Many people who are dealing with debt often fall into the trap of only making the minimum payments on their debts. While making minimum payments keeps your account in good standing, it is important to understand the long-term effects of only making the minimum payments. There are several reasons why only making minimum payments can affect you long-term. 

     If you are filing bankruptcy in Minneapolis, Minnesota, be careful of this! Many firms can file your bankruptcy but only one firm takes you the whole way. For example, while a bankruptcy discharge can get rid of your liability on debts, it does not erase the public record. For instance, say you have a 10k judgment against you. When the bankruptcy is discharged, your liability for the judgment (in most instances) is gone forever. However, the judgment itself remains a part of the public record until it is removed.

For anyone who may be struggling with overwhelming or unmanageable debt, it is not uncommon to hear from debt collectors while navigating the process of resolving your debt situation.  Some collectors can at times employ coercive or aggressive tactics to pursue debts by calling, texting or even filing lawsuits in their effort to collect.  Dealing with debt collectors can be a scary or stress inducing situation, and it is very natural to wonder what your potential options might be to help defend against their actions.  One of the first things that people will consider when pondering on this is whether bankruptcy is a potential option to help.

If you are considering filing for bankruptcy, you may have heard of the 341 Hearing. Clients often ask us about this step, and it's an excellent question — understanding the 341 Hearing helps clarify what happens after your case is filed.

Financial hardships while dealing with a disability can be overwhelming. Many people rely on disability benefits to meet their needs. If you are receiving disability benefits you may be wondering if your benefits will be affected by filing bankruptcy. The good news is that most disability benefits provided by a governmental source are protected during a bankruptcy. This includes social security and social security benefits. Disability benefits provided by the Veterans Administration are also protected. This means that you will not lose your benefits because you filed a bankruptcy. This also means that any funds traceable to your benefits will also be protected.

When contemplating the possibility of a Chapter 7 bankruptcy filing, one of the first things that anyone will typically contemplate is what exactly this process will involve.  You might wonder which debts are resolved through Chapter 7, as well as how they are dealt with and what timeline this occurs on.  You might also wonder what the timeline of the bankruptcy filing looks like generally, as well as whether any appearances are necessary, and what the court might expect you to do post-filing.  Herein, we shall analyze and answer these questions.  

There’s nothing wrong with doing a little research. However, sometimes a little research turns into a lot of anxiety. We’ve all been down that rabbit hole, where googling a seemingly innocuous medical question turns into being convinced you have forty-eight hours left to live. 

A common question asked by those considering the possibility of a Chapter 7 bankruptcy filing is whether or not the bankruptcy filing can be denied.  It is a natural and important question, as confidence in the outcome of your bankruptcy is of paramount concern when you are evaluating whether to pursue the process.  Because of this, it is also common to wonder what makes a Chapter 7 bankruptcy successful, and the parameters under which a bankruptcy filing will ultimately leads to a discharge.  

The bankruptcy code requires that all individuals filing for bankruptcy list all of their creditors. It is a common misconception that a debtor may pick and choose which creditors to list. In order to get a discharge, a creditor must get notice of the bankruptcy filing. Many debtors are often worried about missing or forgetting a creditor in their bankruptcy filing. 

When considering the possibility of filing a Chapter 13 bankruptcy, something that is frequently wondered by many who may be considering the process is what the size of the payments made into the Chapter 13 plan will ultimately be.  Every Chapter 13 bankruptcy is fundamentally built around the central premise of the person who is filing making payments into the bankruptcy trustee, who will then in turn make disbursements to creditors.  However, the size of these payments can be impacted by a number of factors, including the nature of the debts being resolved, the financial circumstances of the filer and the nature of certain actions or financial transactions that occur prior to filing. 

The means test is used to determine whether you qualify to file a chapter 7 bankruptcy. This policy ensures that people do not abuse filing a chapter 7 bankruptcy. It also ensures that only those who do not have enough income to pay their creditors can file chapter 7. The calculation used for determining whether your income is below median income is called the means test. To qualify for a chapter 7 bankruptcy your income cannot exceed the median income for your household size. 

When a married couple contemplates the possibility of filing bankruptcy, they might naturally wonder whether they should file together.  They might also wonder what the ramifications would be if they do not.  For most couples, filing jointly will be to their benefit as it will afford both spouses the benefits implied by the bankruptcy, rather than simply conferring these benefits on one spouse but not the other.  However, there are certain circumstances in which this is also not the case.  Herein we shall examine when and why spouses may wish to file together, and what choosing not to file together ultimately looks like.  

For anyone who finds themselves facing the prospect of overwhelming or unmanageable debt, a very common course of action that many consider involves borrowing against a 401K or similar retirement account) to obtain liquid funds which may then be used towards existing or outstanding debts.  When this occurs, it creates something known as a 401K loan, which is effectively a loan issued by a financial institution (typically the same institution administering the 401K) that is then in turn secured by the funds deposited in the 401K.  

Most people mistakenly think of bankruptcy as a bad thing. However, bankruptcy can potentially save you money in a few different ways. Even though you may have to pay to hire an attorney, filing bankruptcy is still a good deal. Filing bankruptcy can help you deal with your debt and save you money. Here are some of the ways a bankruptcy can help you save money. 

 A home is among the most important thing that any person can ever possess or own.  They stand at the center of our lives and serve as a source of shelter, security and identity

If you are filing bankruptcy, the bankruptcy code requires that you complete a credit counseling course prior to filing. Everyone that files a bankruptcy is required to take a course. This can be done online or by telephone. The course usually takes between 30 and 60 minutes to complete. In order to proceed with the bankruptcy, process you will have to submit a certificate of completion to the court. Your attorney will help with this.