The Benefits of Bankruptcy for Senior Citizens
Approximately 14 percent of all households in America, or about 17 million, owe more than they own. But less than 1 percent of U.S. households ever file for bankruptcy. For many, this is an opportunity to wipe out debt that they can never repay. Bankruptcy is a federal procedure that helps individuals free themselves from […]
When Is Filing for Personal Bankruptcy the Best Option?
Many people have heard about personal bankruptcy. Yet few people are aware of how common it is. The United States Bankruptcy Court in the District of Minnesota heard more than 7,100 cases in 2020. They expect these numbers to rise as people assess their debts after the pandemic. When you are faced with mounting debts, you […]
Which Type of Bankruptcy Should I File?
If you have money on your mind, you’re far from alone. One 2019 study found that 56% of all U.S. adults admit to losing sleep over their finances. When anxiety over your money spirals out of control, the decision to opt for bankruptcy can be a huge relief. Knowing that you’ll be able to manage […]
Determining Chapter 13 Payment Amount
Did you know that over twelve years more than four million people filed for Chapter 13 bankruptcy? Chapter 13 bankruptcy is a great alternative to Chapter 7 if you have significant property equity and a regular income. Unfortunately, finding out the payment amount that you owe is a complicated process. Luckily, in this article, we’ll […]
Rescue Your Home from Foreclosure with Chapter 13
Unemployment, medical debts, and divorce: are three of the most common causes of bankruptcy. It doesn’t take much for one of these issues to shatter the American dream. Once you’ve gotten behind two or three payments on your mortgage, it may seem next to impossible to even think about getting caught up. Mortgage companies won’t […]
The 6 Steps of the Means Test
The Means Test is Required for Chapter 7 Bankruptcies If you are an individual debtor with primarily consumer debts then you are required to calculate your current monthly income and expense deductions under a means test. The bankruptcy code defines income as income from all sources without regard to its taxable nature. It also […]
What to Know About Minnesota Bankruptcy Exemptions
Bankruptcy can be a difficult decision, and you may wonder if you will have to give up all your possessions. When determining if this step is right for you, you should know about Minnesota bankruptcy exemptions that will allow you to clear your slate while keeping many of your assets. For more information about […]
How Often Many Times Can I File for Bankruptcy?
You can make multiple bankruptcy filings; however, there may be time limits related to when you can file and obtain a debt discharge. The timelines for Chapter 7 and Chapter 13 differ, so you should consult with a bankruptcy attorney before making any decisions about filing. Call Gregory J. Wald Attorney at Law today at (952) 921-5802. How […]
When Unemployment Leads to Bankruptcy
Facing bankruptcy and unemployment may seem complicated, however in many cases, being unemployed may improve your chances of qualifying for Chapter 7 bankruptcy. Essentially, the lower your disposable income, the more likely you’ll pass the means test. In addition, unemployment may even allow you to pay less money to unsecured creditors during Chapter 13 bankruptcy. Let’s examine […]
Can You File Bankruptcy on Student Loans?
Can you file bankruptcy on student loans? Yes. But the bigger question is whether you will qualify for a discharge or not. Unfortunately, most people do not qualify to discharge their student loan debt through bankruptcy. You can only eliminate this type of debt if you can successfully prove that paying back your loans will […]
