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. 

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?

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.

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.  

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

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. 

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

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. 

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. 

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! 

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? 

You might be familiar with this slogan: it belongs to Minnesota bankruptcy law firm, LifeBack Law. This slogan is not just a slogan, it is our promise to our clients. We don’t, judge you, we HELP you get your life back! We have been protecting Minnesotans from their creditors since 1972 and we can protect you too. If you are looking for the best law firm customer service experience in Minnesota, well, you found it. At LifeBack Law, all lawyers and staff must treat co-workers and clients with kindness, helpfulness, professionalism, and exceptional customer service.

A common concern for many people considering filing for bankruptcy is whether they will be able to protect their wages after they file. The Federal Bankruptcy Code is very generous about allowing debtors to keep the money that they earn from work to provide for their basic needed monthly bills and expenses.

That is right; LifeBack Law’s sole mission is to HELP you get your life back. We do this in two simple steps: Step 1, we HELP you eliminate debt. No worksheets to fill out and zero money up front on our fees (requires the use of a third party promissory note signer).

Yesterday, after I work, I exited the building and started my walk home, like I do every day. But, as I was leaving, I saw a young lady in distress sitting in the corner of the parking ramp. I did not immediately approach her. Part of me was thinking: do not get involved or she was being dramatic or was it even safe for me to approach her.