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Minnesota bankruptcy: What cosigners should know

For this kind of expert advice, both parties should speak to a Minnesota bankruptcy attorney who can help you make the right steps to protect their finances. In order to gain more favorable interest rates on or approval for car loans, student loans or mortgage loans, it’s not uncommon for Minnesota residents to offer to act as cosigners for friends or relatives who have fallen on hard times financially or who do not yet have a credit history to support the loan. Since this tactic spreads the risk in the transaction, often to those with better credit scores and financial… Read More

When is the right time to file for bankruptcy?

Many people see bankruptcy as a last resort, but all too often that perception means families wait far too long to consider seeking this type of protection. Many people see bankruptcy as a last resort, but all too often that perception means families wait far too long to consider seeking this type of protection. Ultimately, waiting can end up hurting your financial situation more than filing at the “right” time. Obviously there is no exact “right” moment to file, as each family’s situation will differ. However, there are a few common signs that you should consider speaking with an experienced… Read More

Do you have to be a U.S. citizen to seek bankruptcy protection?

When it comes to bankruptcy, most individuals think of a typical Minnesota family who is down on their luck. When it comes to bankruptcy, most individuals think of a typical Minnesota family who is down on their luck. They’ve missed mortgage or car payments or have fallen behind on credit card bills. However, it happens that you don’t have to be a U.S. citizen to file for bankruptcy protection. If you reside in the United States or have any assets in this country, you are entitled to seek bankruptcy protection. It is especially important for those who are non-citizens or… Read More

Bankruptcy filings down, but thousands still seek protection

Signs that Minnesota is continuing to emerge from the national recession were clear throughout 2012. Signs that Minnesota is continuing to emerge from the national recession were clear throughout 2012: jobs were added, the economy grew and home sales increased. As part of these upward trends, there have been downward turns in the so-called negative aspects of the economy. A report from the Administrative Office of U.S. Courts, released on February 4, showed that bankruptcy filings were lower nationwide over the past year, when compared with 2011. Through the calendar year, 1,221,091 individuals and businesses filed for some form of… Read More

How cramdowns in Chapter 13 bankruptcy can save your car and other assets

In Chapter 13 bankruptcy, you will propose a plan to the court to make a monthly payment toward your debt over the course of three to five years. In Chapter 13 bankruptcy in Minnesota, you will propose a plan to the court to make a monthly payment toward your debt over the course of three to five years. You and your Carver bankruptcy lawyer will come up with this amount together, based on how much you owe your creditors, your income and your budget. At the end of your payment plan, the remainder of your debts are discharged, and you… Read More

Who is a bankruptcy trustee?

If you’re considering filing for bankruptcy and have done some online research into the process, you’ve likely come across numerous references to bankruptcy trustees. If you’re considering filing for bankruptcy and have done some online research into the process, you’ve likely come across numerous references to bankruptcy trustees. These professionals are typically glossed over in discussions of Chapter 7 and Chapter 13 bankruptcy cases, but their role is important to understand. The bankruptcy trustee is not the judge in your case, nor are they a representative of your creditors. In larger terms, their role is to be an impartial observer… Read More

Minnesota organizations call for crackdown on payday loans

Minnesota residents in a financial bind, whether it’s an emergency medical situation or an unexpected bill, can easily be lured into cash advances on paychecks, structured annuity payments or other income. Minnesota residents in a financial bind, whether it’s an emergency medical situation or an unexpected bill, can easily be lured into cash advances on paychecks, structured annuity payments or other income. These services are no longer offered by unreliable or suspicious companies, but by banks, making them seem like a trustworthy avenue out of a stressful situation. However, consumer advocates warn that in spite of the big-name banks offering… Read More

How Chapter 13 bankruptcy can help your high-income family

In order to file for Chapter 7 bankruptcy in Minnesota, you must pass what is known as a means test. In order to file for Chapter 7 bankruptcy in Minnesota, you must pass what is known as a means test. This assessment determines, based on a variety of factors including your household size, monthly income and debts, whether or not your financial needs merit a Chapter 7 filing. If your income is too high, this test may disqualify you from receiving the benefits of this type of protection. However, even if you do not qualify for Chapter 7, you can… Read More

If you’re struggling financially, be sure to keep meticulous records

For some Minnesota residents, bankruptcy is a last resort that comes after months and months of unpaid or underpaid bills. For some Minnesota residents, bankruptcy is a last resort that comes after months and months of unpaid or underpaid bills. No one wants to accept that they need help becoming financially stable – as Americans, we’re taught to be independent and provide a good home for our families. But circumstances can often throw this desire into turmoil, especially since the recession hit. Whether you’ve lost your job due to a layoff or your home’s value has plummeted thanks to the… Read More

Student loans and bankruptcy: What you need to know

For many Minnesota families, student loan debt is one of the biggest financial burdens they face, along with mortgages and healthcare costs. For many Minnesota families, student loan debt is one of the biggest financial burdens they face, along with mortgages and healthcare costs. If you are struggling to stay current with your payments to creditors, you may want to consider filing for bankruptcy after consulting an experienced Twin Cities bankruptcy lawyer. But you should be aware that in many situations, student loans cannot be discharged like other debts on your credit card or medical bills. So even if you… Read More

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