Cars depreciate in value quickly. Your car may have been your pride and joy when you first drove it off of the dealership lot. However, after many miles of wear and tear, you may feel differently. It is not uncommon for people to find themselves in a position in which their vehicle is worth much less than what they still owe on their car loan. This is not surprising when you consider the amount of interest the car loan lenders make you pay (and don’t get me started on all those extra fees the dealerships like to throw in).  However, there is a solution to that expensive eyesore taking up space in your driveway. You guessed it! You can file a personal bankruptcy case.

Summer in Saint Paul is a thing of beauty. Everywhere you look, there’s trees, rich foliage, and lots of flowers.  The weather is typically sunny and warm, but not too hot. The city is full of people engaging in outdoor activities such as boating, swimming, jogging, and playing in the park. However, one of the best things about the summertime in St. Paul is the sports.  

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. 

     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.

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. 

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).

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.

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.

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. 

Many people who file for bankruptcy own recreational vehicles (RVs) like motorcycles, boats, snowmobiles, ATVs, and motorhomes. The ability to keep these recreational vehicles in bankruptcy is governed by the bankruptcy code, which outlines the legal framework for such cases. While bankruptcy offers a fresh financial start, it’s natural to worry about losing these valuable assets. The good news is that, under certain circumstances, it’s possible to keep your recreational vehicles even after filing for bankruptcy. However, the outcome depends on various factors, including the type of bankruptcy you file, the value and equity in your RVs, and your overall financial situation.

   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. 

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.

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.

   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”. 

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. 

Filing for Chapter 7 bankruptcy offers a financial fresh start for individuals burdened by overwhelming unsecured debt. It’s a legal process designed to eliminate most debts, providing much-needed relief. However, the road to bankruptcy can be fraught with potential pitfalls, particularly when it comes to managing your finances in the lead-up to filing. A crucial aspect to consider is the repayment of debts owed to friends and family members. While the intent may be noble, such actions could have unintended negative consequences for both you and your loved ones, including delaying or even preventing your bankruptcy discharge. Before you file bankruptcy, it's important to understand the implications of paying back family members, as it could affect the fairness to all creditors and the overall bankruptcy process.

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