Case?

Posted by Amanda Scharber on May 20

Here, at LifeBack Law Firm, we make filing bankruptcy as simple as we can. There are not countless worksheets to fill out, we do the drafting for you, and a licensed attorney will be working with you during the bankruptcy process. All the attorneys at LifeBack Law Firm are licensed to practice in Minnesota. Therefore, we can only file bankruptcy cases in Minnesota.

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How should you feel about filing bankruptcy?

Posted by Wesley Scott on May 19

People occasionally tell me they feel bad about not paying their debts when considering bankruptcy. Sometimes, people are even downright distraught and try to apologize for being irresponsible. First things first: you do not have to apologize for taking a problem seriously and considering your options. But it also got me asking myself: is it morally wrong to not pay your debts?

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Why Should You Hire An Attorney To File Your Bankruptcy?

Posted by Amanda Scharber on May 18

 I was at a hearing just the other day where someone filed their chapter 7 bankruptcy case pro se, meaning they did not have attorney representation. Although, it is perfectly legal to file a case for yourself, typically it is not a good idea to do so. This is because bankruptcy law is vast and nuanced.

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Bankruptcy Attorney Near Me in Maple Grove, MN

Posted by Wesley Scott on May 17

   I like to think of LifeBack Law Firm as an oasis away from the cruelty of the world we live in. Too many people use cruelty and insecurity to hurt other people. It is really sad. When you have a debt problem the last thing you want is for law firm staff to be rude, condescending, or just mean. Unfortunately, we hear all the stories along these lines from clients who first went to another law firm to file bankruptcy only to find out, the lawyer and staff are rude.

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How Long Does a Bankruptcy Case Take?

Posted by Amanda Scharber on May 16

 We file two different kinds of bankruptcy cases at LifeBack Law, both Chapter 7 and Chapter 13. How long each will take and a timeline of what happens in each differs. Below we will go through both.

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Life After Bankruptcy and the Promotion of Human Dignity

Posted by Wesley Scott on May 15

Recently, I spoke to a woman who told me she is a client of LifeBack Law Firm. She said she came to us after she spoke to another person and ended up doing some work for the firm herself. She said when she came into one of our office locations she knew she would be ok asking for help with bankruptcy. She knew she was in a safe, non-judgmental place. As a lawyer myself, I find these words from someone like her to be precious. No one feels good about having to file bankruptcy. But what people really don’t want is to work with someone who is unprofessional and judgmental.

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Judgments

Posted by Col Ovik on May 14

When a creditor has failed to obtain payments from the debtor, the creditor may sell the debt to a debt collector. If the debt collector or creditor is still unable to collect on the debt they may employ a law firm to pursue the debt through a lawsuit. The initial start of the lawsuit begins with notice to the debtor that they are being sued.  

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Minnesotans prefer to file bankruptcy with LifeBack Law Firm

Posted by Wesley Scott on May 13

Why do Minnesotans prefer to file Chapter 7 and Chapter 13 Bankruptcy with LifeBack Law Firm? Just read our hundreds and hundreds of Google reviews and you will see why. Minnesotans favor LifeBack Law because LifeBack Law excels at helping Minnesotans get their lives back while treating clients and co-workers with kindness, helpfulness, professionalism, and exceptional customer service.

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Who is the Trustee?

Posted by Amanda Scharber on May 12

The trustee is another attorney who is assigned to your case by the US Trustee to represent the bankruptcy estate. The trustee is the person who administers your estate and distributes any funds that come in during your case. They also make sure what you said in your bankruptcy case is truthful and correct and verify the information you provided. You will meet with the bankruptcy trustee at the 341 hearing, usually about 4 to 6 weeks after your case is filed.

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Never Hire a Bankruptcy Lawyer Who Hangs the Phone up on You

Posted by Wesley Scott on May 11

    Recently, I spoke to potential client who told me a story about a Minnesota bankruptcy lawyer who hung the phone up on him after the lawyer discovered the potential client wanted to retain LifeBack Law Firm instead of this other lawyer.

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Trustee Powers and Prepetition Transfers

Posted by Col Ovik on May 10

Pursuant to 11 U.S.C. § 548(a)(1)(B) the trustee can avoid certain transfers made within two years before the petition filing date.

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Gettting Your Life Back by Filing Chapter 7/13 Bankruptcy

Posted by Wesley Scott on May 9

Have you ever wondered what life could be like without overwhelming debt? It is possible to get your life back by filing Chapter 7 or 13 Bankruptcy. When you have unwanted debt, your finances are sick, you are not. Your finances need to take a shot of medicine and become healthy again. Money is not your life. Debt is not your life. And yet, debt can have tragic effects on the quality of your life.

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Bankruptcy Terms

Posted by Charles Nguyen on May 6

Previously, I wrote about different individuals you’ll come across in your bankruptcy.  Here, I want to discuss and provide common terms you’ll come across as well.

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How to File Chapter 7 Bankruptcy in Maple Grove, Minnesota

Posted by Wesley Scott on May 5

   If you find yourself knee deep in debt, you are not alone. Each, year, thousands and thousands of Minnesotans just like you and I end up with overwhelming debt and the need to file Chapter 7 Bankruptcy. Hitting the reset button on your financial life is not as hard as you think. Once you wrap your mind around the “b” word, the actual process of filing Chapter 7 Bankruptcy is no so difficult to tolerate.

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Calculating a Chapter 13 Payment Amount

Posted by Charles Nguyen on May 4

A chapter 13 is a reorganization bankruptcy where you establish a repayment plan that usually lasts 5 years.  Typically, the repayment plan is based on a budget that is created by looking at your net income and then your expenses.  

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LifeBack Law Firm: bankruptcy is all we do, since 1972

Posted by Wesley Scott on May 3

   LifeBack Law Firm has roots dating back to 1972. Since 1972, LifeBack Law Firm has been protecting Minnesotans from their creditors, and we can protect you too. Don’t you think a law firm that is 50 years old has spent an enormous amount of time perfecting the process of filing bankruptcy so it is as comforting and soothing to the guests as possible? You would be correct. LifeBack Law Firm has been perfecting the process of filing bankruptcy for Minnesotans just like you. Trust me, not all bankruptcy law firms are the same.

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The Individuals in Your Bankruptcy

Posted by Charles Nguyen on May 2

When you decide to file bankruptcy there are other individuals and terms that are used when describing the process and your case.  Here are a few different parties you’ll come across during your bankruptcy.

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This why Minnesotans choose LifeBack Law Firm for bankruptcy

Posted by Wesley Scott on May 1

  Recently, I came across a set of circumstances that left me baffled. LifeBack Law Firm chose to represent bankruptcy clients where the clients had an original attorney of record who refused to complete their representation in bankruptcy. LifeBack Law would never leave a client stranded and left to their own devices. And yet, this original attorney of record did exactly that. She left the clients dangling even the though she is and still is the client’s original attorney of record.

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What Is Bankruptcy?

Posted by Wesley Scott on April 29

The word “bankrupt” come from the Italian words, “banca rotta”, which means “broken bench”. In Italy, money dealers worked from benches or tables. If a dealer ran out of money, his bench was broken in half and he was out of business.  

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What is Chapter 7 Bankruptcy in Eagan, MN?

Posted by Wesley Scott on April 26

What is a Chapter 7 Bankruptcy anyway? Will I lose everything I own if I file bankruptcy? Will the bankruptcy law firms in my area treat me with the dignity I deserve? When you are suffering from debt, many things cross your mind. One of them is will I lose all my assets if I file Chapter 7 Bankruptcy? Chapter 7 Bankruptcy is referred to as a “fresh start” or “liquidation” bankruptcy where the focus is on the assets you own, wherever situated in the world, on the date you file bankruptcy.

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What Can and Cannot Happen In a Chapter 7 and Chapter 13 Bankruptcy

Posted by Charles Nguyen on April 23

Here is what CAN occur in a Chapter 7 Bankruptcy:

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The process of filing bankruptcy in St. Cloud, Minnesota

Posted by Wesley Scott on April 21

Like any problem, the first step is admitting, I have a debt problem. I am not sick, my finances are sick. Once you get that far, you are well on your way to getting your life back. In St. Cloud, MN, we are a bankruptcy law firm right near where you live. If you are looking for a Chapter 7 Bankruptcy lawyer near you or a Chapter 13 Bankruptcy lawyer near you, LifeBack Law in St. Cloud is right in your back yard. We are locating at 13 7th Avenue South, St. Cloud, MN 56301. We are located downtown St. Cloud on 7th avenue south; right across the street from Capitol One Bank and a few doors down from Jets Pizza.

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Your Options Before Filing Bankruptcy

Posted by Charles Nguyen on April 19

There are many options to try and resolve an abundance of debt.  Many of our clients seek these options before filing bankruptcy and that’s okay, since bankruptcy can be an intimidating process.  So, let’s breakdown your other options.

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Don’t hire any bankruptcy law firm where the bankruptcy attorney answers the phone

Posted by Wesley Scott on April 17

 I am not against any lawyer opening up a new law office or starting out from scratch. But, I am not a huge fan of having the lawyer start out on me, that’s all. There is something “unprofessional” about a bankruptcy lawyer answering his/her own phone with home noises in the background like dogs or cats or other household things. It just doesn’t feel professional at all. If I were the client, I would want a team of professionals helping me, not a lawyer answering his/her own phone.

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Debt Collection and Bankruptcy

Posted by Charles Nguyen on April 15

If you owe money to your credit card company, and if you stop paying them, they can sue you for the amount owed.  If that same credit card company obtains a judgment from a court, they can take that judgment and garnish your wages.

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Co-Debtors in Bankruptcy

Posted by Wesley Scott on April 13

It’s very common for people to be jointly liable for debt as co-signers. For example, students going to college often require their parents, or another adult, to be a co-signer in order to be approved for a student loan. People who do not have a great credit history may need someone to co-sign on other types of loans like home mortgages, car loans, or personal loans in order to be approved for financing. It’s also common for married couples to be jointly liable for other debts such as credit card and medical debt.

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Can I File bankruptcy on Medical Debt?

Posted by Amanda Scharber on April 11

Medical debt is dischargeable in bankruptcy, both in chapter 7 and chapter 13 cases.

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Avoiding Judicial Liens in a Chapter 13 Bankruptcy Case

Posted by Wesley Scott on April 9

 In a chapter 13 bankruptcy case, the debtor must pay all of their disposable income towards their debts in a three to five year repayment plan before their remaining debts are discharged. Disposable income is the income remaining after paying the debtor’s normal monthly expenses. This differs from a chapter 7 bankruptcy case, in which the debtor is not required to make payments towards their debts before receiving a discharge a few months after their case is filed.

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Can Gambling Debt be Included in Bankruptcy?

Posted by Amanda Scharber on April 7

Gambling debt can be included and discharged in your bankruptcy case.

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Unemployment Benefits and Related Claims in a Chapter 7 Bankruptcy Case

Posted by Wesley Scott on April 5

 Job loss is a common reason that people file for bankruptcy. In many cases, when an individual loses their job, they are entitled to certain benefits to help them while they seek new employment. While these types of unemployment benefits are generally “exempt,” meaning legally protected from creditors, there are some exceptions and nuances in the law. Debtors filing for bankruptcy in Minnesota may choose between Federal exemptions and State exemptions to exempt, and protect, their property.

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What Do I Provide to The Trustee in a Chapter 7?

Posted by Amanda Scharber on April 3

In a chapter 7 bankruptcy, typically, the only hearing you will attend is the 341 hearing. This happens about 4-6 weeks after your case is filed.

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CAN I PROTECT MY HOME IN A CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on April 1

When a person files for chapter 7 bankruptcy, they are asking the court to discharge, or completely wipe out, their debts without having to make any payments to their creditors. Usually, all their debts are discharged, except for certain types of debts (i.e. student loan debt, most tax debt, and debt owed as alimony or child support). In order to qualify for a chapter 7 bankruptcy discharge, the debtor must be unable to afford making payments to their creditors, as they would have to do in a chapter 13 repayment plan.

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What Happens if I Have Nonexempt Property in a Chapter 7 Bankruptcy?

Posted by Wesley Scott on March 30

Unlike a chapter 13 bankruptcy case in which the debtor makes payments to creditors in a three to five year payment plan before receiving a discharge, a chapter 7 requires no payments to any creditors, and involves a discharge a mere few months after the case is filed. However, while the debtor gets to keep all their property in a chapter 13 case, this is not always so in a chapter 7 case. In the majority of chapter 7 cases, the debtor gets to keep all their property due to the fact it is “exempt”, or legally protected from being taken to pay creditors. However, in some chapter 7 cases, the debtor has certain nonexempt property that they must either surrender to the trustee to be liquidated (sold with proceeds going to pay creditors) or, alternatively, must be paid for by the debtor for their right to keep the nonexempt property. Any money paid by the debtor to keep nonexempt property likewise goes to pay creditors.

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What Hearings Do I Attend in Bankruptcy?

Posted by Amanda Scharber on March 29

In most chapter 7 and chapter 13 cases, there is only one hearing you will need to attend.

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Cost of filing Chapter 7 Bankruptcy in Eagan, MN

Posted by Wesley Scott on March 26

Right now, there are hundreds of people in Eagan, Minnesota wondering how much it costs to file Chapter 7 Bankruptcy. Why do they wonder this? Because they are saddled with crippling debt and are looking to get their lives back.

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What Debts Aren’t Discharged in a Bankruptcy

Posted by Charles Nguyen on March 24

One of the most important parts of filing a bankruptcy is the ability to get rid, or discharge your debts.  

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Will I Lose My Tax Refunds In Chapter 13 Bankruptcy?

Posted by Wesley Scott on March 23

It is that time of year, again. Tax filing season is upon us. If you find yourself in a Chapter 13 Bankruptcy in Minnesota, you may be wondering if you are able to keep your tax refunds. The answer to this question is determined by what your specific plan calls for. If your Chapter 13 plan is silent as to tax refunds, presumably you are allowed to retain possession of 100% of your tax refunds. However, if your plan has specific provisions dealing with excess tax refunds, you must comply with them.

