Hi, Wes Scott from LifeBack Law Firm, one of the busiest bankruptcy law firms in Minnesota. LifeBack Law has been protecting Minnesotans from their creditors since 1972 and we can protect you too. The most kind, helpful, professional and exceptional customer service in the industry. Get your life back by calling today, you will be so glad you did.

With the possible exception of your home, your car is usually your most important asset. You need it to get to work, buy groceries, take your child to their doctor appointment, etc. When you file a chapter 7 bankruptcy, you may be able to keep your car, but that depends are a number of factors.

As I wind down from the high from my own recent marriage, I am reminded of a common issue that comes up when I talk to married people: Who of a married couple should file for bankruptcy?

My answer is usually the same: Both if possible and if they both need bankruptcy relief.

Married couples can either file a joint bankruptcy or individual bankruptcies.

During your bankruptcy you will be asked about the likelihood that you may inherit any property or money. Your attorney will likely ask you this question and the trustee will also let you know if you do inherit any funds during the bankruptcy you need to let the trustee’s office know. Why? Because the bankruptcy estate will have an interest in the inherited property.

In order for a person to file their bankruptcy case in the State of Minnesota they must either be a current resident of this State, have their principal place of business or principal assets here, or be “domiciled” in the State. Practically speaking, this means that they need to be a resident living, or doing business, in Minnesota in order to file their case here.

When a creditor is owed a debt by the bankruptcy filer and the bankruptcy filer is owed a debt from the creditor and consequently creating a mutual obligation, the creditor can setoff the mutual debt. This means, instead of the creditor paying their debt to the bankruptcy filer the creditor can setoff (subtract) that amount from the amount owed to them by the bankruptcy filer.

In a chapter 13 bankruptcy case, the case is typically closed shortly after the debtor completes their repayment plan and receives a discharge of their debts or shortly after their case is dismissed by the court if they are unable to successfully complete their plan.

Alternatively, in a chapter 7 case, the bankruptcy discharge normally automatically occurs 60 days from the date of the creditor’s meeting (a.k.a. the “341 meeting”).

When you hire a bankruptcy attorney, they are supposed to protect your interests and assets not take a lien against your assets to see that the lawyer gets paid their fees. I witnessed this happen recently and it is shocking a lawyer would do this. It is a very unseemly practice that prioritizes lawyers being paid over clients getting relief.

What is the true impact on your credit after filing bankruptcy? Filing bankruptcy is nearly always a net positive for your credit profile and credit score. How can this be? Pretend I am a banker and you come to me wanting a loan.

Soon, bankruptcy filings will hit record levels in Minnesota. I know it does not look like that can be the case right now, but it will be and sooner than you think. How can I be so confident of that? Easy, Google global debt and you will get part of the picture. But that is only part of the picture. Global debt levels never went away even after the last recession, which started in 2007/2008. We are at a crossroads in our economy that has fundamentally transformed itself without anyone noticing much.

I have recently started running, actually, I have recently started running again. Running is one of those activities that I do not enjoy. But I make a point to do it because I work in an office and spend most of my day sitting.

Issues with your homeowners association can be stressful. Homeowners associations have the power to place a lien on your property or foreclose. When you get behind in your association fees you are putting your property at risk.

Struggling with eviction in Minnesota? Bankruptcy can be a powerful tool to protect your home. This guide explains how the automatic stay in bankruptcy immediately halts eviction proceedings, the nature of repayment plans to repay your rent arrears, and potential debt discharge. Don't let eviction ruin your life. Learn more about how bankruptcy can help you stay in your home.

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If you are suffering from debt, the last thing you want is to work with a group of “professionals” that are not very professional and who treat their clients like widgets on an assembly line. You don’t want to work with a law firm that would really ask their client to put up their clothing to secure the bankruptcy attorney’s fees. This is really happening.

Law firms are largely specialized these days. Many are what we call “boutiques” that cater to clients in one specific area of the law. For example, there are many personal injury law firm boutiques. Many law firms specialize in family law, criminal defense, or even more specific than that, one area of criminal defense like DWI law.

A person who files for bankruptcy (a.k.a. the “debtor”) is protected from creditors by the “automatic stay” which begins on the day they file their petition with the bankruptcy court.

The automatic stay is a court order that prohibits creditors from collecting on debts owed by the debtor, with very limited exceptions (i.e. creditors to whom the debtor owes alimony or child support are not stopped by the automatic stay).