Small Business Bankruptcies in the Minnesota Area
If you’re a small business, there may come the point that you need to file for bankruptcy. Like most places, Minnesota is seeing a rise in small businesses filing for bankruptcy, many requiring an attorney to get things settled. Here’s what to know about bankruptcy for small businesses and what you should do if you […]
Student Loan Discharge and Bankruptcy: A Complete Guide
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 […]
Senior Citizens Filing for Bankruptcy: Know Your Debt Relief Options
Bankruptcy rates are rising over the 65+ population. It’s common for seniors to find themselves in difficult financial situations as they age. But when debt becomes too much to handle, many seniors turn to bankruptcy to get relief. If you’re considering filing for bankruptcy, speak to a debt relief attorney in Bloomington. They will explain […]
Can You File for Bankruptcy if You’re Unemployed?
Picture this: You lost your job a few months back and are having a hard time finding a new one. Your income is nonexistent, your bills are overdue, and you’re stressed more than ever. Not a pretty picture, right? Luckily, if you are in this predicament, you can hire a bankruptcy attorney in Bloomington. If […]
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 […]