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Can I Add a Creditor After Filing?

Posted by Amanda Scharber on March 21

It is typically easiest if all of your creditors are listed in your case correctly when the case is first filed. But, that cannot always happen. Sometimes you are unsure that a debt went to collections, maybe it was sold, maybe the creditor is finally trying to collect after years of not doing anything with the debt, or maybe you even forgot it existed. You can add creditors after your case is filed, but there are a few exceptions.

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Is Certain Property Automatically Exempt in a Chapter 7 Bankruptcy?

Posted by Wesley Scott on March 18

When a person files for chapter 7 bankruptcy, they are allowed to claim certain property as “exempt,” or legally protected from creditors up to a certain value. Property that is exempt cannot be taken by the chapter 7 trustee to be used to pay the debtor’s creditors, whereas “nonexempt” property can be taken for that purpose. Minnesota allows debtors to elect either “State exemptions” or “Federal exemptions” to exempt, and protect, their property. The Federal exemptions are those specifically provided in the Federal Bankruptcy Code. State exemptions include any Minnesota State law, or applicable Federal law, not provided for in the Bankruptcy Code. Deciding whether to use State or Federal exemptions is complicated and better elaborated upon in other blogs. However, it is imperative that the debtor select the correct exemptions to use, as it often drastically impacts how much property they will be able to exempt. This is why it is also a good idea to discuss one’s potential bankruptcy case with an experienced bankruptcy attorney before filing one’s bankruptcy case.

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Chapter Bankruptcy 13 Plans

Posted by Col Ovik on March 16

When filing a personal bankruptcy, you have to choose the bankruptcy chapter that will work best for your situation. Your attorney can help advise you on selecting the appropriate chapter. Although, some debtors are not eligible for filing a chapter 7, and will have to select a chapter 13 filing, others will voluntarily select to file a chapter 13. There are several reasons a debtor may choose a chapter 13 filing over a chapter 7, but once you have decided a chapter 13 is the right choice for you-you will next consider the length of the commitment period.

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Looking For A Bankruptcy Lawyer Near Me In EAGAN, MN?

Posted by Wesley Scott on March 14

LifeBack Law is your neighbor! LifeBack Law is Eagan’s favorite bankruptcy law firm and we are located near you in Eagan, Minnesota at 4480 Erin Drive, Eagan, MN 55122. If you are looking for Minnesota’s HIGHEST GOOGLE reviewed bankruptcy law firm, look no further than LifeBack Law Firm right near where you live. When Eagan, MN residents are suffering from overwhelming debt, they want a law firm whose staff pampers them and takes care of them, not a law firm whose staff is self-centered and could care less about you.

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Do I Have to File a Joint Bankruptcy?

Posted by Amanda Scharber on March 11

If you are considering filing bankruptcy and wondering whether your spouse will have to file with you, the answer, which may surprise you, is no.

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Estate Planning Lawyers: Bankruptcy Issues/Pitfalls and How to Avoid Them

Posted by Wesley Scott on March 10

Are you an estate planning lawyer in Minnesota? I am not. I am the managing partner at LifeBack Law Firm, Minnesota’s largest bankruptcy law firm. And I am writing this article to highlight some issues we bankruptcy lawyers see often; including pitfalls and how to avoid them. When you meet with your estate planning clients, I suspect the subject of bankruptcy does not come up often. In other words, how is what you are doing with the client, in terms of estate planning, impacting a non-client heir who needs to file bankruptcy? 

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Looking For A Chapter 7 Bankruptcy Attorney Near Eden Prairie, MN?

Posted by Wesley Scott on March 10

Life is so humbling. Your best plans can go awry, quickly. I mean, who among us hopes when you get married, your marriage will be a failure? Who among us wishes for our business venture to turn into a disaster? Who among us hopes for an extended illness that costs tens of thousands of dollars and leaves us off work without pay? Nobody does this. We humans make elaborate plans and dream big dreams, and we should. However, life does not always play out the way you had planned it. I have accepted this broken road.

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What Does it Mean When a Creditor Gets a Judgment Against Me?

Posted by Wesley Scott on March 9

Receiving a Summons and Complaint from a creditor, or being threatened with a judgment can be scary, but what does it really mean for you financially? This is a question that a lot of potential clients have when we first meet. Please read on to find out more!

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Bankruptcy and Your Inheritance

Posted by Charles Nguyen on March 8

If you receive an inheritance before filing bankruptcy, whether it’s cash or physical property, then those items may become part of your bankruptcy.  

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Can Personal Income Tax Debt Be Discharged in a Bankruptcy?

Posted by Wesley Scott on March 7

One of the most common questions we field this time of year is whether personal income tax debt is dischargeable. So many people are under the impression that tax debt can never be discharged in a bankruptcy, but that is not always the case! As with many things in life, and bankruptcy, the answer is not a simple yes or no. Read more to find out if your tax debt might be discharged in a bankruptcy.

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Should I Use Retirement Funds to Pay My Debt?

Posted by Jesse Horoshak on March 4

If you have debt that is piling up and you have found yourself in a situation where you just simply cannot keep up with your monthly bills, but you also have been wise about saving for retirement, it can be awful tempting to see that retirement fund as a piggy bank that you can use now to pay off your debt and get back on track. DON’T DO IT! Read more to find out why!

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My Co-Debtor And My Unsecured Debt

Posted by Col Ovik on March 3

Before filing bankruptcy many debtors try other means of dealing with their debt. Occasionally debtors will take out additional debt in hopes of consolidating the debt. But for the creditors to provide additional credit to a potentially risky lender they may ask that the debtor obtain a co-signer on the debt. This co-signer will remain liable on the unsecured debt even after the debtor has received a discharge in the bankruptcy.

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Will I Lose My Tax Refunds If I File Chapter 7 Bankruptcy?

Posted by Wesley Scott on March 2

During tax season many of our clients and potential clients are asking that very question. Unfortunately, it is not always a black and white answer. Read more to find out if your refund would be protected.

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What Shouldn’t You Do Before Filing Bankruptcy?

Posted by Amanda Scharber on March 1

If you are planning on filing bankruptcy there are a few things you should try to avoid before your case is filed.

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Will Bankruptcy Stop a Garnishment?

Posted by Amanda Scharber on February 28

Bankruptcy filing stops creditor collection efforts from continuing. It will stop calls, letters, statements, judgments, garnishments, and more. The protection you receive from bankruptcy comes from the automatic stay. 

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Interesting Facts about Bankruptcy

Posted by Amanda Scharber on February 25

 Bankruptcy is a big topic, with many interesting facts. 

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Bankruptcy And Real Estate Transactions

Posted by Col Ovik on February 24

When you file bankruptcy you are required to list all of your assets on your petition. This includes any real estate you currently have an interest in. What a debtor should also consider is any previous real estate transactions they may have been involved in. This is especially true for recent real estate transactions. A trustee will likely inquire about any recent sales or purchases of real estate. If the property was sold, there will likely be questions about proceeds from the sale and how the funds were spent. 

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AFFORDABLE BANKRUPTCY LAWYER NEAR ME IN EDEN PRAIRIE, MN

Posted by Wesley Scott on February 24

     If you are looking for an affordable bankruptcy attorney near you in Eden Prairie, MN, look no further than LifeBack Law Firm. For what you get at LifeBack Law Firm, we are the cheapest bankruptcy attorneys in Minnesota. A lot of people will just want the price without asking what you get. If you want the cheapest bankruptcy attorney in Minnesota I can give you the phone number to who I believe is the cheapest bankruptcy attorney in Minnesota, but you won’t like my referral. For one, he files hardly no bankruptcy cases even though he touts being the cheapest bankruptcy attorney in Minnesota. The fact he boasts being the cheapest should tell you something about his practice and what you will get. I recall one person meeting with this lawyer in his “conference” room that had a picnic table in it. 

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How are Social Security Benefits Treated in Bankruptcy?

Posted by Wesley Scott on February 23

Many people depend on social security payments to be able to afford their basic needed living expenses. The Social Security Act of 1935, while originally intended to serve a financial safety net for those who needed temporary economic assistance, has become generally accepted as something that most seniors will depend upon after they retire.  This recognized dependence upon social security benefits by so many of our seniors is the reason why such benefits are given special protection under the law. 

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Home Sales And Bankruptcy

Posted by Col Ovik on February 22

If you have recently sold your home or are planning to sell your home prior to filing bankruptcy there are things to consider and discuss with your bankruptcy attorney regarding any remaining home proceeds from the sale. After the sale of the home, the proceeds should be kept separate from general income: wages, bonuses, pension income, and funds from the sale of other assets. The proceeds from the home sale maybe exemptible, if you qualify to use Minnesota exemptions and the sale of the home was within one year of the bankruptcy filing. (Your attorney can help you determine if you are eligible for Minnesota exemptions). It is important to note that home proceeds are not exemptible infinitely. If the home was sold over a year from the filing of the bankruptcy petition and proceeds remain from the home sale, these funds are not exemptible using the Minnesota homestead exemption. 

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Chapter 7 Bankruptcy Attorney Near Me In Eden Prairie, MN

Posted by Wesley Scott on February 21

    LifeBack Law Firm has been helping Eden Prairie, MN residents get their lives back since 1972, and we can help you too. LifeBack Law Firm is a Chapter 7 Bankruptcy attorney near me in Eden Prairie, MN. We have an office location right near you. We are located at 7525 Mitchell Road, Suite 208, Eden Prairie, MN 55344. When you are down and out and you are suffering from a debt problem, let the kind and helpful people at LifeBack Law Firm help you get rid of debt and help repair your credit using LifeBack Law Firm FREE 90-Day Credit Repair Program. 

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Tax Debt and a Chapter 13 Bankruptcy

Posted by Charles Nguyen on February 18

Typically, you can’t get rid of tax debt in a Chapter 7 bankruptcy.  But, if you can afford the payments, then a Chapter 13 bankruptcy is a great tool to help you with this type of debt.  This is because you’re allowed to pay your tax debt through a Chapter 13 repayment plan, which lasts 3 or 5 years.  Even if your tax debt is considerably large, filing a Chapter 13 may still make financial sense, since you’re not incurring interest and penalties during your bankruptcy.  Plus, you’re not paying back your credit credits, unsecured loans, and medical bills, and those debts will go away once you’re finished with your Chapter 13 plan! 

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Th Impact of Bankruptcy Upon Spouses When One Spouse Files for Bankruptcy and the Other Does Not

Posted by Wesley Scott on February 17

Spouses are allowed to jointly file a single bankruptcy case together. This is often advantageous to both spouses when they both have a significant amount of debt, as they do not have to incur the additional time and expense of filing separate cases. However, it is not uncommon for only one spouse to file for bankruptcy, while the other does not. But what is the impact of the bankruptcy upon the spouse who is filing for bankruptcy, and upon the spouse who decides not to file?

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Individual Retirement Accounts And Bankruptcy

Posted by Col Ovik on February 16

IRAs are exempt assets in bankruptcy proceedings, and are thus beyond the reach of the debtor’s creditors. The exemption in the Bankruptcy Code is based on the tax-exempt status of the IRA. 11 USC §522(d)(12) provides an exemption to “[r]etirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 408 of the Internal Revenue Code.”

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What is an “Avoidable Transfer” in a Chapter 7 Bankruptcy?

Posted by Wesley Scott on February 16

Both the Bankruptcy Code and Minnesota State law prohibit certain types of transfers of money or property made by the debtor prior to the filing of their bankruptcy case. These prohibited transfers are “avoidable” by the bankruptcy trustee. This means that the chapter 7 trustee can avoid, or undo, the transfer by demanding return of the transferred property from the person or entity to whom the transfer was made, and the trustee can even bring a lawsuit against that person to enforce their legal right to the return of the property.

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Religious and Charitable Donations in Bankruptcy

Posted by Wesley Scott on February 11

    Many people frequently make regular donations to charities and religious organizations. Our laws generally promote and encourage these types of donations due to the positive impact it has on our social institutions and other members of society.  For example, the IRS Tax Code allows for certain tax breaks for people and companies who make charitable donations. The Bankruptcy Code also specifically makes certain allowances for those who donate to religious organizations and charities. 

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What Questions Are Asked At Your 341 Meeting?

Posted by Charles Nguyen on February 10

Your 341 Meeting or the Meeting of Creditors is the opportunity for your Trustee and creditors to ask you questions about your petition and schedules, while under oath.  

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Can Utility Companies Discontinue Service After Filing Bankruptcy?

Posted by Wesley Scott on February 9

    From the very first day a debtor files their bankruptcy case, they receive protection from the “automatic stay,” which is a court order that prevents most creditors from taking any debt collection efforts against the debtor. This protection lasts through the debtor’s bankruptcy case, unless a creditor receives court permission to “lift the automatic stay” and pursue the debt. This is typically only allowed in special circumstances such as where the debtor is using, or possessing, valuable property used to secure a debt owed to the creditor for which the debtor is not fairly compensating the creditor, to the detriment of the creditor’s rights (i.e. driving a car around with a loan against it and not making payments).  

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What Exemptions Should I Use in Minnesota?

Posted by Amanda Scharber on February 8

There are two sets of exemptions you can use in Minnesota, state and federal exemptions. You can use whichever is the most beneficial to you. Below are a few examples of why you may pick one over the other.

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Interesting Facts about Bankruptcy Continued

Posted by Amanda Scharber on February 7

Bankruptcy has a wide variety of interesting facts. A few are listed below:  

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What Is The First Step To Filing Bankruptcy In Eden Prairie, MN?

