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.

 

    WHAT IS A REAFFIRMATION AGREEMENT IN BANKRUPTCY IN MINNEAPOLIS?

    Posted by Wesley Scott on March 1

         What is a reaffirmation agreement in bankruptcy? First, it is important to note that a reaffirmation agreement is a subject discussed in Chapter 7 Bankruptcy, not Chapter 13 Bankruptcy. There is no such thing as a reaffirmation agreement in Chapter 13 Bankruptcy. In Chapter 13 Bankruptcy, collateral on a loan is either surrendered, paid on the plan, or paid outside the plan, with language on the plan that binds both debtor and creditor. 

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    Managing Finances Prior to Filing for Bankruptcy in St. Paul, Minnesota

    Posted by Danielle Lin on February 28

    Bankruptcy provides a relief to debtors who are facing unsurmountable debt and is an avenue towards better financial management. While the remedy bankruptcy affords is a wipe out of old debt that was incurred prior to filing for bankruptcy, it is important that debtors are aware and cautious about how they are spending their money in the 90 days prior to filing for bankruptcy

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    2 things to watch out for when filing Chapter 7 Bankruptcy in Minneapolis, MN

    Posted by Wesley Scott on February 26

         The prospect of filing Chapter 7 Bankruptcy can be daunting. For those of us with high anxiety, it can push you to the far edge of your comfort zone, and beyond. Even for those with lower anxiety, the thought of filing Chapter 7 Bankruptcy can be overwhelming. Unfortunately, there are ways to make a bad situation worse. These are two things you should watch out for when filing Chapter 7 Bankruptcy in Minneapolis, MN. 

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    3 THINGS CHAPTER 7 BANKRUPTCY TRUSTEES LOOK FOR IN MINNEAPOLIS, MN

    Posted by Wesley Scott on February 24

         You live in Minneapolis, MN and you are contemplating hiring LifeBack Law Firm to file Chapter 7 Bankruptcy on your behalf. You know you are going to hire LifeBack Law Firm as your bankruptcy law firm because LifeBack Law Firm is Minnesota’s most kind and helpful bankruptcy law firm. But before you file, you want to know, what do Chapter 7 Bankruptcy trustee’s look for in a Chapter 7 Bankruptcy case. The first thing you need to understand is Chapter 7 trustee’s get paid a small fee to administer most Chapter 7 Bankruptcy cases. Most would not be a trustee if they were paid this small fee only. 

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    Avoidable Transfers in a Chapter 7 Bankruptcy in St. Paul, Minnesota

    Posted by Danielle Lin on February 23

    A debtor may choose to file a Chapter 7 bankruptcy in order to wipe out their unsecured debt in three to four months. This provides the debtor with a fresh, new start. In a debtor’s Chapter 7 bankruptcy, the debtor’s assigned bankruptcy trustee may “avoid” or “undo” particular transfers of money or property the debtor made prior to the filing of their case. The bankruptcy trustee can avoid a transfer by demanding the return of the transferred property or money from the person or entity to whom the transfer was made.

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    Is My Lawnmower Protected if I File a Chapter 7 Bankruptcy in Saint Paul, Minnesota?

    Posted by Wesley Scott on February 22

    Filing for chapter 7 bankruptcy is a great way for individuals struggling with debt to find financial relief. When filing bankruptcy, anyone who earns less than the median Minnesota State income, based on their household size, can file a chapter 7 bankruptcy case. When they do so, the court discharges their personal liability on all of their debts, with a few exceptions (i.e. past due child support, most taxes, criminal fines, etc.)

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    Closing of Credit Cards in a Chapter 7 Bankruptcy in St. Paul, Minnesota

    Posted by Danielle Lin on February 21

    A Chapter 7 bankruptcy provides debtors with a new and fresh financial start. It is a remedy that allows debtors to wipe out unsecured debt in approximately 3-4 months. Unsecured debt includes credit card debt, medical debt, and personal loans. A debtor filing a Chapter 7 bankruptcy must list and disclose all known debts in their bankruptcy petition and schedules.

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    How Many Times Can I File a Chapter 13 Bankruptcy in Saint Paul, Minnesota?

