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Attorney Michael Sheridan Publishes Literature In The Bankruptcy Field
 

 Inside the Recent Release of a Minnesota Bankruptcy Lawyer’s New Book Minneapolis, MN: Bankruptcy Attorney Michael Sheridan of the Atlas Law Firm is proud to announce that he has released his first published book on surviving the bankruptcy process in December of 2016. The book is titled “Secrets of Bankruptcy Survival in Minnesota: Info That May Help You Understand the Bankruptcy Process, Make a Fresh Start, and Rebuild Your Credit Fast,” and combines the years of expertise that Attorney Sheridan maintains as an experienced Bankruptcy attorney into a single book. The literature provides its audience with a body of practical… Read More

Consumer Financial Protection Bureau Issues Its Highest Fine to Date Against Wells Fargo
 

 CFPB fined Wells Fargo $100 Million for the illegal practice of opening unauthorized accounts for its customers. Wells Fargo incentivized its employees to sell customers on opening more deposit and credit card accounts, by offering employee bonuses for new accounts. This resulted in widespread fraud by Wells Fargo employees boosting sales figures by secretly opening more than two million accounts and funding them by transferring funds from consumers’ authorized accounts without their knowledge or consent, often racking up fees or other charges. Wells Fargo will pay full restitution to all victims (estimated to total at least $2.5 million) and a… Read More

New Bankruptcy Means Test Numbers starting April 1, 2016
 

  Download Full Image The U.S. Trustee Department is releasing new Census Bureau Median Family Income By Family Size numbers to be used in all Chapter 7 and Chapter 13 bankruptcy means test calculations for cases filed after April 1, 2016. Above are the numbers for all U.S. states and territories.

FHA Mortgage Loan Requirements
 

 You can get an FHA mortgage with a credit score of 500 and with a foreclosure or bankruptcy on your credit report. Here are some of the most important requirements: 1. Consistent employment – You must have been employed for the past 2 years or at least had consistent income for the past 2 years. 2. Debt to Income Ratio – There are 2 ratios that have to be met. First, the Mortgage Payment Expense to Effective Income Ratio requires that the total monthly home mortgage payments (principal, interest, taxes, mortgage insurance, hazard insurance, HOA fees, etc.) when divided by… Read More

Michael Sheridan Defeats U.S. Trustee’s Motion To Dismiss His Clients’ Chapter 7 Bankruptcy Case.
 

 When you file for chapter 7 bankruptcy, you must meet 2 income qualifications. First, you must pass the means test. The means test mechanically calculates whether you have the “means” to pay back a portion of your debts. One of the benchmarks of the means test, is whether your projected annual income exceeds the median income for a household of your size. If your projected annual income is greater than the median income for a comparable household, and you are unable net out enough allowed expenses on the second half of the means test, then there is a presumption that… Read More

How Do I Know If I Should File Bankruptcy?
 

 It’s a question that everyone who has been struggling with debt and debt collectors has to ask themselves. The question is complicated by the fact that there are so many myths surrounding bankruptcy. Many people assume bankruptcy is the worst thing you could ever do to your credit and avoid looking into the option altogether. They assume that bankruptcy means you are going to lose everything you own and will have a black mark on your credit that will prevent you from getting credit, a new job, or an apartment in the future. All of these myths stem from one… Read More

High Cost Of Medical Treatment Causes Many People To File For Bankruptcy
 

 According to the St. Cloud Times, a Minnesota news source, the most common reason that individuals in the United States file for bankruptcy is illness, and much of this is due to the high cost of drugs. Previously on this blog, we've written about how unexpected medical bills can cause individuals to fall behind financially and how, in some cases, people choose to forgo important medical treatment if they know it will add onto the debt they have already accrued. In a recent article featured in the medical journal “Blood,” a group of researchers suggested that the cost of cancer… Read More

Understanding the Bankruptcy Abuse Prevention and Consumer Protection Act
 

 Bankruptcy is a powerful tool used that can be used to protect you and your family from debt collection when you are unable to pay debt. Bankruptcy is, in fact, one of the few legal protections that the common man (or woman!) has against the combined might of the banking and loan industry. When it comes time to declare bankruptcy, however, it is important that you understand all of your rights as well as your obligations. In recent years, the nature of bankruptcy has been changed, especially through the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act in… Read More

Choosing the Bankruptcy for You
 

  Bankruptcy is not a process to be entered into lightly, but when you have debts and obligations that you absolutely cannot meet, it is a lifesaver. As freeing as bankruptcy can be, however, bankruptcy laws in this country can seem quite complex to the uninitiated. Yet once you have a full understanding of the bankruptcy process and how best to approach it, you can end up coming out the other side of your bankruptcy far better off than you were before. Of course, without a full understanding of bankruptcy, it is easy to make mistakes that can have a… Read More

Credit Repair: Do-It-Yourself for Free
 

  Many of my clients ask: How quickly can you rebuild credit after bankruptcy? While you can get credit cards shortly after your bankruptcy is filed, getting good interest rates typically takes 12-24 months of rebuilding your credit. If you’re looking to repair or rebuild your credit, you likely have heard the commercials advertising credit repair for hire. These credit repair consultants promise improved credit scores by challenging negative information on your credit report. But everything the credit repair professionals can do, you can do yourself for free. To learn more, follow the steps below and download the free Credit… Read More