Delinquent Mortgages in Chapter 13 Bankruptcy

Behm Law Group provides bankruptcy advice for Mankato, MN residents.

The bankruptcy attorneys at Behm Law Group, Ltd., believe everyone deserves a second chance. You want your self-esteem and dignity back. You want to be a contributing member and a better citizen in society. You dream of financial solvency.

Make that dream become your new reality, for a second time. First, let’s consider your bankruptcy dilemma. You, like everyone else, need shelter. A home mortgage, however, can be quite pricey.

Let’s say you are delinquent with your mortgage by $10,000.00. You filed for bankruptcy. At this time, things have changed. While you now have an income, the mortgage is still delinquent. Under 11 U.S.C. Sec. 1322 and 1325 of the Bankruptcy Code, in a Chapter 13 bankruptcy, you can “cure” or pay back the delinquency over a period of 60 months. How? You would be submitting your monthly payments to the Chapter 13 trustee for those 60 months. The trustee would in turn ensure the payments were received by the mortgage lender in question. One stipulation is that you must remain current in your mortgage payments during your Chapter 13 plan.

Sixty months may seem like a long time, but the bankruptcy attorneys at Behm Law Group, Ltd., know that time will pass quickly. Just having a plan can be a big dream booster for that opportunity of a second chance. It won’t be long until making payments will become a habit for you. Pretty soon you’ll be out of Chapter 13 bankruptcy.

Your strengthened self-esteem will be waiting for you. You will have relinquished those bouts of not knowing what to do. You will have acquired some financial discipline. After those 60 months, prepare for the worst, but hope for the best. If feasible, maybe you could continue those “mortgage payments.” Instead of giving them to a trustee, why not put them in a savings account as a payment to yourself. You will accumulate a buffer to hedge against future financial disasters.

We know you can’t predict the future. You can only plan the best that you can. Should you find yourself in financial difficulty, give us a call. Like we stated, everyone deserves another chance.

5 Financial Tips to Avoid Bankruptcy in Mankato, MN

Financial solvency gives you freedom, independence, and peace of mind. You get the freedom to be your own boss in financial matters. You purchase what you want, while living within your means. Bankruptcy may either be a thing of the past or something you’ve never experienced.

Financial independence and peace of mind are wonderful. They lift your spirits and keep stress away. The bankruptcy attorneys at Behm Law Group, Ltd. believe that following five financial tips will help you to remain financially solvent in 2015:

1) Establish goals for 2015. What do you want to have accomplished by January 1st, 2016? How will those goals impact your finances? Will you have a financial cushion to protect you from bankruptcy? The bankruptcy attorneys at Behm Law Group, Ltd., want you to carefully consider your responses before making your final decision.

2) Prepare a monthly budget. Look at your expected 2015 income, and carve out those expenses that are essential for your family to live. Assuming you have a positive number after subtracting expenses from income, you are well on your way to avoiding bankruptcy. If your number is negative, double check your expenses. Did you only include needs, or have some “wants” slipped in?

3) Keep track of your monthly expenses. This is slightly different from #2. With a budget, you’re noting goal-post numbers that haven’t occurred yet. Here, you’ll want to document all of your actual expenses each month. Then compare and analyze those numbers with your budgeted items. If any problem areas are edging you toward bankruptcy, you’ll be forewarned.

4) Either spend less or earn more. Behm Law Group, Ltd., realizes this can be easier to write than to do. Basically, be determined to spend less than what you earn. If you don’t like that constraint, then find a way to increase your income in 2015.

5) Spend wisely. After your essential living expenses are covered, spend any remaining money wisely. Perhaps some could be saved or invested. You could consider any monies saved to be an investment in yourself and your family. Is each purchase contributing toward your goals, or deviating from them? You decide.

Mankato residents: we hope these tips will spur you on to greater financial freedom and independence in 2015!

How is Bankruptcy Like a Hockey Game?

Behm Law Group discusses bankruptcy with an analogy every Minnesotan will understand.

When fierce competition strikes in a hockey game, the puck goes wild. It’s slammed, bounced, struck, whipped, and even coddled by players striving to obtain that coveted goal. As a hockey fan myself, I stay riveted to my seat, especially when the home team scores!

Sometimes you ¬†feel like that hockey puck when life’s circumstances catapult you in directions you never anticipated. Only this time, it isn’t a game. Bankruptcy never is. I would never treat it as such either.

You see, when you consult with me or Isabelle, you become part of our home team at Behm Law Group, Ltd. We specialize in bankruptcy. That doesn’t mean we don’t know how you feel or understand what you are experiencing. We’ve had many bankruptcy clients in Mankato, MN over the years. We’ve heard similar stories throughout.

Behm Law Group, Ltd. will treat your experience as the unique story that it is, and stand by you throughout the entire process. Your circumstances are unique to you. Mankato, this means, as bankruptcy attorneys, we owe you a professional, courteous solution that works for you.