Posted by Wesley Scott on February 4

    I constantly tell people who live in Eden Prairie, Minnesota, that the first step to filing bankruptcy is wrapping your head around the word, bankruptcy. Yes, there are better words in the English dictionary than the word, bankruptcy. But, once you actually wrap your head around the word bankruptcy and the thought of filing bankruptcy, do know the actual process of filing bankruptcy and getting your life back is easier.

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Can I Keep My Lease in Bankruptcy?

Posted by Amanda Scharber on February 3

If you are considering filing bankruptcy, you may be wondering whether you can keep your lease. 

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Can You Keep Debts Out Of Your Bankruptcy?

Posted by Charles Nguyen on February 2

A very common question I get when I speak to potential clients is – can I keep one credit card out of my bankruptcy?  In short, no.  This is due to the fact that you have to list all your debts.  This includes unsecured debt, so all your credit cards, and unsecured loans, your tax debt, domestic support obligations, such as child support, and all secured debt, including your home and cars. 

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LifeBack Law Firm: Minnesota’s most kind and helpful bankruptcy law firm

Posted by Wesley Scott on February 1

     At LifeBack Law Firm, we constantly honor the courage it takes for thousands of Minnesotans to reach out every year and ask for help with overwhelming debt. We honor that courage by having the most kind and helpful staff in Minnesota. Does this make a difference? You bet it does. If I am embarrassed about something I want a professional who is the most kind and helpful person ever. I mean it. I want my hand held the whole time.

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Your Credit Union and Bankruptcy

Posted by Charles Nguyen on January 31

You may think that your credit union is the same as a typical bank, and in many respects, it is; but, there are some differences. For example, your credit union is a nonprofit, whereas a bank like Huntington Bank, is for profit.

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Are you looking for a bankruptcy lawyer near St. Cloud, MN?

Posted by Wesley Scott on January 29

     If you find yourself living in or near St. Cloud, MN there is only one bankruptcy law firm I would recommend, and that is LifeBack Law Firm. LifeBack Law Firm is not like other law firms. At LifeBack Law Firm we hire, reward, and discipline our employees based on how well they treat co-workers and clients. Is this unique for a law firm? Trust me when I tell you that most law firm cultures are pure snake pits where the focus is on money and not people. At LifeBack Law Firm, we don’t grade our employees or attorneys on how much revenue they bring in but on how well they treat their co-workers and clients.

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How Do I Repair My Credit After I File For Bankruptcy?

Posted by Charles Nguyen on January 27

Two common questions I get when I speak to clients are – what happens to my credit and how do I repair it after I file my bankruptcy? Bad news first, your credit will suffer negatively when you file. Now the good news, filing bankruptcy is often the fastest way to repair credit and obtain better financing.

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Is There a Minimum Debt Requirement to File Bankruptcy?

Posted by Amanda Scharber on January 25

A common question I receive is whether there is a minimum debt requirement to file a bankruptcy? Good news! The answer, which may surprise you, is no.

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How Could My Employer Find Out About My Bankruptcy?

Posted by Amanda Scharber on January 23

You may be wondering whether your employer will find out about your bankruptcy filing. Below we explore possible ways your employer can be informed of your filing.

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What Information Is Included When I File for Bankruptcy?

Posted by Charles Nguyen on January 21

When you file for bankruptcy, you’re seeking relief from your debts, but you’re also declaring and disclosing all your assets, liabilities and income. You must submit your petition and complete 10 different schedules, a complete statement of financial affairs and calculate a means test. The purpose of the means test is to see whether or not you can file a chapter 7 bankruptcy.

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LifeBack Law Firm: A bankruptcy firm in Brainerd, MN near you

Posted by Wesley Scott on January 19

     Northern Minnesota is a summer and winter paradise. Movie stars and locals flock to Northern, Minnesota each summer to enjoy Northern, Minnesota’s pristine beauty. Lake, rivers, and forests become playgrounds for locals and out of towners alike.

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LifeBack Law Firm’s salute to Dr. Martin Luther King, Jr.

Posted by Wesley Scott on January 17

Can you even begin to imagine the courage Dr. King had? I cannot. I only wish I had a sliver of the courage Dr. King had to stand and speak the truth in the face of pure hate and division. Dr. King said any society that has hate and division is a sick society. How prophetic are Dr. King’s words today in the face of unspeakable hate and division? And yet, in the face of adversity, there are signs of brotherly love. We have witnessed forgiveness for unspeakable acts of hate and racism by the victims of racism and hate.

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Is a Debtor’s Right to Receive Child Support and Alimony Protected in a Bankruptcy?

Posted by Wesley Scott on January 14

Many people who file bankruptcy rely upon the support of regular child support or alimony payments to meet their basic needs, and many are owed large amounts of past due child support or alimony from the other parent. Bankruptcy law generally protects a debtor’s right to receive these domestic support benefits but this right is not absolute. When a debtor in Minnesota files bankruptcy, they may choose to use either “Federal exemptions” (those provided in the Federal Bankruptcy Code) or “State exemptions” (those provided for under the Minnesota Statutes and other applicable Federal law) to “exempt,” or legally protect their property from being taken to pay creditors. This is important because debtors in a chapter 7 bankruptcy case may have to surrender money or property that is not exempt to the trustee to pay their creditors. It is also important in a chapter 13 case, as the more property that is not exempt, the higher their monthly payment, because they are required to pay to their unsecured creditors, at minimum, the value of the nonexempt property.

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Are Future Tax Refunds Protected in Bankruptcy?

Posted by Wesley Scott on January 12

Many people are entitled receive tax refunds each year for overpayments to the IRS and Minnesota State Department of Revenue from taxes withheld from their paychecks. Sometimes, these refunds can be quite substantial. A debtor’s right to receive a future tax refund is considered property of the “bankruptcy estate.” In a chapter 7 bankruptcy case, property of the bankruptcy estate is all of the debtor’s money and property that is subject to being taken by the bankruptcy trustee to pay the debtor’s creditors. In many cases, most, if not all, the debtor’s money and property is “exempt,” or legally protected from being taken to pay their creditors.

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What Deadlines Are There in Bankruptcy?

Posted by Amanda Scharber on January 10

When you file bankruptcy your creditors will receive a notice of filing. This goes out to all of the creditors listed in your bankruptcy case. On this notice of filing there are certain deadlines listed that your creditors, the trustee, and you will need to abide by. The following are the deadlines listed on the notice of filing:

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Trusts in Bankruptcy

Posted by Wesley Scott on January 8

In a legal “Trust,” money, or other property, that is owned by a “Beneficiary,” is controlled by a “Trustee” (not to be confused with a bankruptcy trustee), whose responsibility it is to distribute the property to the Beneficiary in accordance with the terms of a written “Trust Agreement.” The person who creates the legal trust, via the Trust Agreement, is called the “Settlor,” and there can be multiple Settlors, Trustees, and Beneficiaries.

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NON-EXEMPT ASSETS AND MY CHAPTER 13 BANKRUPTCY

Posted by Col Ovik on January 6

A chapter 7 bankruptcy is a liquidation bankruptcy, consequently non-exempt assets in a chapter 7 bankruptcy are liquidate or debtor may be able to purchase their non-exempt assets back from the bankruptcy estate. In a chapter 7 bankruptcy, the debtor has a limited amount of time to purchase back their non-exempt assets or relinquish the assets to the bankruptcy estate. If a debtor is unable to purchase back their assets from the estate or is unwilling to give up their non-exempts the debtor may consider filing a chapter 13. (Your attorney will let you know which assets in your case are non-exempt).

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Will My Minor Children Be Involved in My Bankruptcy?

Posted by Amanda Scharber on January 4

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IS EVERY CREDITOR LEGITIMATE

Posted by Col Ovik on January 2

Occasionally debtors will find themselves in a situation where they are continuously being hounded by creditors. The debts have been sold and resold and many times debtors are not even sure who they owe funds to anymore. Unfortunately, this can make those debtors vulnerable to scams. If a debtor receives a call from an aggressive creditor demanding payment and the creditor is offering a substantial discount the debtor may be tempted to take the deal-even though the debtor does not know the exact source of the debt.

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Minnesotans struggling with debt can beat their debt problems in 2 steps

Posted by Wesley Scott on December 29

     If you live in Minnesota, and you are struggling with a debt problem, you can solve your debt problem for good in 2 steps:

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What is the Filing Process at Life Back Law?

Posted by Amanda Scharber on December 28

If you are considering filing bankruptcy, you likely are wondering what you will have to do in order to file. At Life Back Law we make the process easy for those considering filing bankruptcy.

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LifeBack Law Firm: Minnesota’s bankruptcy law firm since 1972

Posted by Wesley Scott on December 27

 LifeBack Law Firm is Minnesota’s bankruptcy law firm, since 1972. We have been protecting Minnesotans from their creditors since 1972 and we can protect you too. Our entire focus, from the time we come to work until the time we go home, is protecting Minnesotans just like you from their creditors. How successful are we at doing our job? Ask the people who left us over 1,400 Google reviews and they will tell you how they were treated and what getting their lives back meant to them. Each month, hundreds of Minnesotans just like you reach out to LifeBack Law Firm for help with a debt problem. We protect each and every one of these people who retain LifeBack Law from their creditors and we can protect you too.

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How to know for sure if you should file Chapter 7 Bankruptcy?

Posted by Wesley Scott on December 24

     How can a person tell for sure if they should file Chapter 7 Bankruptcy? A tall tale sign is if you are thinking about Chapter 7 Bankruptcy, a lot. In fact, if you are reading this blog now you might be need to file Chapter 7 Bankruptcy. Why do I say this? Well, many people try to avoid the “b” word, so if you start looking for the “b” word that means you are seriously looking at filing Chapter 7 Bankruptcy. What is a great resource to research Minnesota bankruptcy? Go to Minnesota’s largest bankruptcy law firm’s website at www.lifebacklaw.com. You will be impressed with three levels of information about Chapter 7 Bankruptcy.

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Helping the Victims of Scams: Why I love my job.

Posted by Wesley Scott on December 23


The prevalence of scams in our evermore connected world is undeniable.
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What Can I Spend Money on if I am Considering Filing for Bankruptcy?

Posted by Wesley Scott on December 22

Filing for bankruptcy is very often the best option for someone who is in a financial position where they are unable to afford to pay their ongoing bills and expenses in addition to their debts. When this happens, a person should try their best to continue paying their necessary ongoing expenses and bills, such as their mortgage payment, car payment, utility bills, and groceries. These needed expenses are more important than paying on old debts, especially if a person is planning on filing for bankruptcy and getting rid of those old debts anyways.

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Bankruptcy and Socrates: what do they have in common?

Posted by Wesley Scott on December 21

     Recently, I have been reading about and materials belonging to some of the ancient Greek philosophers. Socrates left behind no works or books. What we gleam from Socrates and who he was comes from students of Socrates like Plato and others. One of the comments Socrates is known to have said is, “When the argument is lost, slander becomes the tool of the loser.” I absolutely love this statement made by Socrates because it is 100% truth. How often have you been in a debate with someone only to have the other person resort to name calling or worse? Socrates was himself punched, kicked, had his hair pulled, and ultimately killed for searching for the truth. And yet today, in 2021, slander is alive in well from those who try and conceal bad faith arguments or bad acts.

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Would You Ever Hire A Bankruptcy Attorney Who Was Fired From Their Previous Job?

Posted by Wesley Scott on December 20

     Would you consider hiring a bankruptcy lawyer who was fired from their job filing bankruptcies? I would not. I would prefer my bankruptcy law not have been terminated from their former firm for any reason. If you were terminated from your job, I would naturally wonder why were you terminated from your previous job? I mean, do you struggle following boundaries, easy boundaries set by your former employer? How do I know you will follow simple boundaries with me as a client?

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Who or what is a bankruptcy trustee?

Posted by Charles Nguyen on December 16

There are a number of parties when you decide to file for bankruptcy.  There’s you, the debtor.  Your attorney, if you choose to hire one, who represents you.  There are your creditors, companies or individuals you owe money to.  And, there’s a trustee.  A trustee is an individual who reviews and investigates your bankruptcy petition and schedules.  They are supervised by the courts and the United States Trustee Program, which is a part of the Department of Justice.

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Wedding Rings and Engagement Rings in Bankruptcy

Posted by Wesley Scott on December 15

When a person files for bankruptcy, their property is considered either exempt, meaning protected from creditors under the law, or non-exempt, meaning not protected from creditors. In a chapter 7 bankruptcy case, the debtor is required to give any non-exempt property they have to the trustee to be used to pay creditors, or enter into an agreement with the trustee, wherein they agree to pay the trustee to keep the non-exempt property. In a chapter 13 case, in which the debtor makes payments towards their debts in a 3 to 5 repayment plan, the debtor gets to keep their nonexempt property but must pay to their unsecured creditors at least as much as the creditors would have received had the debtor hypothetically filed a chapter 7 case.

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Chapter 13 Bankruptcy: Negotiating your debts on a more even playing field.

Posted by Wesley Scott on December 14

Chapter 7, or “liquidation” bankruptcy is the most straightforward path to bankruptcy relief for most of the people I talk to who are seeking bankruptcy relief (called “debtors”).

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Renting In Bankruptcy

Posted by Wesley Scott on December 13

People file bankruptcy when they can no longer continue keeping up with paying their debts.  When faced with the decision of staying current on your rent or making payments upon your debts, it is always advisable to choose to make your rent payment rather than paying on the debts. Nobody wants to be evicted and most of your debts will be likely be wiped out by your bankruptcy discharge anyways (except for most types of tax debt, domestic support obligations, and student loan debt, etc.)

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Personal Injury Lawsuits In A Chapter 7 Bankruptcy

Posted by Wesley Scott on December 10

When a person files for chapter 7 bankruptcy, all of their existing rights to property, as of the date they file their case, is considered property of the “bankruptcy estate.”  This includes not only property that they actually own at the time of filing, but also, includes their right to receive property in the future.  An example of this would be money they have a right to receive as a consequence of a current or future lawsuit. If, at the time the bankruptcy case is filed, the debtor has an existing right to file a lawsuit for monetary damages, the debtor’s claim to the money is property of the bankruptcy estate, regardless of how far into the future the money is actually received (even if it’s years after the debtor files their case and gets their discharge).  

