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Rebuilding After A Bankruptcy in Mankato, MN

For business owners in Mankato, Albert Lea, Owatonna and Faribault, MN, are you worried about what protesters could do in your area? We have seen the mayhem and destruction caused by protesters in larger cities across the country for some time now. Who’s to say where this chaos will move to next? If such an event happened to you, should you rebuild after declaring bankruptcy? Behm Law Group, Ltd. believes these are all good questions. Planning never hurt anyone. Failing to plan has.

We’re assuming that an act of destruction to your business would cause you to declare bankruptcy. Such may not be the case, especially if you have adequate insurance. The question of rebuilding remains either way.

You could decide that protests occur in enough areas and it would be difficult to escape them. You’ll rebuild and take the chance nothing bad will happen again. Or, maybe you were thinking about retirement. The insurance settlement would help you to live a life of peaceful enjoyment.

There is another option you may not have considered. Many people dream of doing something else. Are you one of these people? You have made a decent living toiling away at your business in Mankato, Albert Lea or Owatonna, but your soul doesn’t feel complete. Then bankruptcy comes along. You didn’t want this. You certainly wouldn’t recommend it. But, in this case, maybe it makes sense for you.

Perhaps bankruptcy would close one chapter, so you could start the next. Perhaps you could now pursue another hobby or interest with gusto and make it into a new business venture. You know you have the entrepreneurial skill set. You know you have the drive. Now you also have the passion.

Maybe you’re not worried about protests reaching your city. That doesn’t mean some other circumstance wouldn’t result in the same outcome.

The bankruptcy attorneys at Behm Law Group, Ltd. want you to dream big. What do you really want to do when you grow up? You could define your next steps in your plan.

You might decide you don’t want to wait for bankruptcy. You want to start now with your new business idea. Why not?

With any business, you have to expect the best, but plan for the worst. Include Behm Law Group, Ltd. in your planning. If nothing else, you will have the peace of mind of knowing what your next steps would be. Contact us today.

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Business Partners and Bankruptcy in Mankato, Minnesota

Does becoming an entrepreneur sound exciting, yet scary, to you? Would you feel more confident if you could have a business partner? After all, they say two heads are better than one. Of course, you’ve chosen the right person, someone nice and funny. Maybe this person resembles yourself. The bankruptcy attorneys at Behm Law Group, Ltd. strongly suggest you vet any potential business partner to help avoid bankruptcy in Mankato, Minnesota.

You might think we’re simply being pessimistic or, because we’re lawyers, we’re just trying to garner some business. Ask yourself though; how well do you really know this person? How well do you really know anyone? Even people in established relationships have been shocked to find out something about their partners that they never knew before. A relationship is just one aspect to consider.

Starting a business requires money. First, you have to seriously look at how you handle money. If your potential partner handles money just like you do, you’ve only found a similarity. If you know you have money issues, then the partner would have those same issues. And you thought bankruptcy wasn’t a possibility in Mankato, Minnesota, because the partner seemed “nice.”

What if the partner handles money differently? Now you have a potential conflict. How are you at dealing with conflicts and disagreements? How does your partner take care of such matters? If you have a business agreement, do you stipulate how differences are to be addressed? Are you still satisfied that being nice is the only qualification for becoming a business partner?

The bankruptcy attorneys at Behm Law Group, Ltd., would like to suggest you vet any potential business partner. No relevant topic should be considered too sacred to discuss, including bankruptcy. Consider researching the person’s background, observing him or her in various situations, and asking others for their unvarnished opinions. The time you invest in uncovering answers now may help you avoid bankruptcy later on.

If you decide to start a partnership after a thorough analysis, make sure you draft a business agreement that incorporates all important points. Don’t leave anything to chance. Once a disagreement arises, you will both feel better that a written course of action exists. At the point of contention, you will be able to focus on specifics rather than becoming embroiled in emotions.

The bankruptcy attorneys in Mankato, Behm Law Group, Ltd., are here for you should bankruptcy issues surface. And, by the way, we’re nice, too. We don’t just act that way. We are that way. Unless you’re the other guy. Then we’re tenacious. Don’t believe us? Just call Behm Law Group, Ltd. to find out.

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Can Intentional Sabotage Cause Bankruptcy Around Mankato, Minnesota?

Over the past few weeks we have been bombarded with news stories regarding the Germanwings co-pilot who deliberately crashed a plane directly into the French Alps. An unimaginable, unspeakable act–yes. Yet, we need to talk about it. Certainly, the parent company of Germanwings, Lufthansa, never dreamed this could happen. There is speculation Lufthansa may not be able to survive the anticipated lawsuits of the 150 passengers who perished.

Can intentional sabotage of your business or home cause bankruptcy? The short answer is yes, it could. However, there are many factors to consider. What does your insurance cover? How carefully do you screen your employees? How carefully do you screen your visitors? What is the wording in your business contracts? These reflect some of the considerations.

We aren’t advocating paranoia in southern Minnesota. Far from it. We only want you to take a closer look at your situation. If you employ some common-sense strategies, it’s likely you could minimize your exposure to risk.

