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Mankato, MN Bankruptcy: The Basics

Behm Law Group, Ltd. provides assistance with Bankruptcy in Mankato, MN and surrounding communities

Under 11 U.S.C. §101(41), Bankruptcy can apply to debtors who are:

An individual, a partnership, or a corporation or other business entity

In plain English: ANYBODY. Yes, ANYBODY who has debt they can’t possibly repay can file for bankruptcy. BUT:

Under 11 U.S.C. § 109(g), an individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor’s willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.

TRANSLATED: If you filed for bankruptcy and didn’t show up for your bankruptcy hearing or didn’t follow court orders or if a creditor asked for relief from your bankruptcy case to repossess an asset and you, thereafter, asked that your bankruptcy case be dismissed, you can’t file for bankruptcy again for at least six months.

And:

Under 11 U.S.C. § 109(h), no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before the filing of the bankruptcy case, received credit counseling from an approved credit counseling agency either in an individual or group briefing.

TRANSLATED:

If you’re going to file for Chapter 7 bankruptcy or any other form of bankruptcy, plan ahead. If bankruptcy is in your future within the next six months, make a gesture of good will and attend credit counseling. You may find the counseling can’t help you remedy your current circumstances, but make the effort; it will help you in the future.

Filing for bankruptcy is a hard and difficult decision and bankruptcy is a highly nuanced and specialized area of the law.  To help you avoid any potential pitfalls and to get you through the process with peace of mind and with as little disruption to your life as possible, you should ask for help from someone who is educated, trained, and experienced in bankruptcy law. You shouldn’t try untangling bankruptcy law language on your own. Simple mistakes caused by a lack of knowledge can cost you a lot of money and time. Let professionals who understand the bankruptcy system make your case for you.

Behm Law Group, Ltd. has attorneys on hand who can help you make sense of bankruptcy. We have extensive experience serving the communities in and around the Mankato, MN, area and all of Southern Minnesota when it comes to bankruptcy. Call Behm Law Group, Ltd. today and let us help you regain your foothold on firm financial ground.

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If Detroit Can Do It, So Can You | Mankato, MN Bankruptcy

Behm Law Group, Ltd. provides bankruptcy attorneys in Mankato, MN and surrounding areas

Late in May, the City of Detroit made the case for its bankruptcy restructuring plan via a court filing, an event made all the more surreal since Detroit is the only United States city to ever file for bankruptcy protection. As bankruptcy law goes, it doesn’t get much bigger, or unusual, than this.

Just consider that the city argued it has the legal justification to transfer ownership of the Detroit Institute of Arts to a third-party non-profit organization. That’s right; a city is in jeopardy of losing a museum due to bankruptcy. Most individuals have to worry about losing a vehicle through bankruptcy, but the City of Detroit is trying to figure out a way to keep its museum intact. Talk about pressure.

Or, consider that the City of Detroit has been arguing that its pension annuity payments are “excessive” and those excessive pension distributions are tantamount to a Ponzi scheme. It takes a certain astonishing level of systemic financial mismanagement to refer to your city’s own pension system as a Ponzi scheme.

Not surprisingly, the City of Detroit is facing considerable pushback as it makes its legal case for the justifications surrounding its bankruptcy filing, but it should prove fascinating to watch as it unfolds.

Thankfully, individual bankruptcy filings don’t entail nearly the same seemingly impossible legal hurdles the City of Detroit faces, although individual bankruptcies can be incredibly daunting in their own right.

While chances are you won’t be trying to save your own personal museum from being liquidated to appease creditors, you will want to protect some of the most personally meaningful items and property, and that’s incredibly important to you.

Behm Law Group  understands how stressful individual bankruptcy can be, and we’ll work to ensure your bankruptcy journey is as smooth and efficient as the law allows. Our professional and knowledgeable bankruptcy attorneys have helped countless clients just like you to navigate the incredibly confusing bankruptcy landscape.

You don’t have to, and shouldn’t, go through a bankruptcy ordeal on your own. If you reside in Mankato, MN or anywhere in Southern Minnesota, and you require bankruptcy guidance, contact Behm Law Group today. We’ll be alongside you every step of the way to successfully guide you through this complicated process.

And, if you do happen to have a museum you’d like to hold on to, we’ll see what we can do about that, too.