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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 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 [...]
Bankruptcy can be a difficult decision, and you may wonder if you will have to give up all your possessions. When determining if this step is right for you, you should know about Minnesota bankruptcy exemptions that will allow you to clear your slate while keeping many of your assets. For more information about [...]
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 [...]
WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE!
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