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 Bankruptcy?

    Posted by Wesley Scott on April 29

    The word “bankrupt” come from the Italian words, “banca rotta”, which means “broken bench”. In Italy, money dealers worked from benches or tables. If a dealer ran out of money, his bench was broken in half and he was out of business.  

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    What is Chapter 7 Bankruptcy in Eagan, MN?

    Posted by Wesley Scott on April 26

    What is a Chapter 7 Bankruptcy anyway? Will I lose everything I own if I file bankruptcy? Will the bankruptcy law firms in my area treat me with the dignity I deserve? When you are suffering from debt, many things cross your mind. One of them is will I lose all my assets if I file Chapter 7 Bankruptcy? Chapter 7 Bankruptcy is referred to as a “fresh start” or “liquidation” bankruptcy where the focus is on the assets you own, wherever situated in the world, on the date you file bankruptcy.

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    What Can and Cannot Happen In a Chapter 7 and Chapter 13 Bankruptcy

    Posted by Charles Nguyen on April 23

    Here is what CAN occur in a Chapter 7 Bankruptcy:

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    The process of filing bankruptcy in St. Cloud, Minnesota

    Posted by Wesley Scott on April 21

    Like any problem, the first step is admitting, I have a debt problem. I am not sick, my finances are sick. Once you get that far, you are well on your way to getting your life back. In St. Cloud, MN, we are a bankruptcy law firm right near where you live. If you are looking for a Chapter 7 Bankruptcy lawyer near you or a Chapter 13 Bankruptcy lawyer near you, LifeBack Law in St. Cloud is right in your back yard. We are locating at 13 7th Avenue South, St. Cloud, MN 56301. We are located downtown St. Cloud on 7th avenue south; right across the street from Capitol One Bank and a few doors down from Jets Pizza.

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    Your Options Before Filing Bankruptcy

    Posted by Charles Nguyen on April 19

    There are many options to try and resolve an abundance of debt.  Many of our clients seek these options before filing bankruptcy and that’s okay, since bankruptcy can be an intimidating process.  So, let’s breakdown your other options.

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    Don’t hire any bankruptcy law firm where the bankruptcy attorney answers the phone

    Posted by Wesley Scott on April 17

     I am not against any lawyer opening up a new law office or starting out from scratch. But, I am not a huge fan of having the lawyer start out on me, that’s all. There is something “unprofessional” about a bankruptcy lawyer answering his/her own phone with home noises in the background like dogs or cats or other household things. It just doesn’t feel professional at all. If I were the client, I would want a team of professionals helping me, not a lawyer answering his/her own phone.

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    Learn What To Expect From Your Free Bankruptcy Consultation

    Debt Collection and Bankruptcy

    Posted by Charles Nguyen on April 15

    If you owe money to your credit card company, and if you stop paying them, they can sue you for the amount owed.  If that same credit card company obtains a judgment from a court, they can take that judgment and garnish your wages.

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    Co-Debtors in Bankruptcy

    Posted by Wesley Scott on April 13

    It’s very common for people to be jointly liable for debt as co-signers. For example, students going to college often require their parents, or another adult, to be a co-signer in order to be approved for a student loan. People who do not have a great credit history may need someone to co-sign on other types of loans like home mortgages, car loans, or personal loans in order to be approved for financing. It’s also common for married couples to be jointly liable for other debts such as credit card and medical debt.

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    Can I File bankruptcy on Medical Debt?

    Posted by Amanda Scharber on April 11

    Medical debt is dischargeable in bankruptcy, both in chapter 7 and chapter 13 cases.

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    Avoiding Judicial Liens in a Chapter 13 Bankruptcy Case

    Posted by Wesley Scott on April 9

    In a Chapter 13 bankruptcy case, the debtor must pay all of their disposable income towards their debts in a three to five-year repayment plan before their remaining debts are discharged. However, a bankruptcy discharge does not automatically erase creditors' lien on your property. Disposable income remains after paying the debtor’s normal monthly expenses. This differs from a chapter 7 bankruptcy case, in which the debtor is not required to make payments towards their debts before receiving a discharge a few months after their case is filed.

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    Can Gambling Debt be Included in Bankruptcy?

    Posted by Amanda Scharber on April 7

    Gambling debt can be included and discharged in your bankruptcy case.

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    Unemployment Benefits and Related Claims in a Chapter 7 Bankruptcy Case

    Posted by Wesley Scott on April 5

     Job loss is a common reason that people file for bankruptcy. In many cases, when an individual loses their job, they are entitled to certain benefits to help them while they seek new employment. While these types of unemployment benefits are generally “exempt,” meaning legally protected from creditors, there are some exceptions and nuances in the law. Debtors filing for bankruptcy in Minnesota may choose between Federal exemptions and State exemptions to exempt, and protect, their property.

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    What Do I Provide to The Trustee in a Chapter 7?

    Posted by Amanda Scharber on April 3

    In a chapter 7 bankruptcy, typically, the only hearing you will attend is the 341 hearing. This happens about 4-6 weeks after your case is filed.

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    CAN I PROTECT MY HOME IN A CHAPTER 7 BANKRUPTCY?

    Posted by Wesley Scott on April 1

    When a person files for chapter 7 bankruptcy, they are asking the court to discharge, or completely wipe out, their debts without having to make any payments to their creditors. Usually, all their debts are discharged, except for certain types of debts (i.e. student loan debt, most tax debt, and debt owed as alimony or child support). In order to qualify for a chapter 7 bankruptcy discharge, the debtor must be unable to afford making payments to their creditors, as they would have to do in a chapter 13 repayment plan.

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    What Happens if I Have Nonexempt Property in a Chapter 7 Bankruptcy?

    Posted by Wesley Scott on March 30

    Unlike a chapter 13 bankruptcy case in which the debtor makes payments to creditors in a three to five year payment plan before receiving a discharge, a chapter 7 requires no payments to any creditors, and involves a discharge a mere few months after the case is filed. However, while the debtor gets to keep all their property in a chapter 13 case, this is not always so in a chapter 7 case. In the majority of chapter 7 cases, the debtor gets to keep all their property due to the fact it is “exempt”, or legally protected from being taken to pay creditors. However, in some chapter 7 cases, the debtor has certain nonexempt property that they must either surrender to the trustee to be liquidated (sold with proceeds going to pay creditors) or, alternatively, must be paid for by the debtor for their right to keep the nonexempt property. Any money paid by the debtor to keep nonexempt property likewise goes to pay creditors.

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    What Hearings Do I Attend in Bankruptcy?

    Posted by Amanda Scharber on March 29

    In most chapter 7 and chapter 13 cases, there is only one hearing you will need to attend.

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