For instance, given the current craziness in the world today, how likely is it that you could be subjected to sabotage? People wanting to make a horrific statement seem to choose some businesses more frequently. Is your business one of those?

Do you have a thorough vetting process for your employees, or do you sacrifice safety because you choose not to spend the time? What about your conflict resolution skills? Do employees harbor resentment because they don’t believe they’ve been heard? How difficult is it for you to incorporate needed change?

Do you have a procedure to handle visitors? Or do they roam around unattended with everyone assuming they have a right to be there?

The answers to these questions will be different depending on your business and your locale. While the bankruptcy attorneys at Behm Law Group, Ltd. don’t pretend to know your business better than you do, we could certainly help you in determining what your risk of bankruptcy would be in the event of intentional sabotage.

Behm Law Group, Ltd. specializes specifically in bankruptcy and can answer all of your bankruptcy questions in St. Peter, New Ulm, Mankato, Fairmont, Albert Lea, RedwoodFalls, Worthington, Marshall, Waseca and Owatonna, MN.

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Accidental Bankruptcy in the Mankato, Minnesota Area?

You’re in your parked car ready to drive away. Then it hits you. Literally. Another driver backs into you. Perhaps they were distracted. You don’t care about that. You care that your car is damaged, and your back hurts. You sue for damages. The other driver files for bankruptcy. What now?

Typically, when someone files for bankruptcy, in some cases, their debts can be erased. You’re probably wondering why someone would be able to shirk responsibility under the guise of bankruptcy, especially if filing after the fact, whether in Mankato, Owatonna, or Albert Lea, MN.

Bankruptcy isn’t always as simple as we’d like it to be. Lots of factors can affect a legal decision. We encourage you to contact Behm Law Group, Ltd. when you’ve encountered a situation similar to the one above.

Depending on your viewpoint in the Mankato, MN area, bankruptcy may be an advantage or a hardship. Although it may seem like an easy pass like in the example above, qualifiers do exist to prevent people from wrongfully filing for bankruptcy. Some types of debt can be extremely difficult to discharge. Some examples of debts that could follow you continuously include:

• Child support and alimony
• Student loans
• Tax debt
• Any debt not mentioned in the bankruptcy paper work

Just because someone filed for bankruptcy after a car accident they caused does not necessarily mean that they don’t owe you anything. In certain cases, judges can be convinced that certain debts should remain.

The bankruptcy attorneys at Behm Law Group, Ltd. can answer all of your questions regarding bankruptcy in Mankato, Faribault, Waseca, Fairmont, Worthington, Redwood Falls, St. Peter, Marshall or New Ulm, MN, accidental or not. Bankruptcy law can be confusing and emotionally draining, but with our help, you can get through it. Contact us today!

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Bankruptcy During Tax Season

While bankruptcies occur year round, timing is everything. Once you have determined you need to file for bankruptcy, consult with local attorneys, especially those whose practice focuses exclusively on bankruptcy. Factors such as assets, upcoming life changes (like marital status), and pending judgments you might have affect when you should file.

As you can see in the table below, people tend to file for bankruptcy predominantly around tax season. These statistics represent the 2014 bankruptcy filings according to the U. S. Courts:

Month in 2014 U.S. Total Filings Business Filings Non-Business Filings
January

70,491

2,233

68,258
February

74,508

2,228

72,208
March

70,491

2,233

68,258
April

90,670

2,563

88,107
May

87,966

2,467

85,499
June

76,223

2,253

73,970
July

79,239

2,218

77,021
August

77,190

2,098

75,092
September

75,312

2,039

73,273
October

81,179

2,295

78,884
November

64,250

1,830

62,420
December

65,161

2,094

63,067
Total

936,795

26,983

909,812

The highest number of total bankruptcy filings in the U. S. for 2014 was in April. In fact, according to Bob Lawless, bankruptcy filings consistently top out in the beginning part of the calendar year. Typically, January and February tend to accumulate at least 15% of the total filings, as is the case here.

Although the reasons could be numerous, let’s take a look at a few possibilities for why the beginning of the year and, in particular, the tax season may garner so much attention:

  • With taxes due April 15, people focus more on their finances and are apt to make significant changes then.
  • People think bankruptcy will lessen their tax burden.
  • Folks feel they can’t be audited if they file for bankruptcy.
  • Some think they can go on a spending spree before April 15, file for bankruptcy, and then owe nothing.
  • They expect a large tax refund and believe they can simply use that to pay toward a bankruptcy.

Wouldn’t it be nice if bankruptcy were that simple? It’s not. That’s why you should contact the bankruptcy attorneys at Behm Law Group, Ltd. Here’s why:

  1. In a bankruptcy, certain debt called priority debt cannot be discharged. Priority debt includes child support, DWI charges, some penalties, plus more.
  2. A bankruptcy does not stop an audit. The IRS gets priority here.
  3. If you go on a spending spree before declaring bankruptcy, that could be construed as intentional fraud.
  4. If you have filed for bankruptcy, you may or may not be able to spend your tax refund.

These are just a few examples where legalities can get tricky. You need to understand there are enough nuances within bankruptcy law that could really cause you problems if you don’t know what you are doing.