For example, if a debtor is injured in a car accident a month before filing bankruptcy due to the negligence of another driver, the debtor’s right to make a claim against the other driver to receive money damages from a future personal injury lawsuit is property of the bankruptcy estate. This is because their right to make a legal claim against the other driver exists at the time they filed their bankruptcy case and it does not matter whether they have even considered filing a lawsuit or haven taken any legal action to recover money for their injuries (i.e. consulted with, or hired, a personal injury lawyer).  

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Mortgage Arrears And A Chapter 13 Bankruptcy

Posted by Col Ovik on December 9

Getting behind on your mortgage payments is not uncommon, but when the amount of the arrears (the amount you owe from the missed payments) is substantial it can be hard to get caught back up with your mortgage payments. There are many reasons people get behind on their payments: temporary job loss, divorce, medical issues. And sometimes working with the mortgage company to make arrangements to repay the missed payments can be daunting and frustrating especially if the mortgage company has already started the foreclosure process.

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All My Assets

Posted by Col Ovik on December 8

When you file bankruptcy you are required to list all of your assets on your bankruptcy petition.  In fact, you will be required to testify under oath that you have listed all of your assets and any interest you may have in an asset.

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I Am Terrified Of Bankruptcy; Can You Help?

Posted by Wesley Scott on December 7

    Every single person I have ever met was a bit terrified of the “b” word. Some are more terrified than others. My heart hurts for those people who suffer far too long with a debt problem because they are terrified of the “b” word. Our former clients know how you feel. They all felt the same way you do now. But what they found is the “b” word was not only not terrifying, it became the key that unlocked their future and freed them from an incredible burden.

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Never Do This If You Are Thinking About Filing Bankruptcy In Minnesota

Posted by Wesley Scott on December 6

     What is the single biggest mistake I see people in Minnesota make when they are looking for bankruptcy representation? I see two common mistakes. First, too many people chose the first firm they talk with. Now if the first firm you talk with is LifeBack Law Firm, a quality Minnesota bankruptcy law firm, you have got something. But too often I hear the horror stories of people who select the first firm only to find out later that firm’s reviews are horrible. Just take a look at some of these law firms Google reviews and even Glassdoor reviews and you will see you may want to keep dialing the phone.

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Guns And Bankruptcy: Will I Lose All My Guns?

Posted by Wesley Scott on December 3

It is quite odd that in bankruptcy, there is no specific exemption to protect guns. Now this is a bit odd considering that there is a Second Amendment right to bear arms. However, just because something is a constitutional right does not necessarily mean it is exempt in bankruptcy and protected from your creditors. I am not telling you this is right, I am just telling you this is the reality of the Federal and Minnesota exemption schemes as it is right now

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Who Can File A Chapter 7 Bankruptcy

Posted by Col Ovik on December 2

Not everyone qualifies to file a chapter 7 bankruptcy. In order to curb perceived abuse, Congress modified the Bankruptcy Code. On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the "Act"). The Act was intended to address certain abuses of the bankruptcy process. Among the abuses identified by Congress was the easy access to chapter 7 liquidation proceedings by consumer debtors who, if required to file under chapter 13, could afford to pay some dividend to their unsecured creditors. 

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Will All My Debts Be Discharged In My Bankruptcy

Posted by Col Ovik on December 1

Not all debts are treated the same in bankruptcy. Unsecured debts are those debts that are not secured by collateral. Of course, secured debt remains secured to the collateral even in bankruptcy, but strictly speaking about unsecured debt-will it all be discharged in the bankruptcy?

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Live In Minnesota And Need To File Bankruptcy?

Posted by Wesley Scott on November 27

You are not alone. Each year, thousands of good Minnesotans find themselves suffering with overwhelming debt often through no fault of their own. Broken relationships, businesses that fail, medical problems that occur, incomes that drop, and yes, bad financial decisions that get made because we are human and not robots. But when you are suffering from debt, the last thing you ever want is to deal with a law firm full of cold and antiseptic people who simply don’t care about you at all and you can feel it. There is a better way.

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Are Tools Used For My Business Protected In Bankruptcy?

Posted by Wesley Scott on November 26

In bankruptcy, a debtor sometimes has property that is nonexempt, meaning not legally protected from being taken to satisfy debts owed to creditors.  In a chapter 7 bankruptcy case, this means the debtor must surrender the nonexempt property to the trustee, or pay the trustee to keep it, which the trustee then uses to pay towards the debtor’s debts. In a chapter 13 case, the debtor is permitted to keep the nonexempt property but must pay, at minimum, the value of the nonexempt property to their unsecured creditors in their repayment plan.  

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Chapter 13 Bankruptcy: The Basics

Posted by Wesley Scott on November 25

Chapter 13 Bankruptcy is a government sponsored debt consolidation plan with several favorable twists for debtors. 

First, the plan duration is typically 3-5 years and your payment is typically what you can afford to pay to a trustee after you have paid your other reasonable and necessary expenses. For example, if you have $500.00 a month in disposable income, then $500.00 a month is your payment. If your income is over the
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Minnesota Bankruptcy And LifeBack Law Firm

Posted by Wesley Scott on November 24

Minnesota Bankruptcy and LifeBack Law Firm are one in the same. You cannot think about bankruptcy in Minnesota without thinking about LifeBack Law Firm. When people have debt they want to be treated really well. No other law firm in Minnesota honors a Minnesotan’s courage to reach out for help in solving a debt problem like LifeBack Law Firm. 

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LifeBack Law Firm: Actions Are More Important Than Words

Posted by Wesley Scott on November 23

Recently, I have been thinking a lot about the idea of words vs. actions. If you listen to the world, it is a very noisy place. Words and conversations never seem to end. Yet, I am struck by what we say sometimes versus what we do. For example, at LifeBack Law, our values are kindness, helpfulness, professionalism, and exceptional customer service. Would it be kind or helpful to say, we would really like to help you get your life back and then say good day!? Of course not, words, to mean anything, must be followed by actions that are consistent with the words. It is not kind and helpful to say we will be kind and helpful and then hand you a pile of worksheets to fill out would it?

Recently, I have been thinking a lot about the idea of words vs. actions. If you listen to the world, it is a very noisy place. Words and conversations never seem to end. Yet, I am struck by what we say sometimes versus what we do. For example, at LifeBack Law, our values are kindness, helpfulness, professionalism, and exceptional customer service. Would it be kind or helpful to say, we would really like to help you get your life back and then say good day!? Of course not, words, to mean anything, must be followed by actions that are consistent with the words. It is not kind and helpful to say we will be kind and helpful and then hand you a pile of worksheets to fill out would it

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Secured Vs Unsecured Debts

Posted by Charles Nguyen on November 22

Within your bankruptcy schedules, there are two types of debt that the bankruptcy court require you to disclose – secured and unsecured.  Understanding what type of debt a bankruptcy debtor has will help them understand their bankruptcy better and with their finances once they’ve completed their bankruptcy. 

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Bankruptcy And Divorce

Posted by Col Ovik on November 21

A bankruptcy and a divorce are both intensive processes that require a lot of financial disclosures. When trying to determine which process to start first an individual needs to consider their own unique situation. 

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Most Popular Bankruptcy Law Firm In Minnesota By Far: Lifeback Law Firm

Posted by Wesley Scott on November 20

Our name says what we do for our guests; we help you get your life back. People who are suffering with debt problems just want their life back again. Struggling with debt suppresses life in many ways. Debt occupies your mind and steals your time (life) away from what you should be really focused on: living! 

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Looking To Hire A Bankruptcy Lawyer? Watch Out For This

Posted by Wesley Scott on November 19

 

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Chapter 7 Bankruptcy: The Basics

Posted by Wesley Scott on November 18

Chapter 7 Bankruptcy can be a scary set of words put together. What is a Chapter 7 Bankruptcy and how does it benefit those people who file one? 

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We Don't Judge You, We Help You Get Your Life Back™! | LifeBack Law

Posted by Wesley Scott on November 17

You might be familiar with this slogan: it belongs to Minnesota bankruptcy law firm, LifeBack Law. This slogan is not just a slogan, it is our promise to our clients. We don’t, judge you, we HELP you get your life back! We have been protecting Minnesotans from their creditors since 1972 and we can protect you too. If you are looking for the best law firm customer service experience in Minnesota, well, you found it. At LifeBack Law, all lawyers and staff must treat co-workers and clients with kindness, helpfulness, professionalism, and exceptional customer service.

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Protecting Your Wages in Bankruptcy in Minnesota | LifeBack Law Firm

Posted by Tim Tonga on November 17

A common concern for many people considering filing for bankruptcy is whether they will be able to protect their wages after they file. The Federal Bankruptcy Code is very generous about allowing debtors to keep the money that they earn from work to provide for their basic needed monthly bills and expenses.

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Get Your Life Back in Bankruptcy With Two Simple Steps | LifeBack Law

Posted by Wesley Scott on November 17

That is right; LifeBack Law’s sole mission is to HELP you get your life back. We do this in two simple steps: Step 1, we HELP you eliminate debt. No worksheets to fill out and zero money up front on our fees (requires the use of a third party promissory note signer).

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A Simple Act | Col Orvik for Minnesota LifeBack Law Firm

Posted by Col Ovik on November 15

Yesterday, after I work, I exited the building and started my walk home, like I do every day. But, as I was leaving, I saw a young lady in distress sitting in the corner of the parking ramp. I did not immediately approach her. Part of me was thinking: do not get involved or she was being dramatic or was it even safe for me to approach her.

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Don't Pay Back Your Relatives Before Bankruptcy! | LifeBack Law Firm

Posted by Charles Nguyen on November 14

You’ve decided to file bankruptcy to get rid of your outstanding debt. But, you owe your parents money and don’t want to include them in your bankruptcy. So, you decide to pay them back and then file. While your intentions are good, you’ve made a common mistake of making an insider preferential payment.

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Thinking of Filing Bankruptcy in Duluth, MN? | LifeBack Law Firm

Posted by Wesley Scott on November 13

You live in Duluth, MN or maybe on the outskirts of the city of Duluth and you are drowning in debt. Suffering with a debt problem is not fun. At LifeBack Law Firm we understand the stress debt can cause and we know the courage it takes to reach out for help.

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Protecting Minnesotans from Their Creditors Since 1972 | LifeBack Law

Posted by Wesley Scott on November 12

LifeBack Law Firm has been protecting Minnesotans from their creditors since 1972, and we can protect you. LifeBack Law Firm is a Minnesota based bankruptcy law firm that caters to Minnesotans suffering from overwhelming debt. Chapter 7 and Chapter 13 Bankruptcy is not just what we do, it’s all we do.

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Can Bankruptcy Help Get Rid of Liens on My Property? | LifeBack Law

Posted by Tim Tonga on November 11

A lien is defined by the Federal Bankruptcy Code as a “charge against or interest in property to secure payment of a debt or performance of an obligation” owed by a debtor to a creditor. Generally speaking, a bankruptcy case discharges, or wipes out, debt owed to creditors but does not eliminate a creditor’s lien held against the debtor’s property.

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How Can Cross Collateralization Affect My Bankruptcy in MN? | LifeBack

Posted by Col Ovik on November 10

Banking and financing with one institution is convenient, but there could be unforeseen issues with letting one institution handle all your financing needs. Banking with one institution does seem to be stress-free. You can easily pay all of your loans online and transfer funds easily, and in theory, you are often dealing with the same individuals time after time. But, what you may not have realized is if you have secured loans and unsecured loans with the same institution, the lender may have collateralized your new loans to the same collateral.

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Gambling and Bankruptcy in Minnesota and Beyond | LifeBack Law Firm

Posted by Charles Nguyen on November 9

Gambling is an addiction brought on by a combination of psychological, societal, and familial factors. The repercussions of gambling affects you, your family, your job and other important parts of your life. Serious gamblers take out personal loans, use their retirement accounts, savings, and even borrow against their home or car loan.

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What Is a Summons and Complaint in Minnesota? | LifeBack Law Firm

Posted by Charles Nguyen on November 8

If you have been unable to pay your debt back for some time, your creditors may seek legal action against you to collect that debt. Usually, when you miss a payment, your creditors will they start with phone calls, then letters, or e-mails, and they get more aggressive.

After some time, they will start a lawsuit and you will know by receiving a summons and complaint. If you receive a summons and complaint, do not ignore it like a phone call or regular letter!

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What Happens to My Co-signor When I File Bankruptcy? | LifeBack Law

Posted by Amanda Scharber on November 7

When you receive your bankruptcy discharge, your liability on the debt is discharged, but your co-signors isn’t. What will happen to them after you file and whether their credit will be impacted by your filing are common questions.

If the co-signor is someone not filing a joint Chapter 7, Chapter 13, or other bankruptcy with you, like a spouse, they should not be impacted by your filing as long as payments on the debt stay current. This includes their credit, if payments stay current after filing, there shouldn’t be a drop in your co-signors credit, even though you filed for bankruptcy.

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How Long Will My Chapter 13 Bankruptcy Case Last in MN? | LifeBack Law

Posted by Tim Tonga on November 6

Chapter 7 bankruptcy cases typically last three to four months and do not require that the debtor make any payments to their creditors. On the other hand, chapter 13 cases last three to five years and do require that the debtor make monthly payments to their creditors before receiving a discharge of their remaining debt once their case is finished.

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LifeBack Law Protects Minnesotans from Their Creditors | LifeBack Law

Posted by Wesley Scott on November 5

Hi, Wes Scott from LifeBack Law Firm, one of the busiest bankruptcy law firms in Minnesota. LifeBack Law has been protecting Minnesotans from their creditors since 1972 and we can protect you too. The most kind, helpful, professional and exceptional customer service in the industry. Get your life back by calling today, you will be so glad you did.

