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.

 

    All My Assets

    Posted by Col Ovik on December 8

    When you file bankruptcy you are required to list all of your assets on your bankruptcy petition.  In fact, you will be required to testify under oath that you have listed all of your assets and any interest you may have in an asset.

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    I Am Terrified Of Bankruptcy; Can You Help?

    Posted by Wesley Scott on December 7

        Every single person I have ever met was a bit terrified of the “b” word. Some are more terrified than others. My heart hurts for those people who suffer far too long with a debt problem because they are terrified of the “b” word. Our former clients know how you feel. They all felt the same way you do now. But what they found is the “b” word was not only not terrifying, it became the key that unlocked their future and freed them from an incredible burden.

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    Never Do This If You Are Thinking About Filing Bankruptcy In Minnesota

    Posted by Wesley Scott on December 6

         What is the single biggest mistake I see people in Minnesota make when they are looking for bankruptcy representation? I see two common mistakes. First, too many people chose the first firm they talk with. Now if the first firm you talk with is LifeBack Law Firm, a quality Minnesota bankruptcy law firm, you have got something. But too often I hear the horror stories of people who select the first firm only to find out later that firm’s reviews are horrible. Just take a look at some of these law firms Google reviews and even Glassdoor reviews and you will see you may want to keep dialing the phone.

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    Guns And Bankruptcy: Will I Lose All My Guns?

    Posted by Wesley Scott on December 3

    It is quite odd that in bankruptcy, there is no specific exemption to protect guns. Now this is a bit odd considering that there is a Second Amendment right to bear arms. However, just because something is a constitutional right does not necessarily mean it is exempt in bankruptcy and protected from your creditors. I am not telling you this is right, I am just telling you this is the reality of the Federal and Minnesota exemption schemes as it is right now

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    Who Can File A Chapter 7 Bankruptcy

    Posted by Col Ovik on December 2

    Not everyone qualifies to file a chapter 7 bankruptcy. In order to curb perceived abuse, Congress modified the Bankruptcy Code. On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the "Act"). The Act was intended to address certain abuses of the bankruptcy process. Among the abuses identified by Congress was the easy access to chapter 7 liquidation proceedings by consumer debtors who, if required to file under chapter 13, could afford to pay some dividend to their unsecured creditors. 

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    Will All My Debts Be Discharged In My Bankruptcy

    Posted by Col Ovik on December 1

    Not all debts are treated the same in bankruptcy. Unsecured debts are those debts that are not secured by collateral. Of course, secured debt remains secured to the collateral even in bankruptcy, but strictly speaking about unsecured debt-will it all be discharged in the bankruptcy?

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    Live In Minnesota And Need To File Bankruptcy?

    Posted by Wesley Scott on November 27

    You are not alone. Each year, thousands of good Minnesotans find themselves suffering with overwhelming debt often through no fault of their own. Broken relationships, businesses that fail, medical problems that occur, incomes that drop, and yes, bad financial decisions that get made because we are human and not robots. But when you are suffering from debt, the last thing you ever want is to deal with a law firm full of cold and antiseptic people who simply don’t care about you at all and you can feel it. There is a better way.

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    Are Tools Used For My Business Protected In Bankruptcy?

    Posted by Wesley Scott on November 26

    In bankruptcy, a debtor sometimes has property that is nonexempt, meaning not legally protected from being taken to satisfy debts owed to creditors.  In a chapter 7 bankruptcy case, this means the debtor must surrender the nonexempt property to the trustee, or pay the trustee to keep it, which the trustee then uses to pay towards the debtor’s debts. In a chapter 13 case, the debtor is permitted to keep the nonexempt property but must pay, at minimum, the value of the nonexempt property to their unsecured creditors in their repayment plan.  

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    Chapter 13 Bankruptcy: The Basics

    Posted by Wesley Scott on November 25

    Chapter 13 Bankruptcy is a government sponsored debt consolidation plan with several favorable twists for debtors. 

    First, the plan duration is typically 3-5 years and your payment is typically what you can afford to pay to a trustee after you have paid your other reasonable and necessary expenses. For example, if you have $500.00 a month in disposable income, then $500.00 a month is your payment. If your income is over the
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    Minnesota Bankruptcy And LifeBack Law Firm

    Posted by Wesley Scott on November 24

    Minnesota Bankruptcy and LifeBack Law Firm are one in the same. You cannot think about bankruptcy in Minnesota without thinking about LifeBack Law Firm. When people have debt they want to be treated really well. No other law firm in Minnesota honors a Minnesotan’s courage to reach out for help in solving a debt problem like LifeBack Law Firm. 

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    LifeBack Law Firm: Actions Are More Important Than Words

    Posted by Wesley Scott on November 23

    Recently, I have been thinking a lot about the idea of words vs. actions. If you listen to the world, it is a very noisy place. Words and conversations never seem to end. Yet, I am struck by what we say sometimes versus what we do. For example, at LifeBack Law, our values are kindness, helpfulness, professionalism, and exceptional customer service. Would it be kind or helpful to say, we would really like to help you get your life back and then say good day!? Of course not, words, to mean anything, must be followed by actions that are consistent with the words. It is not kind and helpful to say we will be kind and helpful and then hand you a pile of worksheets to fill out would it?

    Recently, I have been thinking a lot about the idea of words vs. actions. If you listen to the world, it is a very noisy place. Words and conversations never seem to end. Yet, I am struck by what we say sometimes versus what we do. For example, at LifeBack Law, our values are kindness, helpfulness, professionalism, and exceptional customer service. Would it be kind or helpful to say, we would really like to help you get your life back and then say good day!? Of course not, words, to mean anything, must be followed by actions that are consistent with the words. It is not kind and helpful to say we will be kind and helpful and then hand you a pile of worksheets to fill out would it

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    Secured Vs Unsecured Debts

    Posted by Charles Nguyen on November 22

    Within your bankruptcy schedules, there are two types of debt that the bankruptcy court require you to disclose – secured and unsecured.  Understanding what type of debt a bankruptcy debtor has will help them understand their bankruptcy better and with their finances once they’ve completed their bankruptcy. 

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    Bankruptcy And Divorce

    Posted by Col Ovik on November 21

    A bankruptcy and a divorce are both intensive processes that require a lot of financial disclosures. When trying to determine which process to start first an individual needs to consider their own unique situation. 

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    Most Popular Bankruptcy Law Firm In Minnesota By Far: Lifeback Law Firm

    Posted by Wesley Scott on November 20

    Our name says what we do for our guests; we help you get your life back. People who are suffering with debt problems just want their life back again. Struggling with debt suppresses life in many ways. Debt occupies your mind and steals your time (life) away from what you should be really focused on: living! 

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    Looking To Hire A Bankruptcy Lawyer? Watch Out For This

    Posted by Wesley Scott on November 19

     

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    Chapter 7 Bankruptcy: The Basics

    Posted by Wesley Scott on November 18

    Chapter 7 Bankruptcy can be a scary set of words put together. What is a Chapter 7 Bankruptcy and how does it benefit those people who file one? 

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