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.

 

    Can My Child Keep Their Car When I File Bankruptcy?

    Posted by James Jensen-Kowski on December 3

    One of the first things that many people consider when contemplating a bankruptcy is the effect the filing will have on any vehicles that may be co-owned by their children, or registered in the parent’s name on the child’s behalf.  There are many reasons that we might find ourselves co-signing on a vehicle for our children.  Often, a child may still be a minor when a vehicle is purchased preventing them from registering it in their own name on the title.  Conversely, a parent may also co-sign on a vehicle for one of their adult children for the purpose of assisting with the financing process. Regardless of the reason however, the ultimate result is that the parent will be included on the title to the vehicle, and if applicable, will be co-signed on any loans taken out to finance it.

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    Debt Collectors: Who Are They And What Can I Do About Them?

    Posted by James Jensen-Kowski on December 1

    Receiving a notice or a demand from a debt collector can be jarring.  You might wonder who they are, or why they are contacting you.  In many circumstances it can be difficult to tell why they are reaching out or even who they might be collecting on behalf of, especially if the debt they are be pursuing is old or traces from a closed account.  The good news in this circumstances is twofold.  First, that you always have the right to demand that a debt collector verify what debt they are trying to collect on, and second, that in most circumstances, bankruptcy can be a tool to help you deal with their ongoing efforts to collect from you!  

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    Sweet Emotions: The Emotional Impact of Bankruptcy

    Posted by Wesley Scott on November 30

    Filing bankruptcy is not an easy decision and often leaves clients with a complex mix of feelings. No matter how you feel, you are not alone. Every day, we have clients sharing with us their stories and how bankruptcy makes them feel, and every day one of the most common things we hear is relief. But relief is definitely not the only thing we see. Here are some common emotional experiences associated with the bankruptcy process:

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    Domestic Support in Bankruptcy in Minneapolis, Minnesota

    Posted by Amanda Scharber on November 27

    You may hear the term domestic support throughout your bankruptcy case. For example, during the initial consultation your attorney may ask about it, the trustee will ask if you pay a court ordered agreement during your 341 hearing, or at the end of your case in a chapter 13 you will be asked if you are current on payments. What is domestic support? 

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    No-Asset Bankruptcy in Minneapolis

    Posted by Wesley Scott on November 24

    In a generation where the prices of homes, cars, and pretty much anything are rapidly rising, it more and more clients come to us saying they own “absolutely nothing.” Now that’s usually not true. Most of us own clothes, maybe a pot or pan, a few pieces of jewelry. But when we talk about assets, most people think of homes and vehicles. So let’s talk about the “good” side of having “absolutely nothing.”

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    EXEMPTIONS AND EXPECTATIONS IN BANKRUPTCY

    Posted by Col Ovik on November 21

    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. 

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    Is My Wedding Ring Protected in Bankruptcy in Minneapolis, Minnesota

    Posted by Amanda Scharber on November 18

    When you file bankruptcy you will list all of your assets, meaning everything you own. This includes your jewelry. 

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    Who Gets Included When I File Bankruptcy?

    Posted by James Jensen-Kowski on November 15

    When filing bankruptcy, it is common to wonder which creditors will be included in the filing.  Related to this, it is also very common to wonder how various loans will be treated or resolved.  In certain circumstances there may be a specific creditor that you do not wish to discharge a debt with.  Similarly, there may be a specific loan, such as a mortgage, car loan or retirement account loan that you do not wish to discharge either.  One of the many benefits of the bankruptcy process is that it does not require you to treat all debts in exactly the same way; herein we shall examine a few of the ways in which this principle is observed.  

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    How Are My Assets Valued in Bankruptcy in Minneapolis, Minnesota

    Posted by Amanda Scharber on November 12

    When you file bankruptcy, you will list all of your assets- this includes assets you currently have or are entitled to in the future (think inheritances or causes of action). 

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    Protected Income in a Chapter 13 Bankruptcy

    Posted by James Jensen-Kowski on November 9

    When filing a Chapter 13 Bankruptcy, many often wonder how payments are calculated and to what extent their financial means will be considered in the process of determining that payment.  Fundamentally, payments are calculated according to two principles: the best interests test, (also referred to as the BIT) and the best efforts test.    

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    Can I Pay Off My Car Loan Through Bankruptcy?

    Posted by James Jensen-Kowski on November 6

    Something that many people wonder when they file bankruptcy is how the filing will effect a car loan that exists at the time that the bankruptcy is filed.  It is a natural question, and one that is highly important in the context of ensuring that you are able to keep your vehicle after the bankruptcy is filed.  Ultimately, the treatment of the car loan will depend on the chapter of bankruptcy that you file, but in most circumstances you will be able to retain the vehicle and continue to make payments on the related loan.  

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    What is a Payment Step Up in Chapter 13 Bankruptcy in Minneapolis, Minnesota

    Posted by Amanda Scharber on November 3

    If you are in a chapter 13 bankruptcy or preparing to file one, you may have heard the term “step up” used by your attorney or the trustee of your case. A step up is when your payments are stepping up in amount, for one reason or another. These are typically set dates where the payment will go up, due to some triggering event. 

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    How Do I Choose an Attorney for Bankruptcy?

    Posted by James Jensen-Kowski on November 1

    Any time that someone is contemplating on whether they will need to hire an attorney to assist with a legal matter, one of the first things that they will consider is how to determine who to work with.  This is as true in bankruptcy as it is in any other area of the law; ultimately, the attorney and the law firm that you work with are going to play a critically important role in the way that your case is handled.  To that end, there are a few things that you may wish to consider when deciding who to hire.

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    Income in Bankruptcy – Why the Government May Think You’re Rich

    Posted by Wesley Scott on October 29

    Another common question we receive here at LifeBack Law is “how will my income be calculated in bankruptcy.” It’s a fantastic question. Income varies. Sometimes we get overtime and bonuses, other times we barely get the hours we’re promised. How can you provide an average income, if it changes so often? This blog explores how income is calculated in both a Chapter 7 and a Chapter 13 and why it matters.

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    Why Did My Home and Car Loan Stop Credit Reporting  After Bankruptcy in Minneapolis, Minnesota

    Posted by Amanda Scharber on October 26

    When you file bankruptcy, you will list all of your assets and debts, including assets that you are wanting to keep, like vehicles and mortgages. Although you list the assets and the creditors, you can keep paying on the debts, if you want to keep the property they are secured to.  

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    How a Chapter 13 Bankruptcy Can Avoid a Sheriff’s Sale in St. Paul, Minnesota

    Posted by Danielle Lin on October 25

     

    A Chapter 13 bankruptcy can be a powerful tool to stop a sheriff's sale in Minnesota. By filing for Chapter 13, you may be able to halt foreclosure proceedings and develop a repayment plan to catch up on missed mortgage payments.

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