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Your Car in a Minnesota Chapter 7 Bankruptcy | LifeBack Law Firm

Posted by Charles Nguyen on November 4

With the possible exception of your home, your car is usually your most important asset. You need it to get to work, buy groceries, take your child to their doctor appointment, etc. When you file a chapter 7 bankruptcy, you may be able to keep your car, but that depends are a number of factors.

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Love, Marriage, and Bankruptcy: Who Should File in MN?

Posted by Wesley Scott on November 3

As I wind down from the high from my own recent marriage, I am reminded of a common issue that comes up when I talk to married people: Who of a married couple should file for bankruptcy?

My answer is usually the same: Both if possible and if they both need bankruptcy relief.

Married couples can either file a joint bankruptcy or individual bankruptcies.

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Why Am I Asked About Receiving Inheritance During Bankruptcy in MN?

Posted by Col Ovik on November 2

During your bankruptcy you will be asked about the likelihood that you may inherit any property or money. Your attorney will likely ask you this question and the trustee will also let you know if you do inherit any funds during the bankruptcy you need to let the trustee’s office know. Why? Because the bankruptcy estate will have an interest in the inherited property.

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What Are Residency Requirements for Filing a Bankruptcy Case in Minnesota?

Posted by Tim Tonga on November 1

In order for a person to file their bankruptcy case in the State of Minnesota they must either be a current resident of this State, have their principal place of business or principal assets here, or be “domiciled” in the State. Practically speaking, this means that they need to be a resident living, or doing business, in Minnesota in order to file their case here.

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Chapter 13 Bankruptcy and Setoffs in Minnesota | LifeBack Law Firm

Posted by Col Ovik on October 29

When a creditor is owed a debt by the bankruptcy filer and the bankruptcy filer is owed a debt from the creditor and consequently creating a mutual obligation, the creditor can setoff the mutual debt. This means, instead of the creditor paying their debt to the bankruptcy filer the creditor can setoff (subtract) that amount from the amount owed to them by the bankruptcy filer.

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When Will My Chapter 7 Bankruptcy Case Be Finalized in Minnesota?

Posted by Tim Tonga on October 28

In a chapter 13 bankruptcy case, the case is typically closed shortly after the debtor completes their repayment plan and receives a discharge of their debts or shortly after their case is dismissed by the court if they are unable to successfully complete their plan.

Alternatively, in a chapter 7 case, the bankruptcy discharge normally automatically occurs 60 days from the date of the creditor’s meeting (a.k.a. the “341 meeting”).

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Never Hire a MN Bankruptcy Lawyer That Takes a Lien to Pay Their Fees

Posted by Wesley Scott on October 28

When you hire a bankruptcy attorney, they are supposed to protect your interests and assets not take a lien against your assets to see that the lawyer gets paid their fees. I witnessed this happen recently and it is shocking a lawyer would do this. It is a very unseemly practice that prioritizes lawyers being paid over clients getting relief.

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The True Impact on Your Credit After Bankruptcy in MN | LifeBack Law

Posted by Wesley Scott on October 26

What is the true impact on your credit after filing bankruptcy? Filing bankruptcy is nearly always a net positive for your credit profile and credit score. How can this be? Pretend I am a banker and you come to me wanting a loan.

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Bankruptcy Filings Will Soon Hit Record Levels in Minnesota | LifeBack

Posted by Wesley Scott on October 25

Soon, bankruptcy filings will hit record levels in Minnesota. I know it does not look like that can be the case right now, but it will be and sooner than you think. How can I be so confident of that? Easy, Google global debt and you will get part of the picture. But that is only part of the picture. Global debt levels never went away even after the last recession, which started in 2007/2008. We are at a crossroads in our economy that has fundamentally transformed itself without anyone noticing much.

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Beginning a Bankruptcy in Minnesota Can Be at Your Speed | LifeBack

Posted by Col Ovik on October 24

I have recently started running, actually, I have recently started running again. Running is one of those activities that I do not enjoy. But I make a point to do it because I work in an office and spend most of my day sitting.

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Homeowners Associations and Automatic Stay Violations in MN | LifeBack

Posted by Col Ovik on October 23

Issues with your homeowners association can be stressful. Homeowners associations have the power to place a lien on your property or foreclose. When you get behind in your association fees you are putting your property at risk.

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How Does Bankruptcy Affect Eviction in Minnesota? | LifeBack Law Firm

Posted by Charles Nguyen on October 22

Since mid-2020, an eviction moratorium has been in place to assist renters due to the ongoing Covid-19 pandemic. This has been a great lifesaver for renters, but the moratorium won’t last forever and your obligation to pay rent will continue when the moratorium ends.

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The BEST Minneapolis Bankruptcy Law Firm: LifeBack Law Firm | LifeBack

Posted by Wesley Scott on October 21

If you are suffering from debt, the last thing you want is to work with a group of “professionals” that are not very professional and who treat their clients like widgets on an assembly line. You don’t want to work with a law firm that would really ask their client to put up their clothing to secure the bankruptcy attorney’s fees. This is really happening.

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Minnesota Lawyers Refer Their Bankruptcy Clients to LifeBack Law Firm

Posted by Wesley Scott on October 20

Law firms are largely specialized these days. Many are what we call “boutiques” that cater to clients in one specific area of the law. For example, there are many personal injury law firm boutiques. Many law firms specialize in family law, criminal defense, or even more specific than that, one area of criminal defense like DWI law.

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What Rights Do My Creditors Have in Bankruptcy in MN?

Posted by Tim Tonga on October 19

A person who files for bankruptcy (a.k.a. the “debtor”) is protected from creditors by the “automatic stay” which begins on the day they file their petition with the bankruptcy court.

The automatic stay is a court order that prohibits creditors from collecting on debts owed by the debtor, with very limited exceptions (i.e. creditors to whom the debtor owes alimony or child support are not stopped by the automatic stay).

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The Minnesota Automatic Stay: Both a Shield and a Sword | LifeBack Law

Posted by Jake Peden on October 18

One of the most critical components of bankruptcy law is the “automatic stay,” which is written into law at 11 U.S.C. § 362, and applicable to all bankruptcy cases under Title 11. It is considered “automatic” because it immediately takes effect upon filing of a bankruptcy petition (unless you have filed multiple frequent cases).

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The 3 Best Minneapolis Bankruptcy Law Firms | LifeBack Law Firm

Posted by Wesley Scott on October 15

When you are looking for the best bankruptcy law firms in Minneapolis, you cannot go wrong with choosing any of these three Minneapolis bankruptcy law firms.

They will vary in prices and service offerings, but you will get experienced chapter 7 and chapter 13 bankruptcy counsel from any of them.

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How Much Money Do My Creditors Receive in Bankruptcy? | LifeBack Law

Posted by Tim Tonga on October 14

The purpose of bankruptcy is to provide financial relief to debtors who can no longer afford to continue paying their debts. This doesn’t necessarily mean that creditors will get nothing simply because the debtor files for bankruptcy.

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Why Do I Have to Disclose Asset Transfers During Bankruptcy in MN?

Posted by Col Ovik on October 13

When filing for bankruptcy you will have to disclose any transfers of assets you may have had in the last 2 years prior to filing. Assets include cash assets as well as other assets: vehicles, real estate, furniture, or retirement accounts. And you may be asked about assets transferred in the last six years, if the transfer involved a friend or family member.

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What Does It Mean to Reaffirm Your Loan After Bankruptcy? | LifeBack

Posted by Charles Nguyen on October 12

A common question I hear when clients decide to move forward in a bankruptcy is – will I lose my home or will I lose my car? A lot of the time the answer is, no. If there’s a secured loan attached to your property and I’m able to apply the applicable law to protect the equity, then you won’t lose it. Of course, some secured creditors want you to sign a reaffirmation agreement.

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When Should You Wait to File Bankruptcy in Minnesota? | LifeBank Law

Posted by Charles Nguyen on October 11

Bankruptcy is a last option for many people. Before making a decision to file, most people will struggle with their rent or mortgage and other bills. Due to ongoing stress, mistakes will occur, such as paying a credit card bill instead of an electric bill or paying the monthly balance on a personal loan instead of their home owner’s association fee.

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Minnesotans Refer Their Friends and Family to LifeBack Law Firm for Bankruptcy

Posted by Wesley Scott on October 9

Why do Minnesotans refer their friends and family to LifeBack Law Firm, P.A. for bankruptcy? There are many reasons but the biggest reason is they used LifeBack Law to get their lives back and they really felt good about how they were treated.

After all, LifeBack Law is Minnesota’s highest Google reviewed bankruptcy law firm. If you care for your friends and family, refer them to LifeBack Law and we promise to use soft gloves and treat them exceptionally well.

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Staying Positive During Your Bankruptcy in Minnesota | LifeBack Law

Posted by Col Ovik on October 8

Recently, I started watching a new television series call Ted Lasso and I was quite wonderfully surprised. This is a show about positivity, kindness, and thoughtfulness. Even faced with the ugliest of characters, Ted Lasso continues his crusade of positivity.

This is a message we should all embrace. Many times I find myself passively watching some television show and the characters are awful to one another or some reality tv show that displays people at their absolute worst. At best, maybe I get a laugh from it, and at the worst, I walk away with a dampened outlook on human kind.

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Clothes as Collateral: Beware of How You Pay for Your Bankruptcy

Posted by Wesley Scott on October 7

As incredible as this may sound, there is a bankruptcy law firm that will actually ask you to put up your clothing as collateral for the attorney fees in a bankruptcy case.

LifeBack Law will never ask any of it’s’ clients to put up the clothing on their back as collateral for our fees. At LifeBack Law Firm, we accept payment in one of three ways for a Chapter 7 Bankruptcy.

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What Happens After You File Bankruptcy in Minnesota? | LifeBack Law

Posted by Charles Nguyen on October 7

Filing a chapter 7 or chapter 13 bankruptcy can be a scary process, but in the right hands of a proper attorney, it doesn’t have to be. Let’s say you file and now you want to know what happens after you’ve filed.

First, the automatic stay is applied when your case is filed. This stay prevents your creditors from pursuing any further collection activity, including lawsuits or garnishments.

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Bankruptcy in Minnesota: You Are Not Sick, Your Finances Are Sick

Posted by Wesley Scott on October 4

I constantly remind Minnesotans, your finances are sick, you are not. If you need a metaphor to think about this, here is one; actors and actresses many times need to be told, you are not the same person as the actor or actress.

You are two different people. So when people criticize the actor/actress, they are not criticizing you, they are criticizing someone else. Same thing with debt. You are not your debt. You are you and your finances are separate and if your finances are sick we need to give medicine to your finances (bankruptcy) not you.

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Will My Retirement Account Be Protected in a Bankruptcy in MN?

Posted by Tim Tonga on October 3

A common concern for many people filing for Chapter 7 or Chapter 13 bankruptcy is whether their retirement account will be protected. Bankruptcy law is very generous about protecting debtors’ retirement accounts such as IRAs, 401ks, and pensions. The vast majority of these retirement plans are “exempt,” or fully protected, under law.

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5 Tips to Remember for Your 341 Meetings During COVID-19 in MN

Posted by Jake Peden on October 1

Once your bankruptcy case is filed, it is required that you give testimony at what is called a “341 Meeting.” It is called 341 meeting, because it is required by law at 11 U.S.C. § 341.

The 341 meeting is intended to be a time where any interested parties may appear and ask you questions about your bankruptcy petition and intentions. The meeting is ran by a Trustee, and while creditors are all given notice of the hearing time, it is VERY rare that they show up at the 341 meeting.

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The Dangers of Repaying Family and Friends Before Filing Bankruptcy

Posted by Col Ovik on September 30

It is tempting to repay friends and family members, after all, these are the people that were there for you when you were in a bind. So naturally, when you find yourself in a position to finally repay a friend or family member that is exactly what you are going to do. While this seems like the right thing to do, during a bankruptcy, it can lead to a lot of complications.

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Can Minnesota Bankruptcy Stop Wage Garnishment and Get My Money Back?

Posted by Tim Tonga on September 29

A creditor who sues a person and gets a court judgement against them can collect the money that the person owes the creditor through a garnishment of the person’s wages. To do so, the creditor can serve a summons on the person’s employer directing them to withhold their wages to be paid to the creditor.

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What Are My Obligations During My Bankruptcy Case in Minnesota?

Posted by Amanda Scharber on September 28

During your Minnesota bankruptcy case there are going to be moving parts. There will be at least one hearing you have to attend (typically only one), your date for discharge, and other details of which you should be aware.

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Can Bankruptcy Stop Eviction in Minnesota?

Posted by Charles Nguyen on September 27

Since mid-2020, an eviction moratorium has been in place to assist renters due to the ongoing Covid-19 pandemic. This has been a great lifesaver for renters, but the moratorium won’t last forever and your obligation to pay rent will continue when the moratorium ends.

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How Does Filing a Bankruptcy in Minnesota Protect Me?

Posted by Jesse Horoshak on September 26

Have you heard the phrase “bankruptcy protection” and wondered how a bankruptcy could protect you? Most potential bankruptcy clients usually have a sense of what filing a bankruptcy means, but are often unsure of how the process actually works. One common question that potential clients have is "How does filing a bankruptcy protect me?"

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Forgiven Debt and Tax Liabilities in Minnesota

Posted by Col Ovik on September 25

Under the Internal Revenue Code, the general rule is that the discharge of a debt is a form of gross income. The forgiveness of a debt does sound nice, but it does come with some consequences. For example, if a creditor forgives a debt of $20,000, you would have an additional $20,000 for taxable income. At a conservative tax rate of 15% you would owe an additional $3,000 in federal income taxes for that year.