    Posted by Wesley Scott on February 19

    In a chapter 13 bankruptcy case, a person makes payments towards their debts in a three to five year repayment plan. In most cases, the debtor pays only a fraction of their total debt. After successfully completing their repayment plan at the end of three to five years, the debtor receives a discharge which relieves them from any further responsibility to pay their remaining debts, with limited exceptions.  Chapter 13 bankruptcy often affords a tremendous amount of financial relief for those who are struggling to pay their debts and make ends meet.  

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    Reasons to File a Chapter 13 Bankruptcy in Minneapolis, Minnesota

    Posted by Amanda Scharber on February 17

    There are many reasons you may want or need to file a chapter 13 bankruptcy. The main reasons clients consider filing a chapter 13 are income, transfers, tax debt, arrears, and assets. 

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    Is it okay to Pay Back Friends and Family Members before Filing for Chapter 7 Bankruptcy in Saint Paul, Minnesota?

    Posted by Wesley Scott on February 15

    Filing for bankruptcy brings a lot of relief to thousands of Minnesotans each year. When a person files a personal chapter 7 bankruptcy case, they are afforded a great deal of protection from their creditors and relief from their debts, most of which are completely wiped out forever when they receive their discharge. Up until when a person files a bankruptcy case, they often continue to attempt to pay their creditors as much as they can. Often, it is only when a person realizes that it is futile to continue to pay their debts, and simultaneously afford to pay their other necessary bills, that a person decides to file bankruptcy and stops paying their creditors.  

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    Selling Your Home During or After Bankruptcy in Minneapolis, Minnesota

    Posted by Amanda Scharber on February 13

    No matter how much you love your home, when you file bankruptcy a question that likely will pop into the back of your mind is, if I file will I ever be able to sell my home? The short answer is yes. Although you have filed a bankruptcy, you are still able to sell your home down the road and keep all of the exempt net proceeds from the sale. 

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    Thalos of Miletus; History and philosophy of the economy, bankruptcy in Minneapolis, MN

    Posted by Wesley Scott on February 11

    Welcome back to our series of blog posts on the history and philosophy of the economy, bankruptcy, and debt – today let’s return to the not-often discussed intersection of philosophy and finance.

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    Options for Missed Mortgage Payments in Minneapolis, Minnesota

    Posted by Amanda Scharber on February 9

    Getting behind on your mortgage is an extremely stressful situation. If you are wondering what your options are, you have come to the right place. Please keep in mind the options in this blog are general ideas for mortgage arrears and are not specific advice. You should speak to a licensed attorney for advice on your specific situation. 

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    How Filing a Chapter 13 Bankruptcy Case in Saint Paul, Minnesota Can Help You Pay for Your Vehicle

    Posted by Wesley Scott on February 7

    In a chapter 13 bankruptcy case, a person makes payments towards their debts in a three to five year repayment plan. Upon successful completion of the payment plan, that person (known as the “debtor”) receives a discharge of most of their remaining debts with a few exceptions. Although Minnesotans who earn more than the median income for their household size in the State of Minnesota must file a chapter 13 bankruptcy case, rather than a chapter 7 case, any individual with regular income can file a chapter 13 case. In addition to providing the benefit of allowing a person to receive a discharge of their debts, typically after only having to pay a small portion of total debt, a chapter 13 also is a good opportunity to help a person afford their vehicle payments. 

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    Who Can See My Bankruptcy Case in Minneapolis, Minnesota

    Posted by Amanda Scharber on February 5

    Bankruptcy is technically public information. Anyone can see your case, but there are steps that need to be taken first. Your bankruptcy case should not be published in your local paper though.  

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    LOOKING FOR A BANKRUPTCY LAWYER IN MINNEAPOLIS? WATCH OUT FOR THIS

    Posted by Wesley Scott on February 3

         Recently, I began writing about a topic that is of interest to me and impacts thousands of Minnesotans suffering with debt. When you run a Google search for “bankruptcy attorney near me in Minneapolis, MN” you assume the results Google pulls up are actually close to you. Unfortunately, that is not always true. 

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