During the three to five years of a chapter 13 bankruptcy your life will likely change. Whether it is because of finances, relationships, property, or your health. That is why chapter 13 bankruptcy plans can ebb and flow with you.

Bankruptcy provides an avenue for an individual to address their debt. It can provide a lot of relief. But, not everyone needs to or should file bankruptcy. What happens when only one of the partners in a marriage needs to file bankruptcy? The first question that needs to be addressed is, does the other spouse have any debt where it would make sense for them to file as well.

Bankruptcy is a serious legal tool that shouldn't be entered into lightly. Fortunately, it can, in specific situations, help you move forward toward greater financial freedom.

Chapter 7 is a specific chapter in the federal bankruptcy laws that represents what is known as straight or liquidation bankruptcy and that can wipe your financial slate clean.

If you’re currently facing financial issues, it can color everything you do and can make your financial future seem bleak at best. If your financial situation seems insurmountable, help may be available in the form of a Chapter 13 bankruptcy. While bankruptcy is obviously not the answer for everyone in every financially dire situation and is a fairly drastic move, it can – in certain situations – give you the kind of financial reboot you need to move forward with renewed confidence and purpose.

Bankruptcy is a legal process that offers individuals and companies facing overwhelming debt with the opportunity of a fresh start. The bankruptcy process can eliminate debt and halt the efforts of your creditors. In the long run, it can also improve you credit score and ability to obtain a loan.

Filing for bankruptcy in Minnesota could be the first step on your path to a financial fresh start. However, the exact steps along that path will depend on a few factors including the type of bankruptcy proceeding you have selected.

When you receive your bankruptcy discharge, your liability on the debt is discharged, but your co-signors isn’t. What will happen to them after you file and whether their credit will be impacted by your filing are common questions.

In most chapter 7 cases, the debtor does not have to give up any property because all the property they have is exempt, and therefore, protected, under law. However, in certain cases, some debtors may have property that is not protected.

A lot of Americans want to know, how does a Chapter 7 Bankruptcy really work? This article dissects a Chapter 7 Bankruptcy from the moment it becomes a thought in your head to when you actually get your life back after bankruptcy.

Minnesota law generally allows bankruptcy filers to keep inheritances, but there are exceptions. If the inheritance is considered propety exempt from creditors under Minnesota law, you can likely keep it. Contact a Minnesota bankruptcy attorney to discuss your specific situation and ensure you're protected.

Credit Unions operate differently than banks in many aspects, and there are a few big differences in how credit unions operate within the bankruptcy world.

When you find yourself on the brink of filing bankruptcy, you can do some bankruptcy planning, and you should. When filing a chapter 7 bankruptcy, it is important to remember this is a liquidation bankruptcy, so non-exempt assets and funds will be liquidated to pay your creditors. There are times when bankruptcy filers find themselves with more non-exempt assets than originally expected, and rather than have the assets liquidated in the bankruptcy, they decide to spend, sell or use the asset.

You may have heard the words disposable income come up when you have researched bankruptcy. Disposable income is what is left after you take your income and minus all reasonable and necessary expenses. In terms of bankruptcy, what does it actually mean and can it impact you?

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. Those filing standard bankruptcy will not have to go to court in the traditional sense or like a criminal prosecution with a jury. Instead, those filing attend a creditor's meeting at a courthouse, or during COVID-19, remotely.

For most people, considering “when” you should file bankruptcy can be as important as the decision of “if” you should file for bankruptcy.

I posted recently about the composition of a chapter 13 payment. A number of factors – not simply a budget calculation – go into determining the final payment amount. And that recent post only covered some of the considerations. Here are some more things to keep in mind in determining what a monthly chapter 13 payment will be.

In some cases, the amount that has to be paid over the lifetime of a plan – attorney fees, trustee fees, auto loan payments, mortgage arrears, tax arrears, etc. – works out to a higher monthly payment that a debtor can afford right now. Does that mean that a chapter 13 simply won’t work in this situation? Not necessarily.