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My Home in Bankruptcy - The Minnesota Homestead Exemption

Posted by Col Ovik on September 24

Schedules A/B of the bankruptcy petition requires the debtor to list and describe all real estate that the debtor has an interest in. This includes: life estates, remainderman interests, interests in mineral rights, and partial interests in real estate.

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How Are Civil Lawsuits and Bankruptcy Connected in Minnesota?

Posted by Charles Nguyen on September 23

Imagine having job security, being able to pay your bills, and life being just fine. Then, you lose your job and you can’t keep up with your bills and all of the sudden you’re sued for not paying your credit card or a creditor bringing you to court for breaching your contract to them. This happens all the time.

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What Financial Transactions Are Permitted After Filing for Bankruptcy?

Posted by Tim Tonga on September 22

A common concern for people considering filing for bankruptcy is whether they will be restricted from buying or selling property, or taking out more debt, during their bankruptcy case. Whether these types of transactions are permitted partially depends on whether they file a chapter 13 or chapter 7 bankruptcy case.

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Can I Get Rid of My Vehicle and Vehicle Loan in Bankruptcy?

Posted by Amanda Scharber on September 22

Say you have a vehicle, that for whatever reason, you do not want to keep anymore. Maybe it needs significant repair, maybe you can’t afford it anymore, or maybe you just do not want it. Whatever the reason, you may be wondering whether you can get rid of the vehicle and its loan in bankruptcy? The answer is yes.

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Will I Be Discriminated Against for Filing Bankruptcy in Minnesota?

Posted by Tim Tonga on September 21

A common concern for people who are filing for chapter 7 and chapter 13 bankruptcy is whether others will find out about their bankruptcy, and if so, whether they will get discriminated against for filing. One concern people often have is whether friends or family members will discover that they filed for bankruptcy.

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What Is a Chapter 13 Cram Down in Minnesota?

Posted by Charles Nguyen on September 20

As you may know, a chapter 13 bankruptcy is a reorganization bankruptcy where you establish a repayment plan that usually lasts 5 years. Typically, the repayment plan is based on a budget that is created by looking at your net income and then your expenses.  One of the many benefits of a chapter 13 bankruptcy is the availability to lower or “cram down” a debt from the current loan balance to the value of that debt.

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The Minnesota Homestead Exception: Chapter 7 v. Chapter 13

Posted by Col Ovik on September 19

As a general matter, homestead exemptions are to be liberally construed in favor of the exemption. All presumptions are to be made in favor of preservation and retention of the homestead. This is good news for a bankruptcy filer who wishes to protect/exempt their homestead when filing bankruptcy.

The effect of claiming an exemption is to technically exclude property from the bankruptcy estate.

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Does the Value of My Home Matter in Minnesota Bankruptcy?

Posted by Jake Peden on September 18

When I meet with clients who own their home, protecting their loved ones and their family home are the number one concerns. As far as protecting your home in bankruptcy goes, Minnesota is one of the best states in the country as far as protecting your equity. Currently, you can have up to $450,000.00 worth of home equity and not lose any of it in filing for bankruptcy relief.

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I Received a Motion to Dismiss My Chapter 13 in Minnesota, Now What?

Posted by Amanda Scharber on September 17

A Motion to Dismiss your chapter 13 case is generally brought by the chapter 13 trustee. This motion is usually brought by the trustee to dismiss your case, because of failure to follow some sort of provision in your plan or the bankruptcy code.

Commonly, Motions to Dismiss are brought for the following reasons, failure to make your plan payments, failure to turn over tax refunds or other property of the bankruptcy estate, and failure to provide your tax returns.

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Should You Wait to File Bankruptcy in Minnesota?

Posted by Charles Nguyen on September 16

Bankruptcy is a last option for many people. Before making a decision to file, most people will struggle with their rent or mortgage and other bills. Due to ongoing stress, mistakes will occur, such as paying a credit card bill instead of an electric bill or paying the monthly balance on a personal loan instead of their home owner’s association fee. They may even skip one or two mortgage payments to pay an unsecured debt.

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Can Bankruptcy Help Me With My Medical Debt?

Posted by Tim Tonga on September 15

There are lots of reasons that people file for bankruptcy. One very common reason is because they have lots of medical debt. Medical services can be very expensive, particularly for those who have no or little insurance. Medical debt is considered general unsecured debt, just like credit cards and personal loans that are not secured by any collateral. This type of debt can be completely wiped out by a bankruptcy discharge.

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How Does a Chapter 13 Bankruptcy Really Work Minnesota?

Posted by Wesley Scott on September 14

You are sitting at home, at your kitchen table, and you are working your way through a pile of bills that need to be paid. Some of these bills are past due. When you whip out the calculator and add all of the credit card debt, medical bills, and unsecured lines of credit, you get a total of $75,000.00 with monthly payments that total $3,250.00 to service just the minimum payments on all of the debts.

Is chapter 13 bankruptcy in Minnesota something you should start considering?

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Living With Positivity, Despite Adversity

Posted by Col Ovik on September 13

Recently, I started watching a new television series call Ted Lasso and I was quite wonderfully surprised. This is a show about positivity, kindness, and thoughtfulness. Even faced with the ugliest of characters, Ted Lasso continues his crusade of positivity. This is a message we should all embrace.

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Can Bankruptcy Get Rid of Debt Owed to the Government?

Posted by Tim Tonga on September 12

Whether a bankruptcy can wipe out debt owed to the government is one question that many people have when considering filing for a chapter 7 or chapter 13 bankruptcy. Whether a bankruptcy discharge will eliminate this type of debt depends on the specific nature of the debt owed to the government. One common form of government debt is tax debt. Tax debt is generally not dischargeable in bankruptcy.

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Is There Confidential Information Listed in My Minnesota Bankruptcy?

Posted by Amanda Scharber on September 11

Bankruptcy filings like Chapter 7 and Chapter 13 are technically public record. The full case and associated documents are filed with the court. The case and associated filings are then accessible on the United States Bankruptcy Court’s website.

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Should You Ever Give a Bankruptcy Attorney a Lien on Your Own Clothing?

Posted by Wesley Scott on September 10

Unfortunately, in the bankruptcy world, there are some very unseemly practices. There are some companies who disguise themselves as law firms only to be referral agencies in reality. They take your phone call and have non-lawyers sign you up, and then refer you back to a Minnesota bankruptcy attorney. If you want crappy service, you should definitely do this.

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How Does Wage Garnishment Work in Minnesota?

Posted by Charles Nguyen on September 9

A garnishment is when someone, usually a creditor or someone you owe money to, goes into your bank account or paycheck to obtain money that you owe.

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Can Bankruptcy Help Me With My Tax Debt in Minnesota?

Posted by Tim Tonga on September 8

Tax debt is a major reason that people file for bankruptcy. Despite the fact that the State and Federal taxing authorities (i.e. the IRS and MN Department of Revenue) are often willing to offer payment plans to assist people with this type of debt, owing a large amount of taxes can create both a financial and emotional burden. This is especially true when one has other expenses, debts and bills with which to contend.

Bankruptcy can often provide a great deal of assistance for those dealing with lots of tax debt.

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Per Capita Benefits and Other Benefits to Native American Band Members in Bankruptcy

Posted by Jake Peden on September 7

On July 8, 2021, the United States Bankruptcy Court for the District of Minnesota issued a ruling upholding the rights for bankruptcy debtors who receive benefits under the Federal Indian Gaming Regulatory Act of 1988, 25 U.S.C. §§ 2701, et seq. (“IGRA”).

The 18 page opinion ends with a clear admonishment: “even outside of the Pokagon Band’s sovereign authority to create and define property rights, the per capita payments are not property of the estate in policy, logic, or equity.”

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Can You Imagine a Bankruptcy Lawyer Taking Your Clothes as Collateral for Fees?

Posted by Wesley Scott on September 6

We cannot either. Recently, we heard of one Minnesota law firm that seems so hard up for money they actually take their clients clothing, along with furnishings and appliances, as collateral for their fees. We cannot imagine anything more distasteful than this. Bankruptcy lawyers are supposed to protect their clients assets not expose them to creditors, and especially themselves. Instead, the lawyer seizes an opportunity to take their clients property as collateral? Ridiculous. At LifeBack Law Firm we would never engage in this kind of chicanery to get paid.

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What Is My Right to Amend My Bankruptcy Schedules in Minnesota?

Posted by Jake Peden on September 5

A fundamental part of the bankruptcy process, is that the person(s) filing for bankruptcy relief must file schedules, statements and related documents, which are true, complete, and correct to the best of their knowledge, information and belief.

When disclosing the bankruptcy filer’s assets, it is important that all interests in property or assets (even if contingent) are disclosed. However, it is inevitable that from time to time, things may be overlooked or forgotten about.

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What Are Forgiven Debts and Taxes in Minnesota? | LifeBack Law Firm

Posted by Col Ovik on September 5

Under the Internal Revenue Code, the general rule is that the discharge of a debt is a form of gross income. The forgiveness of a debt does sound nice, but it does come with some consequences.

For example, if a creditor forgives a debt of $20,000, you would have an additional $20,000 for taxable income. At a conservative tax rate of 15% you would owe an additional $3,000 in federal income taxes for that year.

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Watch Out for Good Deeds When Helping a Friend in Bankruptcy

Posted by Col Ovik on September 4

Everyone knows the old adage, no good deed goes unpunished, and this is also true in bankruptcy. So, while it may be noble to help out a friend or family member, it can also complicate your bankruptcy. Expensive gifts, gifted while you are insolvent can be a point of contention in your bankruptcy, but what about other good deeds: lending money, co-signing on loans, or taking out loans for someone else?

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Are You Over Withholding on Your Paychecks in MN?

Posted by Jesse Horoshak on September 3

If you are one of the millions of Americans that are unable to meet their monthly debt obligations, but are having trouble figuring out why, it may be because you are withholding too much from your paychecks for income tax.

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Additional 2021 Child Tax Credit and Bankruptcy in MN

Posted by Charles Nguyen on September 2

On March 11, 2021, the American Rescue Plan Act was signed into law. Part of this law expended the existing child tax credit for tax year 2021.

Instead of applying up to $2,000 per qualified child, the amount was increased to $3,600 for a child under the age of 6 and $3,000 for a child aged 6 – 17. In addition, a household would receive half of either $3,600 or $3,600 in direct monthly payments between the months of July and December 2021.

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What is the “Automatic Stay” and How Will a Bankruptcy Protect Me From Creditors?

Posted by Tim Tonga on September 1

Whether you file for a chapter 7 or chapter 13 bankruptcy, you will be protected from most collection efforts from most types of creditors. This protection begins on the very day you file your case until the day your case is closed, which typically occurs shortly after the court enters the Order discharging your debts. This court protection from creditors is known as the “automatic stay” and is provided by Section 362 of the Federal Bankruptcy Code.

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Understanding Minnesota Law to Protect Your Property – Part VIII

Posted by Charles Nguyen on August 24

In this discussion, I am going to focus on Minn. Stat. § 550.37, subd. 12 and 12a, referencing how bankruptcy can affect manufactured homes and vehicles in Minnesota.

I am going to skip over subdivision 11, which covers “beneficiary associations” because this law was found unconstitutional. See the court decision, In re Tveten, 402 N.W.2d 551 (Minn. 1987).

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What Happens During a Bankruptcy Case in Minnesota?

Posted by Amanda Scharber on August 23

During your bankruptcy case there are going to be moving parts. There will be at least one hearing you have to attend (typically only one), your date for discharge, and more.

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Tax Consequences of Debt Settlement in Minnesota

Posted by Jesse Horoshak on August 20

Are you considering foregoing a bankruptcy filing in favor of attempting to settle your debt? Whether you're attempting to settle debt directly with your creditors or with some third-party debt relief agency, it is important to first consider the potential tax consequences that will arise from pursuing debt settlement.

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Repayment of Loans Before Filing Bankruptcy in Minnesota

Posted by Col Ovik on August 19

It is tempting to repay friends and family members while before filing a bankruptcy. After all, these are the people that were there for you when you were in a bind. So naturally, when you find yourself in a position to finally repay a friend or family member that is exactly what you are going to do.

Unfortunately, repayments of loans to family members and close friends are considered preferential payments.

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Can I Change My Mind to Get Out of Bankruptcy Just Filed in Minnesota?

Posted by Tim Tonga on August 18

The court can dismiss your case, upon request of the bankruptcy trustee, for good cause, including things like unreasonable delay by the debtor, failure by the debtor to timely file documents, failure by the debtor to pay fees, and failure to make payments in a chapter 13 plan.

Dismissal is typically granted when the debtor does not fulfil their obligations under the Bankruptcy Code to the harm of creditors. However, is it possible for the debtor to voluntarily dismiss their case on their own?

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Does the Bankruptcy Court Know How Much Stuff I Have and Its Worth?

Posted by Jake Peden on August 13

A common question I get from Minnesotans who are suffering from debt and considering filing for bankruptcy relief is: “how does the court know how much stuff I have and what it is worth?” The answer is very simple. We tell them.

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How Does Filing Chapter 7 Bankruptcy Affect Filing Taxes in Minnesota?

Posted by Jesse Horoshak on August 12

If you have filed a bankruptcy, or are considering filing a bankruptcy, you may find yourself wondering if there is anything different you would need to do when filing your tax returns following a bankruptcy filing. In most cases, the answer is no, but in some cases, there may be an extra form that you might need to file.

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How Do I Qualify to File a Chapter 7 Bankruptcy in Minnesota?

Posted by Tim Tonga on August 10

Individual people can file either a Chapter 7 or Chapter 13 bankruptcy in order to get relief from their personal debt. Chapter 7 bankruptcies are typically the more attractive option to potential bankruptcy filers for a couple of reasons. First, people in a Chapter 7 bankruptcy are not required to make any payments towards their debt like they do in a Chapter 13. Second, a Chapter 7 typically lasts only a few months, unlike a Chapter 13, which lasts 3 to 5 years.

