When you file bankruptcy your income will help in determining which chapter you qualify for. You and your attorney will look at both the means test and disposable income. 

You can file bankruptcy as long as you are at least 18 years old. Whether you should file and what filing will look like, at whatever age you are, should be discussed with an attorney. 

Continuing on our journey of debt relief history, we’ll move on next to two of the most famous ancient civilizations: Greece and Rome. (Fun fact: The author of this blog actually has a degree in ancient history and archaeology). 

If you are either in a filed bankruptcy or are thinking of filing, you may be wondering what impact bankruptcy will have on your bank accounts. The answer, it depends. It depends on several factors, where you bank at, if you owe that bank funds, and whether the account is negative.  

When filing bankruptcy, one of the first things that many people will ask is whether they will need to make an appearance in court related to the filing. 

When filing bankruptcy, something that many people are curious about are the ways in which the bankruptcy process will protect them from creditors.  Related to this, many also wonder when these protections take effect, and how they will continue to function after the bankruptcy has formally concluded.  These are both excellent questions, and they both address one of the fundamental, foundational purposes of bankruptcy, which is: to provide you, your family and your loved ones with peace of mind concerning debt, creditors, and their efforts to pursue those debts.  

In recent years, it has become increasingly common for parents, grandparents or others who may be going through the process of estate planning to add the names of loved ones to the deed of a home or other parcel of real estate which they intend to leave to them one day.  This may be done for a variety of reasons, but most typically takes place for the purpose of simplifying the transfer of the property after the passing of the person that it originally belonged to.  However, adding the name of a loved one to a deed also inherently changes the ownership status of the property; rather than the property passing to the heir upon the death of the person who originally owned it, it now instead belongs to both the grantor and heir jointly at the time that the new name is added to the deed.

Another common question we often hear at LifeBack Law is: Are my veteran’s disability benefits protected? This is a very valid question. Many veterans receive at least something from military disability, while some even have to live off of these payments. So if you are a veteran going through financial struggles, and have questions about your benefits and potential bankruptcy, you’ve come to the right place!

When married couples contemplate filing bankruptcy, one of the first things that they often consider is whether they should file bankruptcy together.  Or to take the question one step further back, a married couple might begin by wondering whether it is even possible to file a bankruptcy jointly rather than as two separate, individual cases.  In most cases, the answer to this query is yes.  In this brief examination of jointly filed bankruptcies we will explore why this is case, as well as the specific reasons why it may be beneficial for spouses to file together.    

Financial difficulties often have us feeling alone, isolated, or ashamed. No one wants to file bankruptcy and we often feel like we can’t reach out the people for help. These difficult situations are scary, but it is not a path you have to walk alone. Bankruptcy and debt relief are thousands of years old, and you will not be the first nor the last person to consider this route. As a former history nerd, I find history can be comforting when facing the unknown or the uncertain. It helps to know that people were in a similar situation years ago and they managed to survive too.

United States Code, title 11, section 522(d), shall be available to residents of Minnesota. Bankruptcy filers in the state of Minnesota can also choose to use the exemptions under Minn. Stat. § 550.37. 

If you are thinking of filing bankruptcy or have already filed and have a co-signor on a debt that is included in your case, you may be wondering what happens to the co-signor after you file? 

Individuals today put so much personal information out into the world, but it is not just our friends and family are who are paying attention to the information we freely provide. Criminals are paying attention as well, and using that information to extort, intimidate, and manipulate victims. Criminals are savvy, and are constantly finding new ways to use technology to perpetrate fraud. 

When you file bankruptcy you will list all of your creditors. This includes secured creditors, like mortgages. In your bankruptcy schedules you will list what you intend to do with the debt/asset. For example, you can surrender the property or keep paying on it. 

Modified plans, also sometimes referred to as mods, are a common term often heard in the context of a bankruptcy.  Specifically, they are frequently referenced or invoked when discussing a Chapter 13 bankruptcy and the related Chapter 13 bankruptcy plan.  Upon hearing the term you might ask, “What is a modified plan” and the related question, “What does a modified plan do?”  At the most basic level, a modified plan is a Chapter 13 bankruptcy plan that has been altered in some way to better suit the needs of the person who filed it.  A modified plan can be beneficial in a broad number of ways, and can be implemented for a wide variety of different reasons, but the basic purpose of a modified plan is to make the process of the Chapter 13 more feasible, to increase its probability of success, or to make it more impactful for the filer.  

If English is not your first language or you are worried about translation, that should not prevent you from filing bankruptcy. At LifeBack Law Firm, we often will use translators to best serve our clients.