Our married clients often have many questions regarding how filing bankruptcy will affect their spouses. The first question is usually whether the spouse must also file. The second question is
If you are living in Wadena and you are thinking about debt and bankruptcy, you are probably thinking about credit cards, loans, mortgages, and things like that. What you may not be thinking about are utility bills. Yet, utility bills are often the bills that get juggled when we are living paycheck to paycheck.
Over the last month, I’ve tried to answer one of the questions most often posed to me by prospective clients: which bankruptcy chapter is best for me? What’s the difference between the two chapters. And since this is the fourth week that I’ve spent writing on this question, the answer to those questions is obviously a bit involved. This week I’ll write some more about the differences in the way chapter 7 and chapter 13 operate - and this week we’ll look at the differences as they apply to priority unsecured debt.
As Minnesota’s oldest bankruptcy law firm, we’ve heard every bankruptcy question in the book over the last 50 years of helping Minnesotans erase their debt.
Here are some of your biggest Minnesota bankruptcy questions, answered:
Has your debt landed you on the naughty list this year?
It’s that time of year when Santa is making his annual inventory of all the good and bad Minnesotans. But Santa isn’t alone: many Minnesota families are also taking a good hard look at their finances and wondering how much crunch they will feel once their credit card statements come in January. According to a recent report, the average American family spent almost $1,000 on just gifts during the 2016 holiday season and the projected expense of the 2017 season is expected to be even higher. For Minnesota families that are already struggling financially, the added cost of the holidays can turn a bad situation into a dire one.
Most of us been in a position where we have been living paycheck to paycheck and have to pick and choose whether to pay certain bills or put food on the table for our families. Families should not have to go through this, but up until the point they come into my office, that is often the case. Now, sometimes one of the bills that doesn’t get paid is the mortgage. If you live in a home and the mortgage is secured by land, the home would go through the normal foreclosure process. But what happens if you live in a mobile home and the mortgage is not secured by land, and instead you rent the lot? The process is a little different.
I get this question a lot. When is the right time to think about bankruptcy? Should I even be considering it if I’m current with everything? I think it really depends on circumstances and if you can project what the next couple of months forward will look like.
For the last three weeks, I’ve tried to answer some very commonly-asked questions: what’s the difference between chapter 7 and chapter 13 bankruptcy? The answer to that question is fairly easy - chapter 7 is a liquidation approach to money problems, while chapter 13 is a repayment program. And the mechanics of the two chapters - the preparation of a petition, schedules and statements, the filing of the petition and schedules, and the steps to obtain a discharge - are also fairly easy to explain. But since it’s taken me four weeks-worth of blogs to cover this topic, it’s the follow-up question “what’s the best chapter for us?” is more complex. This week, I’ll write some more about the differences between the two chapters.
One of the most frequent questions potential clients ask us is, “do I really need a lawyer to file bankruptcy?” The answer is an overwhelming “yes!” While there is no law that requires you to hire a lawyer to handle your bankruptcy, it’s a good idea and can save you a significant amount of time and money.
One of the most common points of confusion among potential clients who are considering filing bankruptcy in Minnesota is what types of debt can be discharged.
“Is all my debt eligible?”
"What about my house and car?”
“Can I get rid of my student loans?”
“Is there anything you can do about my hospital bills?”
“I have a huge utility bill – can I file for that?”
What many people don’t realize is that not all debt is the same and, as such, not all debt can be discharged with bankruptcy, regardless of the type of Minnesota bankruptcy you file.
With the holiday season approaching, many Minnesotans are planning on using credit cards to get through the annual spending splurge. With so many purchases this time of year—gifts, airplane tickets, gas, food, and trimmings—many families drastically increase their amount of credit card debt every holiday season. A recent study suggests that the average American household will spend $422 this year on gifts for each child in their household: that’s enough green to make anyone see red!
If you’re one of the thousands of Minnesota residents struggling with debt, chances are you might be faced with some form of aggressive collections actions from creditors in the near future. What many Minnesotans don’t realize, however, is that there is one way to stop foreclosure, repossession, and creditor harassment fast: by filing for Chapter 7 or Chapter 13 bankruptcy in Minnesota.
Is your debt snowballing out of control this winter?
If there’s one thing that Minnesotans know, it’s snow. With an average annual snowfall of between 36 and 70 inches, The North Star State has experience handling whatever Old Man Winter throws its way.
But if you have snowballing debt, you will need more than a shovel and mittens this Minnesota winter.
Have you ever been tempted by “one size fits all” Minnesota bankruptcy services? Advertisements for law firms that claim to understand the complexity of your financial situation without ever meeting you or discussing your information? Law firms that tout their bankruptcy expertise, without ever having actually taken a Minnesota bankruptcy case at all, let alone one that is exactly like yours?
Last week, I finished writing about the way that Minnesota state law treats home ownership in bankruptcy cases. If you recall, Minnesota is one of 15 states nation-wide that allow people who file bankruptcy to either use the property protections found in the Federal Bankruptcy Code or the property protections found in Minnesota Statutes to protect their interests in property - both real estate and personal property. In bankruptcy cases, when property is protected, the property is termed “exempt.” For many of my clients, the anxiety they feel regarding the decision of whether to file a bankruptcy case has to do with making sure that the property they own and want to retain is exempt.
I’ve been writing about the interaction between a bankruptcy debtor and the debtor’s relatives for the past three weeks. During that time, I’ve looked at the complications that can arise from having relatives involved in a debtor’s financial affairs - and how almost every debtor who has been my client very much wants to keep family members from getting entangled in the debtor’s bankruptcy case.
Our married clients often have many questions regarding how filing bankruptcy will affect their...
If you are living in Wadena and you are thinking about debt and bankruptcy, you are probably...
Over the last month, I’ve tried to answer one of the questions most often posed to me by...
As Minnesota’s oldest bankruptcy law firm, we’ve heard every bankruptcy question in the book over...
Has your debt landed you on the naughty list this year? It’s that time of year when Santa is making...
Most of us been in a position where we have been living paycheck to paycheck and have to pick and...
I get this question a lot. When is the right time to think about bankruptcy? Should I even be...
For the last three weeks, I’ve tried to answer some very commonly-asked questions: what’s the...
One of the most frequent questions potential clients ask us is, “do I really need a lawyer to file...
One of the most common points of confusion among potential clients who are considering filing...
With the holiday season approaching, many Minnesotans are planning on using credit cards to get...
If you’re one of the thousands of Minnesota residents struggling with debt, chances are you might...
Is your debt snowballing out of control this winter? If there’s one thing that Minnesotans know,...
Have you ever been tempted by “one size fits all” Minnesota bankruptcy services? Advertisements for...
Last week, I finished writing about the way that Minnesota state law treats home ownership in...
I’ve been writing about the interaction between a bankruptcy debtor and the debtor’s relatives for...