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Does the Value of My Home Matter in Minnesota Bankruptcy?

Posted by Jake Peden on August 9

When I meet with clients who own their home, protecting their loved ones and their family home are the number one concerns. As far as protecting your home in bankruptcy goes, Minnesota is one of the best states in the country as far as protecting your equity. Currently, you can have up to $450,000.00 worth of home equity and not lose any of it in filing for bankruptcy relief.

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Should I File Chapter 7 or Chapter 13 Bankruptcy in Minnesota?

Posted by Charles Nguyen on August 5

Individuals looking for a fresh start seek a bankruptcy to get rid of their overwhelming debt. They may be able to file under a chapter 7 or chapter 13, or they may be eligible for just a chapter 13.

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Can Bankruptcy Help Me With My Medical Debt in Minnesota?

Posted by Tim Tonga on August 4

There are lots of reasons that people file for bankruptcy. One very common reason is because they have lots of medical debt. Medical services can be very expensive, particularly for those who have no or little insurance. Medical debt is considered general unsecured debt, just like credit cards and personal loans that are not secured by any collateral. This type of debt can be completely wiped out by a bankruptcy discharge.

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Are You Over Withholding on Your Paychecks in Minnesota?

Posted by Jesse Horoshak on August 3

If you are one of the millions of Americans that are unable to meet their monthly debt obligations, but are having trouble figuring out why, it may be because you are withholding too much from your paychecks for income tax. Although it may not be the only reason, one simple change to your withholding, could put more money in your pocket each pay period.

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Can I File a Bankruptcy in Maple Grove MN If I Only Recently Moved Here?

Posted by Jesse Horoshak on June 30

People move from state to state for several different reasons—taking a new job opportunity, attending school, following a loved one, or getting a fresh start are just a few—and when they move, they might leave behind family, friends, or belongings, but one thing that does not stay behind is their debt. Because this is true, it is very common for people who have just moved to a new place to inquire about their ability to file a bankruptcy to get a fresh start.

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Will I Have to Go to Court After I File for Bankruptcy in Minnesota?

Posted by Tim Tonga on June 30

The prospect of having to file for bankruptcy can be daunting and intimidating, especially for someone who has never filed for bankruptcy, or maybe, has never even been in court before.

Most bankruptcy cases are very routine and are relatively simplistic in terms of the process. Often, the most challenging part of the process is preparing the initial petition and accompanying court paperwork to be filed with the court. For this reason, it is always advisable to consult with an experienced bankruptcy attorney before filing for bankruptcy.

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What Chapter 13 Payments Will I Owe in Minnesota?

Posted by Col Ovik on June 28

When filing a Chapter 13 bankruptcy the number one question by potential clients is: what will be my monthly payment? There are many factors that are considered when determining a chapter 13 payment:

  • income,
  • necessary expenses,
  • non-exempt assets,
  • repayments to creditors in the 90 days prior to filing,
  • and repayments to friends and family members.
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What are the Timing Requirements for Filing Bankruptcy After a Prior Filing in Minnesota?

Posted by Amanda Scharber on June 26

When you have filed and received a discharge in a prior chapter 7 or chapter 13, timing matters if you want to receive a discharge in a new case.

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What Are Non-Exempt Assets in Bankruptcy in Minnesota?

Posted by Amanda Scharber on June 25

In bankruptcy there are certain exemptions you can choose from. These exemptions are what protect your assets from liquidation and asset seizure.

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Can I File Bankruptcy on Only One Creditor in Minnesota?

Posted by Col Ovik on June 24

Occasionally clients will tell me that they would only like to file bankruptcy on one or just a few of their creditors. While this is not entirely possible, there are some similar options.

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Chapter 13 Bankruptcy Plan Payments in Minnesota

Posted by Jesse Horoshak on June 23

Commonly, our Chapter 13 Bankruptcy clients are concerned about what their payments will be and for how long will they have to make them. Although we understand that it is frustrating that we cannot immediately provide a nice, short answer, the truth is that plan payments and the length of the plan vary from bankruptcy to bankruptcy, and it is a process to get to the proposed amount.

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Minnesota's Largest Bankruptcy Law Firm Has a New Name

Posted by Wesley Scott on June 22

We wanted to create a name that was congruent with who we are. We wanted to create a name that answered what do we do and have it more relevant to our marketing ethos in Minnesota. So we kicked back and brain stormed different names. We were going from Kain & Scott, P.A. to what name would fit us the best? After muddling our way through close to 500 names, we chose LifeBack Law Firm, P.A.!

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What Does Bankruptcy Do to My Credit in Minnesota?

Posted by Wesley Scott on June 21

A lot of people who suffer with debt want to know how does bankruptcy affect my credit? There are all kinds of misconceptions about bankruptcy in the marketplace. I have had some people tell me they didn’t think they could get any credit after they filed a bankruptcy.

This is not true at all. Over the many decades, LifeBack Law Firm has helped literally tens of thousands of Minnesotans get their lives back and most of them go on to obtain credit. Most go on to purchase homes and vehicles and all sorts of other items.

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How Chapter 7 Can Protect You From Your Creditors

Posted by Margaret Henehan on June 18

Chapter 7 bankruptcy, also commonly referred to as the “fresh start” bankruptcy, is one of the most commonly filed bankruptcies in Minnesota for several good reasons. Not only immediately after you file a Chapter 7 are you protected from any creditors, but creditors are not allowed to repossess or foreclose on any property while you are in a Chapter 7.

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Why Am I Asked About Receiving Any Inheritance During Bankruptcy?

Posted by Col Ovik on June 17

During your bankruptcy you will be asked about the likelihood that you may inherit any property or money. Your attorney will likely ask you this question and the trustee will also let you know if you do inherit any funds during the bankruptcy you need to let the trustee’s office know. Why? Because the bankruptcy estate will have an interest in the inherited property.

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How to Manage Your Finances When Planning on Filing for Bankruptcy

Posted by Tim Tonga on June 16

People file for bankruptcy when their debt becomes too much to handle and they need financial relief. A common concern people have is how they should be spending their money and what debts they should be paying when they are contemplating filing for bankruptcy in the near future.

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What Is a Chapter 13 Plan Modification in MN and Do I Need One?

Posted by Amanda Scharber on June 15

During the three to five years of a chapter 13 bankruptcy your life will likely change. Whether it is because of finances, relationships, property, or your health. That is why chapter 13 bankruptcy plans can ebb and flow with you.

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Limiting the Impact of the Bankruptcy on the Non-Filing Spouse in MN

Posted by Col Ovik on June 14

Bankruptcy provides an avenue for an individual to address their debt. It can provide a lot of relief. But, not everyone needs to or should file bankruptcy. What happens when only one of the partners in a marriage needs to file bankruptcy? The first question that needs to be addressed is, does the other spouse have any debt where it would make sense for them to file as well.

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What Is Chapter 7 Bankruptcy and How It Works in Minnesota

Posted by Wesley Scott on May 17

Bankruptcy is a serious legal tool that shouldn't be entered into lightly. Fortunately, it can, in specific situations, help you move forward toward greater financial freedom.

Chapter 7 is a specific chapter in the federal bankruptcy laws that represents what is known as straight or liquidation bankruptcy and that can wipe your financial slate clean.

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What Is Chapter 13 Bankruptcy And How It Works In Minnesota

Posted by Wesley Scott on May 10

If you’re currently facing financial issues, it can color everything you do and can make your financial future seem bleak at best. If your financial situation seems insurmountable, help may be available in the form of a Chapter 13 bankruptcy. While bankruptcy is obviously not the answer for everyone in every financially dire situation and is a fairly drastic move, it can – in certain situations – give you the kind of financial reboot you need to move forward with renewed confidence and purpose.

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What is Bankruptcy? A Minnesota Bankruptcy Lawyer Explains...

Posted by Wesley Scott on May 7

Bankruptcy is a legal process that offers individuals and companies facing overwhelming debt with the opportunity of a fresh start. The bankruptcy process can eliminate debt and halt the efforts of your creditors. In the long run, it can also improve you credit score and ability to obtain a loan.

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What Happens when you File Bankruptcy in Minnesota?

Posted by Wesley Scott on May 3

Filing for bankruptcy in Minnesota could be the first step on your path to a financial fresh start. However, the exact steps along that path will depend on a few factors including the type of bankruptcy proceeding you have selected.

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What Happens to My Bankruptcy Co-Signer When I File in Minnesota?

Posted by Wesley Scott on April 21

When you receive your bankruptcy discharge, your liability on the debt is discharged, but your co-signors isn’t. What will happen to them after you file and whether their credit will be impacted by your filing are common questions.

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What's the Process for Handling Unprotected Property in Chapter 7 Bankruptcy?

Posted by Tim Tonga on April 19

In most chapter 7 cases, the debtor does not have to give up any property because all the property they have is exempt, and therefore, protected, under law. However, in certain cases, some debtors may have property that is not protected.

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How Does Chapter 7 Bankruptcy Really Work in Minnesota?

Posted by Wesley Scott on April 15

A lot of Americans want to know, how does a Chapter 7 Bankruptcy really work? This article dissects a Chapter 7 Bankruptcy from the moment it becomes a thought in your head to when you actually get your life back after bankruptcy.

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What If I Inherit Money After Filing Bankruptcy in MN?

Posted by Kelsey Quarberg on April 11

Unfortunately, we have seen clients inherit money from the passing of a relative after filing bankruptcy in Minnesota. The impacts of the inheritance on your bankruptcy depend on which chapter of bankruptcy you are in and how much you inherit.

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How Does Wage Garnishment Work in Minnesota?

Posted by Jesse Horoshak on April 10

Wage Garnishment is one of the most pressing concerns for a great deal of our potential clients. They want to know if creditors can garnish their wages, and if so, when it can happen and how much can they take.

Unfortunately, the answer to the first question is yes, under Minnesota state law, the creditors have the right to levy on any available non-exempt property, and that includes a portion of your wages.

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What You Need to Know About Credit Unions and Filing MN Bankruptcy

Posted by Margaret Henehan on April 9

Credit Unions operate differently than banks in many aspects, and there are a few big differences in how credit unions operate within the bankruptcy world.

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Bankruptcy Planning for Non-Exempt Assets in MN

Posted by Col Ovik on April 8

When you find yourself on the brink of filing bankruptcy, you can do some bankruptcy planning, and you should. When filing a chapter 7 bankruptcy, it is important to remember this is a liquidation bankruptcy, so non-exempt assets and funds will be liquidated to pay your creditors. There are times when bankruptcy filers find themselves with more non-exempt assets than originally expected, and rather than have the assets liquidated in the bankruptcy, they decide to spend, sell or use the asset.

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How Can Disposable Income Impact My MN Bankruptcy Case?

Posted by Amanda Scharber on April 7

You may have heard the words disposable income come up when you have researched bankruptcy. Disposable income is what is left after you take your income and minus all reasonable and necessary expenses. In terms of bankruptcy, what does it actually mean and can it impact you?

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Will I Have to Go to Court After I File Bankruptcy in MN?

Posted by Tim Tonga on April 6

The prospect of having to file for bankruptcy can be daunting and intimidating, especially for someone who has never filed for bankruptcy, or maybe, has never even been in court before. Most bankruptcy cases are very routine and are relatively simplistic in terms of the process. Those filing standard bankruptcy will not have to go to court in the traditional sense or like a criminal prosecution with a jury. Instead, those filing attend a creditor's meeting at a courthouse, or during COVID-19, remotely.

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Timing Matters When You File Bankruptcy in MN

Posted by Jake Peden on April 5

For most people, considering “when” you should file bankruptcy can be as important as the decision of “if” you should file for bankruptcy.

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The Flexibility in a MN Bankruptcy Chapter 13 Payment Plan

Posted by William Kain on April 3

I posted recently about the composition of a chapter 13 payment. A number of factors – not simply a budget calculation – go into determining the final payment amount. And that recent post only covered some of the considerations. Here are some more things to keep in mind in determining what a monthly chapter 13 payment will be.

In some cases, the amount that has to be paid over the lifetime of a plan – attorney fees, trustee fees, auto loan payments, mortgage arrears, tax arrears, etc. – works out to a higher monthly payment that a debtor can afford right now. Does that mean that a chapter 13 simply won’t work in this situation? Not necessarily.

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What Happens If I Cannot Make My Bankruptcy Chapter 13 Payments in MN?

Posted by Jake Peden on April 2

A debt reorganization bankruptcy, also known as chapter 13 bankruptcy, allows people in debt to restructure their finances and dedicate their future “disposable income” towards repaying past debts. In bankruptcy payment plans, the debtor(s) has the ability to restructure their debts, prioritize what is important, and make a single monthly payment which then gets divided up to prescribed parties by a bankruptcy trustee.

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Kain & Scott IS Minnesota's Bankruptcy Law Firm

Posted by Wesley Scott on April 1

Kain & Scott has been protecting Minnesotans from their creditors since 1972. We have ironed out the process for filing bankruptcy in Minnesota to make it the smoothest possible for our guests. At Kain & Scott, we have no worksheets to fill out and our staff HELP you all the way. We don’t sign our guests up and say good luck to them. No, at Kain & Scott, from the very moment you reach out to us, we hold your hand through the whole process.

We know it took courage for you to reach out to us for help. We honor that courage by delivering the most kind, helpful, professional, and exceptional customer service of any bankruptcy law firm in Minnesota. How do we know this to be true? Kain & Scott is Minnesota’s HIGHEST Google reviewed bankruptcy law firm in Minnesota.

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What If I Get Married or Pregnant After Filing Chapter 13 Bankruptcy in MN?

Posted by Kelsey Quarberg on March 31

The good news about Chapter 13 bankruptcy is that your life does not need to remain at a standstill once we file your case. You are allowed to live! Get married! Get pregnant! Move! We can always adjust your Chapter 13 plan through what is called a motion to modify the plan.

