Atlas Law Firm

Category: General Blog

Will bankruptcy affect my credit score?

One fear that often holds people back from choosing to file for bankruptcy is the belief that it will have a severe impact on their credit score, but the fact is, people often end up causing worse damage in their efforts to avoid bankruptcy, as they continue to exhaust their credit and fall even further into debt. There's a negative stigma surrounding bankruptcy, as for most individuals it is viewed as a last-resort financial decision. However, rather than struggling to pay monthly bills that you simply can't afford and risking foreclosure by falling behind on mortgage payments for your home,… Read More

Recent college graduate in Texas uses bankruptcy to gain financial stability

USA Bankruptcy Guide, an online resource for individuals considering a filing, recently featured an article written by a Texas woman named Kathie who made the decision to file for Chapter 7 bankruptcy at the age of 26 when she couldn’t make ends meet. As many young adults know, life after college can present its own unique set of challenges, especially during a time when the economy is still recovering from the Great Recession. USA Bankruptcy Guide, an online resource for individuals considering a filing, recently featured an article written by a Texas woman named Kathie who made the decision to… Read More

Bankruptcy relieves marriage stress for Illinois couple in debt

Since coming out of bankruptcy, the couple has learned how to budget and are working to rebuild their credit. With time and effort, they hope to one day refinance their mortgage in order to move. While debt can certainly put a financial burden on a couple, it can also alter their personal lives in a positive way. This fact was detailed extensively in an article for USA Bankruptcy Guide in which an anonymous writer from Illinois talked about how he accumulated more than $70,000 in credit card debt after marrying and buying a house with his wife. “Because of my… Read More

Credit card debt is the most dreaded conversation topic, study says

In the survey conducted for the consumer credit card review website, 85 percent of respondents said they’d be somewhat or very unlikely to discuss their borrowing debt with a new acquaintance. When you first meet someone new, you're unlikely to speak about subjects that reflect negatively on you or that could offend your new friend. Though politics and religion, long named the two untouchable topics for any dinner conversation, may first spring to mind, a new study conducted on behalf of found that credit card debt is actually what Americans fear talking about the most. In the survey conducted… Read More

Loan modifications: When refinancing isn’t an option

While refinancing is one solution, it might not be right for every Minnesotan who is struggling with debt. On April 15, Holly Johnson, a 32-year-old wife and mother of two children, published an article on, an online resource that offers financial advice to consumers, entitled “The Hassle of Being in Debt,” in which she discussed how she came to be burdened by excessive monthly mortgage payments. Johnson says that when she and her husband first purchased a home, they didn't put a lot of money down. Since the market was at a peak, they were able to take advantage… Read More

Seek fiscal assistance before Financial Literacy Month ends

The official Minnesota Financial Literacy Month calendar indicates that there are still two major events left for state residents who wish to take advantage of these offerings. On Monday, April 1, Governor Mark Dayton declared April to be Financial Literacy Month in Minnesota. The initiative, which began in 2003 when the promotion was formally designated by the U.S. Senate, seeks to empower Americans nationwide to learn more about their finances so they can make informed decisions that lead them toward a successful financial future. According to the Minnesota Department of Commerce, April saw more than 40 outreach events taking place… Read More

Minnesota Supreme Court ruling favors homeowners fighting foreclosure

Consumer advocates like Prentiss Cox, who is an expert on this subject working at the University of Minnesota law school, say this ruling gives homeowners who are fighting to keep their homes a new avenue to pursue in court. On April 17, the Minnesota Supreme Court issued a ruling that many observers say will have far-reaching implications for homeowners who are contesting foreclosures stemming from the effects of the most recent collapse in the real estate market. According to the Minneapolis Star Tribune, the high court unanimously decided that a foreclosing party must fully comply with the state law requiring… Read More

Delaware resident uses bankruptcy to overcome divorce

Using bankruptcy, Kelly says she was able to support her children while keeping the family in their home, providing added stability for everyone during a difficult emotional time. On this blog, we regularly update our readers with the real stories of everyday Americans who have successfully used bankruptcy to overcome their personal financial obstacles. And while we've had entries that dealt with untimely job losses and business failures, this story centers around divorce, a sometimes costly legal process for both parties. Writing for USA Bankruptcy Guide, an online resource for those considering a filing, Kelly from Delaware shared the story… Read More

Decline in underwater homeowners may not signal improvement

Regardless of the exact figures, the fact remains that many Minnesota residents in Carver, Washington and St. Paul are still in need of financial guidance that could help them keep their home. This past February, the Federal Reserve Bank of Minneapolis released a new report that found that banking conditions in the North Star State improved during 2012 and that steady progress could be expected for 2013. Since the health of major banks is often determined in part by the ability of borrowers to make their monthly payments on credit cards and mortgages, the report also gave observers insight into… Read More

Filing for bankruptcy is “best thing to happen” financially to California man

Minnesota residents who are struggling under similar circumstances may want to reach out to a Minneapolis, Carver or Anoka county bankruptcy lawyer for consultation. On this blog, we've devoted a number of articles to highlighting the real stories of everyday Americans who have successfully used bankruptcy to get out of the shadow of past debt and turn their lives around financially. With today's entry, we're bringing you the story of Eric, a Californian who once feared having a “scarlet B emblazoned across [his] chest” if he filed for court protection. In an article he penned for USA Bankruptcy Guide, Eric… Read More