When filing a personal bankruptcy, you have to choose the bankruptcy chapter that will work best for your situation. Your attorney can help advise you on selecting the appropriate chapter. Although, some debtors are not eligible for filing a chapter 7, and will have to select a chapter 13 filing, others will voluntarily select to file a chapter 13. There are several reasons a debtor may choose a chapter 13 filing over a chapter 7, but once you have decided a chapter 13 is the right choice for you-you will next consider the length of the commitment period.

LifeBack Law is your neighbor! LifeBack Law is Eagan’s favorite bankruptcy law firm and we are located near you in Eagan, Minnesota at 4480 Erin Drive, Eagan, MN 55122. If you are looking for Minnesota’s HIGHEST GOOGLE reviewed bankruptcy law firm, look no further than LifeBack Law Firm right near where you live. When Eagan, MN residents are suffering from overwhelming debt, they want a law firm whose staff pampers them and takes care of them, not a law firm whose staff is self-centered and could care less about you.

If you are considering filing bankruptcy and wondering whether your spouse will have to file with you, the answer, which may surprise you, is no.

Are you an estate planning lawyer in Minnesota? I am not. I am the managing partner at LifeBack Law Firm, Minnesota’s largest bankruptcy law firm. And I am writing this article to highlight some issues we bankruptcy lawyers see often; including pitfalls and how to avoid them. When you meet with your estate planning clients, I suspect the subject of bankruptcy does not come up often. In other words, how is what you are doing with the client, in terms of estate planning, impacting a non-client heir who needs to file bankruptcy? 

Life is so humbling. Your best plans can go awry, quickly. I mean, who among us hopes when you get married, your marriage will be a failure? Who among us wishes for our business venture to turn into a disaster? Who among us hopes for an extended illness that costs tens of thousands of dollars and leaves us off work without pay? Nobody does this. We humans make elaborate plans and dream big dreams, and we should. However, life does not always play out the way you had planned it. I have accepted this broken road.

Receiving a Summons and Complaint from a creditor, or being threatened with a judgment can be scary, but what does it really mean for you financially? This is a question that a lot of potential clients have when we first meet. Please read on to find out more!

If you receive an inheritance before filing bankruptcy, whether it’s cash or physical property, then those items may become part of your bankruptcy.  

One of the most common questions we field this time of year is whether personal income tax debt is dischargeable. So many people are under the impression that tax debt can never be discharged in a bankruptcy, but that is not always the case! As with many things in life, and bankruptcy, the answer is not a simple yes or no. Read more to find out if your tax debt might be discharged in a bankruptcy.

If you have debt that is piling up and you have found yourself in a situation where you just simply cannot keep up with your monthly bills, but you also have been wise about saving for retirement, it can be awful tempting to see that retirement fund as a piggy bank that you can use now to pay off your debt and get back on track. DON’T DO IT! Read more to find out why!

Before filing bankruptcy many debtors try other means of dealing with their debt. Occasionally debtors will take out additional debt in hopes of consolidating the debt. But for the creditors to provide additional credit to a potentially risky lender they may ask that the debtor obtain a co-signer on the debt. This co-signer will remain liable on the unsecured debt even after the debtor has received a discharge in the bankruptcy.

During tax season many of our clients and potential clients are asking that very question. Unfortunately, it is not always a black and white answer. Read more to find out if your refund would be protected.

If you are planning on filing bankruptcy there are a few things you should try to avoid before your case is filed.

Bankruptcy filing stops creditor collection efforts from continuing. It will stop calls, letters, statements, judgments, garnishments, and more. The protection you receive from bankruptcy comes from the automatic stay. 

 Bankruptcy is a big topic, with many interesting facts. 

When you file bankruptcy you are required to list all of your assets on your petition. This includes any real estate you currently have an interest in. What a debtor should also consider is any previous real estate transactions they may have been involved in. This is especially true for recent real estate transactions. A trustee will likely inquire about any recent sales or purchases of real estate. If the property was sold, there will likely be questions about proceeds from the sale and how the funds were spent. 

     If you are looking for an affordable bankruptcy attorney near you in Eden Prairie, MN, look no further than LifeBack Law Firm. For what you get at LifeBack Law Firm, we are the cheapest bankruptcy attorneys in Minnesota. A lot of people will just want the price without asking what you get. If you want the cheapest bankruptcy attorney in Minnesota I can give you the phone number to who I believe is the cheapest bankruptcy attorney in Minnesota, but you won’t like my referral. For one, he files hardly no bankruptcy cases even though he touts being the cheapest bankruptcy attorney in Minnesota. The fact he boasts being the cheapest should tell you something about his practice and what you will get. I recall one person meeting with this lawyer in his “conference” room that had a picnic table in it.