When I meet with clients who own their home, protecting their loved ones and their family home are the number one concerns. As far as protecting your home in bankruptcy goes, Minnesota is one of the best states in the country as far as protecting your equity. Currently, you can have up to $450,000.00 worth of home equity and not lose any of it in filing for bankruptcy relief.

Individuals looking for a fresh start seek a bankruptcy to get rid of their overwhelming debt. They may be able to file under a chapter 7 or chapter 13, or they may be eligible for just a chapter 13.

There are lots of reasons that people file for bankruptcy. One very common reason is because they have lots of medical debt. Medical services can be very expensive, particularly for those who have no or little insurance. Medical debt is considered general unsecured debt, just like credit cards and personal loans that are not secured by any collateral. This type of debt can be completely wiped out by a bankruptcy discharge.

If you are one of the millions of Americans that are unable to meet their monthly debt obligations, but are having trouble figuring out why, it may be because you are withholding too much from your paychecks for income tax. Although it may not be the only reason, one simple change to your withholding, could put more money in your pocket each pay period.

People move from state to state for several different reasons—taking a new job opportunity, attending school, following a loved one, or getting a fresh start are just a few—and when they move, they might leave behind family, friends, or belongings, but one thing that does not stay behind is their debt. Because this is true, it is very common for people who have just moved to a new place to inquire about their ability to file a bankruptcy to get a fresh start.

The prospect of having to file for bankruptcy can be daunting and intimidating, especially for someone who has never filed for bankruptcy, or maybe, has never even been in court before.

Most bankruptcy cases are very routine and are relatively simplistic in terms of the process. Often, the most challenging part of the process is preparing the initial petition and accompanying court paperwork to be filed with the court. For this reason, it is always advisable to consult with an experienced bankruptcy attorney before filing for bankruptcy.

When filing a Chapter 13 bankruptcy the number one question by potential clients is: what will be my monthly payment? There are many factors that are considered when determining a chapter 13 payment:

• income,
• necessary expenses,
• non-exempt assets,
• repayments to creditors in the 90 days prior to filing,
• and repayments to friends and family members.

When you have filed and received a discharge in a prior chapter 7 or chapter 13, timing matters if you want to receive a discharge in a new case.

In bankruptcy there are certain exemptions you can choose from. These exemptions are what protect your assets from liquidation and asset seizure.

Occasionally clients will tell me that they would only like to file bankruptcy on one or just a few of their creditors. While this is not entirely possible, there are some similar options.

Commonly, our Chapter 13 Bankruptcy clients are concerned about what their payments will be and for how long will they have to make them. Although we understand that it is frustrating that we cannot immediately provide a nice, short answer, the truth is that plan payments and the length of the plan vary from bankruptcy to bankruptcy, and it is a process to get to the proposed amount.

We wanted to create a name that was congruent with who we are. We wanted to create a name that answered what do we do and have it more relevant to our marketing ethos in Minnesota. So we kicked back and brain stormed different names. We were going from Kain & Scott, P.A. to what name would fit us the best? After muddling our way through close to 500 names, we chose LifeBack Law Firm, P.A.!

A lot of people who suffer with debt want to know how does bankruptcy affect my credit? There are all kinds of misconceptions about bankruptcy in the marketplace. I have had some people tell me they didn’t think they could get any credit after they filed a bankruptcy.

This is not true at all. Over the many decades, LifeBack Law Firm has helped literally tens of thousands of Minnesotans get their lives back and most of them go on to obtain credit. Most go on to purchase homes and vehicles and all sorts of other items.

Chapter 7 bankruptcy, also commonly referred to as the “fresh start” bankruptcy, is one of the most commonly filed bankruptcies in Minnesota for several good reasons. Not only immediately after you file a Chapter 7 are you protected from any creditors, but creditors are not allowed to repossess or foreclose on any property while you are in a Chapter 7.

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.

People file for bankruptcy when their debt becomes too much to handle and they need financial relief. A common concern people have is how they should be spending their money and what debts they should be paying when they are contemplating filing for bankruptcy in the near future.