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MN Bankruptcy and Credit Scores: What Is the Real Truth?

Posted by Jake Peden on March 30

“What effect will filing bankruptcy have on my credit score?” is probably the most common question I get during my first consultations with Minnesotans. My response starts with: “what is your current credit score now?”

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§ 341 Meetings in Minnesota: Then and Now

Posted by Jake Peden on March 29

11 U.S.C. § 341 provides: “Within a reasonable time after the order for relief in a case under this title, the United States trustee shall convene and preside at a meeting of creditors.” It further provides: “The court may not preside at, and may not attend, any meeting under this section including any final meeting of creditors.”

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Minnesotans Needing to File Bankruptcy Turn to Kain & Scott

Posted by Wesley Scott on March 28

At Kain & Scott, we promise you, “we don’t judge you, we HELP you get your life back!” To us, getting your life back means eliminating debt and repairing your credit using Kain & Scott’s FREE 90-Day Credit Repair Program. So debt gone + repairing your credit = life back.

How do we eliminate unwanted debt? Easy, we turn to either Chapter 7 or Chapter 13 Bankruptcy to help eliminate unwanted debt. Following your discharge, we send you through Kain & Scott’s FREE 90-Day Credit Repair Program, valued at up to $3,250.00.

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What Is the Minnesota Working Family Credit and Earned Income Credit?

Posted by Serena Seashore on March 27

The Minnesota Working Family credit is a refundable credit for working individuals whose income is below a certain level. This credit can reduce what you owe and could result in a refund. You must be a full year or part year Minnesota resident and not prohibited from claiming the IRS Earned Income Tax Credit. The credit amount depends on your income, filing status, and number of qualifying children.

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Filing Bankruptcy in MN? Know That You Are Not Alone

Posted by Wesley Scott on March 26

In today’s world, it can be easy to feel like you are alone. I actually think that “loneliness” is one of the biggest health challenges we face in the world today. Prior to the pandemic, we were already tail spinning our way into a world where we communicate virtually (think Facebook, Twitter, and a myriad of other ways). Once the pandemic hit, our tail spin has become a complete vertical drop into the virtual abyss. The farther away we get from human to human contact, the worse it becomes.

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Minnesota Chapter 13 Co-Debtor Stay and Taxes

Posted by William Kain on March 25

The co-debtor stay is a nice feature of chapter 13 bankruptcy. When an individual files a bankruptcy case, there is an automatic “stay” that is put in place by the Bankruptcy Court. The automatic stay prevents creditors from collecting against a bankruptcy debtor. In chapter 13 that stay can also, in many cases, extend to co-signers and joint account holders. As long as the chapter 13 case is pending, other people obligated on debts that are “in” a chapter 13 case can be protected by the same automatic stay.

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Taking That First Step Towards Filing MN Bankruptcy

Posted by William Kain on March 24

Financial problems can generate so much stress that it is difficult for a lot of people to collect financial information – embarrassment and anxiety can cause good people to shut down by not opening mail, answering phone calls or even checking bank balances because of the paralyzing fear that the news is going to be bad.

Still, if someone decides that filing a bankruptcy case is in their best interest, the lawyer representing the client has to prepare a bankruptcy petition and schedules that accurately reflect the client’s financial situation.

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What Happens to My Bank Account During Bankruptcy in Minnesota?

Posted by Tim Tonga on March 23

Both the Federal Bankruptcy Code and Minnesota State law contains a number of provisions that protect the funds in a debtor’s bank account, along with other property from being taken to pay creditors. Property protected, under law, from creditors is considered “exempt.” In a chapter 13 bankruptcy.

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Understanding Minnesota Law to Protect Your Property – Part 7

Posted by Charles Nguyen on March 22

In Minnesota, you are allowed to exempt or protect proceeds stemming from the death of your spouse or parent up to $50,000. You may protect or exempt $12,500 more for each dependent or child. If you have received funds from an unfortunate event such as this and are considering filing bankruptcy, consider letting Kain & Scott help you protect your property and funds.

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What Information and Documents Do I Need For My MN Bankruptcy Case?

Posted by Tim Tonga on March 21

Many people are naturally anxious about what kind of information and documents they will need to provide in their Minnesota or any bankruptcy case. Given the social stigma about filing for bankruptcy, people often feel ashamed when they decide to file bankruptcy (although they should not!) and are, understandably, worried about having to disclose sensitive information regarding their financial situation and the matters leading up to their case being filed.

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Who Comes Up With the Chapter 13 Payment Amount in Minnesota?

Posted by Margaret Henehan on March 20

A chapter 13 bankruptcy is similar to a debt consolidation plan. All of your unsecured debt will receive a percentage of what is owed. Normally that percentage is not 100%, or in other words, paying back the debt in full, but instead paying a small portion of it. A common question I hear is, who comes up with what amount is paid back, the creditors, the trustee, a judge?

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Understanding Minnesota Law to Protect Your Property - Part 6

Posted by Charles Nguyen on March 19

In my last installments about understanding Minnesota law to protect your property (Part 5), I discussed tools of the trade and farm machine. In those cases, I was able to find case law to help describe those laws as viewed by a court. Here, the case law is sparse, so I’m going to keep it brief, but still speak on the subject if when you are allowed to exempt property in Minnesota.

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If My Income Increases After the Pandemic, Will It Affect My Bankruptcy?

Posted by Serena Seashore on March 18

Everyone is in the same boat when it comes to the unknown of how this pandemic will continue to affect our lives. It can be safely assumed that a majority of people seek normalcy in their day-to-day lives, social aspects, and financial security. Although we are unable to predict the future, we can inform you of what to expect from your Minnesota bankruptcy when the pandemic subsides and hopefully, is eradicated.

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Your Minnesota Bankruptcy Chapter 13 Payment Plan

Posted by William Kain on March 17

Chapter 13 payment plans can solve a lot of financial problems: mortgage arrears can be cured, expensive car loans can be restructured, and assets that would have to be surrendered to a chapter 7 trustee can be retained. This is accomplished through a chapter 13 plan where a debtor pays a specified amount of money to the chapter 13 trustee over a defined period of time.

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How Does Filing a Bankruptcy Protect Me in Minnesota?

Posted by Jesse Horoshak on March 16

Have you heard the phrase “bankruptcy protection” and wondered how a bankruptcy could protect you? Most potential bankruptcy clients usually have a sense of what filing a bankruptcy means, but are often unsure of how the process actually works.

One common question that potential clients have is "How does filing a bankruptcy protect me?" The short answer is that through something called the Automatic Stay, most creditors are prevented from continuing the collection activity during bankruptcy, and many debts may even be dismissed.

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Do I Have to Complete Credit Counseling Before Filing Bankruptcy in MN?

Posted by Margaret Henehan on March 15

Everyone that files bankruptcy is required to take a court mandated credit counseling course prior to filing. This can be done either online or by telephone, and usually takes between 30-60 minutes to complete. At Kain and Scott, P.A., we would provide you the website or phone number to use, and the fee for such a course as part of our services.

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Understanding Minnesota Law to Protect Your Property - Part 5

Posted by Charles Nguyen on March 14

Under Minn. Stat. § 550.37, subd. 6, you are allowed to exempt property if your interest in that property consists of “tools, implements, machines, instruments, office furniture, stock in trade, and library reasonably necessary in the trade, business, or profession of the debtor…”.

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What To Do When You Owe Joint Tax Debt in MN With a Non-Filing Spouse or Ex

Posted by Col Ovik on March 13

If you file bankruptcy and your spouse does not file with you, your spouse will remain liable on any joint debt. In a chapter 13 bankruptcy filing, priority debts like tax debt must be paid in the plan or through the bankruptcy. This is great news if you want a payment plan for your tax debt. However, the co-debtor on the tax debt is not protected by the automatic stay in a chapter 13 bankruptcy from the taxing authority.

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Useful Tips for Your First Bankruptcy Appointment in MN

Posted by William Kain on March 12

It’s tough to pick up the phone and call our office to set up an appointment to speak with one of the attorneys at Kain & Scott about your financial troubles. Everyone at our office knows this, and we honor your courage in making that call. When you’ve made the phone call and set up the appointment – whether it’s in-person, over the phone, or using a video platform – we want to shift our focus to having that first meeting be productive for both you and us.

Here are some ways that our clients help us provide the best service we can.

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How Much Is Too Much Money in a Bank Account During Bankruptcy in MN?

Posted by Kelsey Quarberg on March 11

When you file Chapter 7 or Chapter 13 bankruptcy in MN, you must list and value all of your assets at the time of filing. After listing and valuing your assets with you, your experienced Kain & Scott bankruptcy attorney will help make sure as much of, if not all of, your assets are protected from your bankruptcy trustee.

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What Happens After the 341 Bankruptcy Meeting in MN?

Posted by Wesley Scott on March 10

As a refresher, the 341 meeting is a 5-10 minute meeting with the bankruptcy trustee. During the meeting the trustee will ask you questions to verify the information in your case. Typically these meetings take place a month after your case has been filed.

What happens after the 341 meeting will depend on what type of case you have and whether you file a chapter 13 bankruptcy, a chapter 7, or have a no asset case or an asset case.

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Can I Choose Which Debts to Include and Exclude in My MN Bankruptcy?

Posted by Kelsey Quarberg on March 9

The short answer to this question is simple: no, you cannot choose which debts are in your bankruptcy and you cannot leave any out. When you file bankruptcy, you must list all of your debts, including any secured debts, domestic support obligations, tax debts, and general unsecured debts. You are asked in both your filing paperwork, and while under oath at your 341 meeting, if you included all of your debts and you need the answer to be a simple: “yes.”

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What Tax Ramifications Are There When Filing Bankruptcy in MN?

Posted by Serena Seashore on March 8

The concept of discharge can prove to be a bit confusing to individuals not directly involved in the field of bankruptcy. Essentially, discharge means the debt is forgiven or canceled, and the creditor has either agreed to the debt being wiped out or the creditor is prohibited from pursuing future payment. Bankruptcy can only cancel debts that exist at the time the petition is filed.

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What to Expect at Your Bankruptcy 341 Meeting in Minnesota

Posted by Amanda Scharber on March 6

As a refresher, the 341 meeting or meeting of creditors, is a 5-to-10-minute hearing, where the bankruptcy trustee for your case asks you questions. Typically, these questions are yes or no response and are used to verify the information in your case.

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What Happens to My Retirement Accounts When I File Bankruptcy?

Posted by Margaret Henehan on March 5

When you file bankruptcy, there are certain assets the bankruptcy laws let you protect. The laws are designed so that you aren’t left destitute for filing bankruptcy. One of the assets we can protect are retirement accounts. The laws want to make sure you don’t have to lose money that you will need to rely on years down the road.

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What Your Co-Debtor Needs to Know When You File Bankruptcy in MN

Posted by Col Ovik on March 4

Filing bankruptcy is a court action, so it is public, but most people do not keep tabs on the current bankruptcy filings. However, if you have any shared or joint debt with your ex, the answer is unequivocally yes, they will be notified of the bankruptcy filing because they are a co-debtor.

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Can a Bankruptcy Trustee Take My Recovery Rebate Credit in Minnesota?

Posted by Margaret Henehan on March 3

When you do your taxes this year, your 2020 tax returns, you may encounter the Recovery Rebate Credit. The Recovery Rebate Credit is a protected asset in every bankruptcy case, chapter 7 or chapter 13. If you are owed this credit, this is not money that the trustee could ever get their hands on.

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Searching for a Chapter 7 Bankruptcy Lawyer Near Edina, MN?

Posted by Wesley Scott on March 2

Not far down the road from Edina, there is a Kain & Scott fully staffed bankruptcy law office 40 hours per week just inside Eden Prairie, Minnesota. In fact, Kain & Scott has the most full time staffed offices in Minnesota than any other Minnesota bankruptcy law firm, all focused on helping you through your bankruptcy in Edina, MN.

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Should I Be Paying Down Secured Debts Before Bankruptcy in Minnesota?

Posted by Col Ovik on March 1

When you are on the verge of filing bankruptcy it may seem tempting to pay down some secured debts. People fall into the trap of taking exempted funds out of retirement accounts and using those funds to pay down their secured loans. Unfortunately, this type of bankruptcy planning can backfire.

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You Are Not Alone

Posted by Wesley Scott on February 28

One of the benefits of being an alumnus of Saint John’s University is having access to a daily reflection written by one of the monks at Saint John’s Abbey. Every morning at 1:00 a short reflection by Fr. Don Talafous drops into my email timeline.

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How Do My Creditors Get Notice When I File Bankruptcy in MN?

Posted by Jake Peden on February 27

The Office is one of my favorite TV shows of all time. In one of the more memorable episodes, Michael Scott tries to “declare bankruptcy” simply by shouting it for everyone in the office to hear. Bankruptcy law dates back to 1542 in England, but even back then, I don’t think shouting that you declare bankruptcy would be enough to put your creditors on notice.

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Should I Use Retirement Funds to Pay My Debt in MN?

Posted by Jesse Horoshak on February 26

When individuals are faced with crushing debt, and unable to meet their monthly obligations, one of the logical questions they struggle with is whether they should use their retirement funds to pay the debt. There are few things about my job that break my heart more than hearing clients that are at, or close to, retirement age have used their retirement funds to pay their debt.

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Can Filing Bankruptcy in MN Reduce My Auto Loan Payments?

Posted by Jesse Horoshak on February 25

I commonly meet clients that have really high auto loan payments, who are wondering if we can help by reducing their monthly payments in a chapter 13 bankruptcy. The short answer is Yes, but there are criteria that need to be met.

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Can a Bankruptcy in Minnesota Wipe Out My Traffic Tickets?

Posted by Margaret Henehan on February 24

Bankruptcy can discharge a lot of different types of debt. With debt like a traffic ticket, this is debt that is owed to either the city, county, or the state depending on where the citation was issued. In other words, this is debt owed to the government.

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