When we break it down, there are opportunities to rise above your current station in life, to do better than your parents, but if you already start out ahead of the curve, your chances of success are far higher.

As a society, we have come a long way in attempting to stamp out discrimination. While we are not perfect, there have been tremendous strides forward from where we once were. But, one class in particular remains fodder for criticism, even by their own, the poor. The classification itself seems like an insult. Of course, no one wants to be poor, but somehow there seems to be more shame attached because this classification is often thought of as self-inflicted.

There have been some recent changes to the Minnesota Bankruptcy exemptions, which have greatly benefited debtors.

Bankruptcy is intended to provide an individual with a fresh start, but there are expectations for the debtor. It starts with disclosure. The premise for any bankruptcy is honesty, and disclosure so if a debtor is unwilling or unable to provide the court with the appropriate documents or testimony, then that individual is not a good candidate for filing a bankruptcy. 

United States Code, title 11, section 522(d), shall be available to residents of Minnesota. Bankruptcy filers in the state of Minnesota can also choose to use the exemptions under Minn. Stat. § 550.37. 

Individuals today put so much personal information out into the world, but it is not just our friends and family are who are paying attention to the information we freely provide. Criminals are paying attention as well, and using that information to extort, intimidate, and manipulate victims. Criminals are savvy, and are constantly finding new ways to use technology to perpetrate fraud. 

U.S.C. §109(e) governs an individual's eligibility to file a case under Chapter 13 of the Bankruptcy Code.  Only an individual with regular income that owes, on the date of the filing of the petition, less than $2,750,000 may be a debtor under chapter 13 of this title.

A debtor must complete an instructional course in personal financial management in order to receive a discharge. This is commonly referred to as, the second credit counseling course. 

The assets of a debtor need to be disclosed to the bankruptcy court, but sometimes, it is not clear to a debtor what is considered an asset. An asset is not only the tangible property of the debtor—real estate, vehicles, boats, funds in your bank account, stocks—but also the debtor's intangible assets. Intangible assets are patents, copyrights, client lists, contracts, or the right to receive. 

Occasionally, a bankruptcy case will be converted from one chapter to a different chapter. There are several reasons to convert a case. A typical conversion would be a conversion from a chapter 13 filing to a chapter 7. The reasons to convert include: loss of income, increased dependents, reduction in income, divorce, or a failed business. Debts incurred after the filing of the original bankruptcy, but prior to the date of conversion receive the same treatment as prepetition claims.  

In the event of a pending foreclosure, bankruptcy can be a practical tool. The bankruptcy can stay the impending foreclosure process, but the bankruptcy filing is not the end of the process for the debtor. The bankruptcy debtor will also be tasked with specific responsibilities. 

Ongoing domestic support obligations are unchanged in a bankruptcy filing. The bankruptcy court has no authority to reduce the obligation or deny the obligation. And in a chapter 13 bankruptcy, the debtor must be current on their support obligation at the time of the discharge. 

When filing for bankruptcy and owning a home, it is important for a debtor to understand they will still have an obligation to the mortgage lender. With Chapter 7 bankruptcies the obligation is fairly obvious, the debtor will continue to make the normal monthly mortgage payment to the lender, but in a Chapter 13 bankruptcy, the debtor’s obligation may be less obvious.
If you are in a Chapter 13 bankruptcy, the expectation is the debtor will remain current on any mortgages they have on the home. According to the bankruptcy code, specifically Federal Bankruptcy Rule 3002.1, debtors must be timely notified of any fee adjustments, and failure to comply can result in penalties. If the debtor does not remain current on the mortgage payment the mortgage lender can motion the court to lift the stay so the lender can proceed with collections measures, which usually means initiating a foreclosure proceedings..

Divorce and a bankruptcy tend to go hand and hand. Often the question comes up, what should come first, the bankruptcy or the divorce. Depending on the facts of your specific case one should consider the consequences how a divorce may impact a bankruptcy filing. 

Avoidance actions are claims to avoid a transfer of property by the debtor that was made voidable by the Bankruptcy Code. Avoidance actions include claims to recover fraudulent transfers and certain preferential transfers made too close in time to the filing of bankruptcy. The action is brought for the benefit of the estate and therefore belongs to the estate.

When filing a bankruptcy petition, the debtor is required to value of all of their assets. The value should be based on the current fair market value of the asset. The debtor needs to use logic and fact when determining the value of the assets. While most debtors are not experts on the value of all the assets that they own, at the time of the bankruptcy filing, the debtor is in a unique position to make a fair estimate on the value of the asset. The debtor knows the current condition of the asset, what is wrong with it, how well it has been maintained when it was purchased, and for how much. Additionally, many debtors have recently tried to sell their assets before filing for bankruptcy, to avoid filing, and they know the market and asking price for the asset.