Did you know that failing to complete credit counseling course can ruin your case? In both Chapter 7 and Chapter 13 bankruptcy, credit counseling is required. One course must be completed within 180 days before your case is filed and another must be completed before the case can be discharged. As a rule of thumb, [...]
This the season for giving... and racking up debt. If you're planning on filing bankruptcy after the holidays you'll want to avoid these common mistakes, it could seriously jeopardize your bankruptcy. We all get into the holiday spirit of gift giving while failing to think of ourselves. Draining your checking account, without setting any funds [...]
Maximizing Your Budget Thanksgiving kicks off the start of the holiday season, which also happens to be the season in which we spend the most. You may feel like it's difficult to avoid going into debt during this time, but here are some tips that will help you save money. Calculate a budget and stick [...]
We offer immediate bankruptcy protection from creditors upon filing your bankruptcy petition. When we file a bankruptcy petition with the court, it creates a blanket court order called an "automatic stay" against creditor collection efforts. All collection efforts will cease. We stop harassing calls from collection agencies. We can stop repossession of your car and [...]
Did you know that your health savings account can be affected in a Minnesota bankruptcy case? A federal Bankruptcy Appellate Panel upheld Minnesota Bankruptcy Judge Kathleen Sandberg's original ruling that health saving accounts (HSA's) are property of a Chapter 7 bankruptcy estate. The case that brought this issue to the forefront is Leitch v. Christians. [...]
If you are contemplating debt settlement In Minnesota with a creditor or a third party, rather than filing for bankruptcy, you may want to think again. For those who have the funds available to settle those debts, you may incur steep financial consequences. As an example, if a debtor has $40,000 in credit card debt [...]
Before discharging Student Loan debt in bankruptcy, it is necessary to prove an "undue hardship". The courts have ruled that "undue hardship" means something more than "garden variety" hardship. Bankruptcy courts across the county apply different formulas when determining whether undue financial hardship exists. In Minnesota, the court uses the "totality of the circumstances" test [...]
Many people have a negative connotation associated with filing for bankruptcy. That thought needs to be dispelled. Bankruptcy protection was included in our Constitution to offer relief to debtors and to provide them the opportunity for a fresh start. Bankruptcy should be considered a new beginning for your family. Successful people who have filed for [...]
Harassed By Debt Collectors? Learn about Dealing With Harassment From Debt Collectors & Creditor Harassment Enduring harassment at home and at work by overzealous creditors can exacerbate the stress and pressure you're already feeling because of your debt. One of the many reasons people file for bankruptcy is to stop harassment from creditors. Debt collectors [...]
When filing for bankruptcy, you are required to report all of your liabilities and assets. An auto loan in which you cosigned for is considered a liability. Even if you do not possess the vehicle and the primary borrower makes all of the necessary payments, you are still liable for the loan. You have to [...]
Bankruptcy FAQs. What do I need to begin my Minnesota bankruptcy case? Have a detailed list of past and current debts as well as a list of assets and liabilities. Additionally, you will need tax returns for the past two years, documentation of income, recent bank account and retirement statements, proof of expenses, and identification. [...]
Filing for Chapter 13 gives people with a source of income the choice of devising a plan to repay some of their debt when they're experiencing a financial hardship. This is why Chapter 13 is also known as the "wage earner's plan." In the instance that you've already filed for Chapter 13 bankruptcy, yet you [...]
Before a debtor can file for bankruptcy, they must take a credit counseling course beforehand and then a financial management course before the discharge can be granted. This requirement has been in effect since 2005, when the bankruptcy code was revised. These courses are intended to educate debtors and to aid in positive financial management. [...]
Now that you've successfully discharged or restructured your debts in bankruptcy, it's time to set yourself up for success after bankruptcy. Here are some important steps to take to ensure your success: Compile a list of any debts that were discharged in bankruptcy. Certain debts such as student loans, child support, spousal support, and some [...]
It is possible to eliminate your federal income taxes in Chapter 7 bankruptcy if all of the following conditions are met: Your tax debt is from income taxes. Any taxes other than income, such as payroll taxes or fraud penalties, will not be eliminated by bankruptcy. You didn't defraud the system. If you filed a [...]
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Email: greg@waldlawfirm.com
WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE!
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