Under section 365 of the Bankruptcy Code, a debtor has a choice of either assuming or rejecting a lease while in a bankruptcy. If a lease is “assumed,” the debtor will retain the lease and remain responsible for their obligations under the terms of the lease. 

Welcome back to our series of blog posts on the history and philosophy of the economy, bankruptcy, and debt – today let’s talk again about a more current topic: cryptocurrency. This post will continue to merely skim the surface of current cryptocurrency issues, for what it is worth. Today, let’s discuss some other scams in the industry.

A debtor filing for bankruptcy may be able to receive garnished wages back if they were garnished within the 90 day period before the bankruptcy case was filed, and if the amount was a total of $600 or more.

Welcome back to our series of blog posts on the history and philosophy of the economy, bankruptcy, and debt – today let’s talk again about a more current topic: cryptocurrency.

Automatic payments are very common, whether they are for a vehicle, mortgage, credit cards, or personal loans. When you file a bankruptcy you will either be advised that your automatic payments will stop after filing or you should make sure to stop them prior to filing, this advice depends on the creditor. 

Filing a chapter 7 bankruptcy is a great way to provide needed financial relief for Minnesotans whom find themselves unable to manage their debts. In a chapter 7 bankruptcy case, the debtor (what you call a person whom files bankruptcy) receives a discharge within 3 to 4 months after filing their case, which eliminates the debtor’s legal liability to pay those debts forever. 

Bankruptcy is a great way for Minnesotans to get rid of debt. Once a debtor files for bankruptcy, the automatic stay goes into effect immediately when the debtor’s case is filed.

Welcome back to our series of blog posts on the history and philosophy of the economy, bankruptcy, and debt – today let’s wrap up our discussion of cryptocurrency and non-fungible-tokens. 

If a debtor has filed for a Chapter 7 or a Chapter 13 bankruptcy in the past, as a general rule, the debtor must wait after a particular time period has passed before filing for bankruptcy again. 

Whether a person files a Chapter 13 or Chapter 7 bankruptcy case, they are afforded a great deal of relief from their debts. When a person files a Chapter 13 case, they agree to pay as much as they can towards their debts in a 3—to 5-year repayment plan before getting their discharge. The bankruptcy court plays a crucial role in these proceedings, allowing individuals to keep certain necessities while managing their debts.

A debtor who is financing a vehicle and is planning on filing for bankruptcy, has the option to either retain the vehicle and continue making payments on the vehicle or voluntarily surrender the vehicle and give it back to the car lender. When a debtor voluntarily surrenders a car, the car is returned back to the car dealership and the debtor ceases to make payments on the car. 

With inflation climbing, everything seems to be increasing. Many of us are seeing the rise in cost hit especially hard with our grocery budgets. If you are filing bankruptcy, in an active bankruptcy or just looking for ways to save money read on. Below is a list of a few ways you can save money on your next grocery trip.

     We all have fears. Some of us has have anxiety levels that are quite low and others quite high. Over the years, I have seen both sides. I tend to be on the higher anxiety side. But I have had people come in over the years needing to file bankruptcy and they could not care less they are filing Chapter 7 Bankruptcy. I find that amazing. I mean I am envious of someone who has so little anxiety like that. However, in my career, that is not the norm. Most people are terrified of filing Chapter 7 Bankruptcy.

During a Chapter 7 or a Chapter 13 bankruptcy, judgment liens recorded against a debtor’s property may be removed. This is known as lien avoidance. 11 U.S.C. §522(f)(1) provides that, “notwithstanding any waiver of exemptions, but subject to paragraph (3), the debtor may avoid the fixing of a lien on an interest of the debtor in property to the extent that such lien impairs an exemption to which the debtor would have been entitled under, subsection (b) of this section, if such lien is a judicial lien.” In other words, a judgment lien on a piece of property can be avoided if the lien would result in a loss of some or all of the exempt equity if the property were sold.

    A chapter 7 bankruptcy is a great and powerful tool that allows people to get rid of huge amounts of debts that they can no longer financially afford to pay. Unlike, in a chapter 13, in which a person pays as much as they can towards their debts in a 3 to 5 year repayment before receiving a discharge of their remaining debts, a person in a chapter 7 bankruptcy case is not required to make payments towards their debts, and typically receives a discharge within 3 to 4 months after filing their case. Any person is allowed to file for chapter 7 bankruptcy so long as they qualify based on their income (the person must have an income that is below the State median income for their family size).