42.8 million Americans carry the weight of student loan debt as a part of their monthly budget. This equates to about 13% of the US population with federal student loan debt. A whopping 9.7 million student loan borrowers have between $20,000 and $40,000 in debt. After graduation, many find it challenging to keep up with [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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? 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 [...]
You may have used your credit card to pay for necessities, such as medical bills or car repairs. But what happens when your credit card debt gets to be too much, and you fall behind on your payments? Below, we discuss what you need to know about filing bankruptcy on credit cards. What Happens If You [...]
A medical emergency can happen without warning leaving you out of work and deeply in debt. With or without health insurance, it's easy for medical bills to quickly pile up. But how can you fully recover from your injury if you are constantly stressed about your medical debt? Can you file bankruptcy on medical bills? Yes — [...]
By now, you're probably already aware of the benefits of Chapter 7 bankruptcy — one of which is that you can get your debt discharged relatively fast. But how long does bankruptcy Chapter 7 take, from filing to closing? How soon can you get a fresh financial start? While Chapter 7 typically takes four to six months to [...]
No one looks forward to filing bankruptcy. And the last thing anyone wants is for it to negatively impact their family. But what if you and your spouse are struggling with debt and bankruptcy is the only option? Can one spouse file bankruptcy without the other, or should you file together? Below, we discuss the [...]
There are a myriad of reasons why you may have gotten behind on your taxes. A family emergency, a serious medical issue, or a natural disaster may have forced you to focus on more important matters and put taxes on the back burner. But no matter the situation, it is impossible to try and hide from the IRS forever. The agency [...]
One of the most common fears people have about bankruptcy is the impact it will have on their credit scores. But how does bankruptcy affect your credit? Will it trash your credit score forever? In reality, it depends. Bankruptcy may hurt your score initially, but over time it can give you a good chance to wipe [...]
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