Bankruptcy law can be complex, especially for the uninitiated. At Behm Law Group, Ltd., we can break it down for you, so you can understand your options without the complicated legal jargon. We aim to work with you, not to alienate you.

It’s no fun feeling like creditors are brutally and continuously bashing you against the boards or slapping you about like a helpless hockey puck. Although you may find yourself in unfavorable circumstances even with bankruptcy, you have rights. Give Behm Law Group, Ltd., the chance to explain what those rights are.

As bankruptcy attorneys, we have witnessed other Mankato clients overcome bankruptcy. They have treated bankruptcy as the temporary setback that it is. Once overcoming this setback, they have gained a fresh start in life. So can you.

The game of life certainly doesn’t feel like much of a game, unless things are going well. Let’s keep the hockey puck on the ice rink where it belongs. Consult Behm Law Group, Ltd. Together we can put bankruptcy in its place.

The Creditor/Debtor Relationship in Mankato, MN Bankruptcy

Behm Law Group helps Mankato, MN bankruptcy filers deal with creditors.

When you pay off your credit card bills and loans promptly, life sails along smoothly. You’re in charge. No head-in-the-hands posture for you.

When unexpected circumstances rip your life apart and you have to file for bankruptcy in Mankato, Minnesota, you could find yourself in an adversarial dance with one or more creditors. No, running away, while tempting, won’t get the bills paid. The bankruptcy attorneys at Behm Law Group, Ltd., want to call your attention to 11 U.S.C. Sec. 525. It essentially states that if you have completed bankruptcy or have your debts discharged in bankruptcy, a creditor may not legally continue to pursue you for collections. Furthermore, after you have filed for bankruptcy, a creditor may not sell your debts to “debt purchasers.” If a creditor violates these rules, you can sue and get a judgment for monetary damages awarded against the offending creditor.

Bankruptcy law in Mankato, MN stipulates you need to account for your debts; however, the law is not arbitrary in how this is done. You needn’t succumb to verbal abuse or overly aggressive tactics by creditors.

Behm Law Group, Ltd. specializes in bankruptcy. We can get you from devastated to optimistic for the future. Bankruptcy may be a roadblock, but it’s temporary. We can help you navigate through the legal complexities you should never try to learn on your own.

Mankato, one way to stay in charge is to carefully consider each and every purchase. Err on the side of saving too much rather than not enough. The bankruptcy attorneys at Behm Law Group, Ltd. know this is easier said than done, especially after disaster has struck. This financial philosophy is still sound, however. It takes 21 days to create a habit. Habits don’t discriminate. That 21 days works for financial habits, too.

Just like any other specialized helpers you can think of, Mankato, bankruptcy attorneys help, too. Let Behm Law Group, Ltd., earn the right to be your firm of choice.

What Happens to My Tax Debt When I File For Chapter 13 Bankruptcy in Mankato, MN?

Behm Law Group provides bankruptcy consultation and advice for Mankato-area residents.

The word “bankruptcy” creates visions of having no money and no way out. There is more than one type of bankruptcy, however. If you are contemplating bankruptcy and want to know which course you should take, contact the bankruptcy attorneys at Behm Law Group, Ltd.

A Chapter 13 bankruptcy allows Mankato residents to set up a payment plan whereby some dischargeable debt may be discharged at the completion of that plan. In the case of tax debt, under Chapter 13, the entire tax debt has to be paid off within 60 months. However, you would not incur penalties or interest on that tax debt.

The bankruptcy attorneys at Behm Law Group, Ltd would like you to plan ahead for tax season. You should be putting together your receipts and other paperwork to prepare for 2014 taxes. Rather than wait until the last minute, Mankato, MN, why not start saving the money you expect to pay for taxes. If you are coming up short to the point bankruptcy is a possibility, give Behm Law Group, Ltd a call.

Taxes never go away. If allowed to accumulate, the tax debt you owe can appear insurmountable. It’s a fact that inaction, when dealing with a problem, can lead to negative reaction or continued non-action, neither of which will solve your money issues. Add forward momentum by taking that first step in Mankato, Minnesota. Contact the bankruptcy attorneys at Behm Law Group, Ltd .

Knowledge is power. Instead of guessing or imagining all possible scenarios, just find out the facts. Maybe bankruptcy wouldn’t be best for you. We’ll let you know that, too.

If Chapter 13 bankruptcy fits your situation, Mankato, then the next step is to form a plan to pay off any tax debt as well as other non-dischargeable debt. Every situation is different. Behm Law Group, Ltd’s attorneys can definitely help you. We will clarify the bankruptcy laws for you, so you understand exactly how you are affected and what you can do about it.

Just think, positive forward momentum leads to freedom of debt. You will have an opportunity to start fresh, create a budget, and stick to it. Soon, living within your means will become a habit.

Mankato, Minnesota, the bankruptcy attorneys at Behm Law Group, Ltd are ready to serve you when you need help. In the meantime, Happy Thanksgiving!