When to file tax returns regarding bankruptcy has its own issues. One thing that is certain is you cannot discharge taxes that haven’t been filed in the first place. For specific advice, contact the bankruptcy attorneys at Behm Law Group, Ltd. We serve mankato, MN and the surrounding areas, including Marshall, Worthington, Owatonna, New Ulm, St. Peter, Redwood Falls, Waseca, and Fairmont.

One good thing to keep in mind is that discharged debt doesn’t really affect taxes because it isn’t considered to be taxable income.

This April 15, if you are considering filing for bankruptcy, make sure you have the facts. It may not be in your best interest to file now. Any important financial change deserves careful thought. For further advice, contact your local bankruptcy attorney.

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The Importance of Having Support When Filing Bankruptcy

Support is underrated. Without any support, our minds may wander. We may be continually distracted from doing what we need to do. But, if we’re supported by someone who has our best interests at heart, we gain focus. Our supporters many times have the perspective we need to bring clarity to our situation. If ever you were to need support, it’s during bankruptcy. The bankruptcy attorneys at Behm Law Group will support you, but we can’t be with you at all hours.

It’s nice to have the support of someone who knows you even better. Few people succeed without having support of some type. We suggest you cherish your support network before, during, and after bankruptcy.

Bankruptcy in can be a very emotional experience. With so much uncertainty about your future, your emotions could interfere and possibly cause you to do something irrational. Temper your impulsiveness.

Talk with a trusted family member or friend. Share your fears and plans. Really listen. Just considering alternatives will allow your subconscious to work on your problem for you. Eventually, you’ll get to where you know which path is right for you.

One consolation is that the bankruptcy attorneys at Behm Law Group have worked with hundreds of bankruptcy cases. We may not know you as well as your friends, but we do understand bankruptcy very well. We understand its ramifications. We know what’s typical and what’s not. So, please include us in your support system.

Yes, things will be different. You’ll need to look at money a little differently than you did before. Surrounding yourself with people who share your vision is extremely important regardless of where you want to go in life. There’s nothing like getting the feedback you need while you venture forward on a new path.

Life brings us challenges all the time. Normally, they are ones we can learn to master and to overcome.

If you’re a Mankato-area resident contemplating bankruptcy and you don’t know who would help you, then turn to the bankruptcy attorneys at Behm Law Group. As professionals, we’ll deal with you frankly and compassionately. We know how the law can work for you.

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4 Post-Bankruptcy Planning Tips for Mankato Residents

So you survived bankruptcy. Now what? Maybe you think it was just a passing phase. Some other guy caused your pain. You can just go back to operating as before, right? Actually, you should take a closer look at your future vision.

While there are many steps you could take, we want you to nail down the following four:

1) Count your blessings: Hey, you survived. Good for you! It could have been worse. But, you made it. Accept that you have another chance. Do something good with it.

2) Promise yourself you’ll do better this time: If you think you can’t, you can’t, and you won’t. If you think you can, then you can. This means you have to have a positive mindset after bankruptcy so you won’t repeat the same scenario. Try something conservatively new and different to re-charge your batteries. Make a promise to yourself. Write it down. Look at it often to remind you to carry on.

3) Create a plan: Just focusing on active steps will help you to develop a positive mindset. Certainly, part of your plan should include the obvious. Live within your means. If you want more, then figure out a way to earn more money. Differentiate between wants and needs.

Yet, a plan doesn’t have to always be about work and drudgery. You already went through that with bankruptcy. Incorporate rewards into your plan. A reward doesn’t have to cost money. Instead, spend more fun time with your family. Allow yourself time to read a book, hike outside, or meet a friend. Each time you accomplish a have-to, reward yourself with a want-to item.

4) Implement your plan: Decide on a time frame for when you want to accomplish each goal. Stick to it. So long as you reward your efforts regularly, it should be easier to follow your plan.

In time, your new way of thinking will become a good habit. The bankruptcy attorneys at Behm Law Group hope that your good habits will be tough to break!

Located in Mankato, Behm Law Group serves the bankruptcy needs of Marshall, Worthington, Owatonna, New Ulm, St. Peter, Redwood Falls, Waseca, and Fairmont, MN.

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Learning New Habits After Filing for Bankruptcy

Whenever you think of bankruptcy, you probably conjure up something negative. You might worry if it will happen again. First, realize you aren’t a pawn of your circumstances. You can take active steps to determine a brighter future for yourself. One of those steps involves learning new habits. The bankruptcy attorneys at Behm Law Group recommend starting sooner rather than later.

Remember when you were in school? Did your teacher expect you to change immediately? Or did they teach small steps which progressed toward the ultimate goal? We suggest preparing yourself to learn new habits by using the latter approach.

1) Understand the future will be different.
Different doesn’t automatically equate to something bad. It just means your normal routine may be somewhat disrupted. Expect it, and it won’t become such a shock when it happens.

2) Adopt a can-do attitude.
If you think you can’t, then no one else will be able to change your mind. You have to believe in yourself first.

3) Realize it takes at least 21 days of repetition to create a new habit.
Mark your progress on your calendar. If you think you “can” for at least 21 days, no one will be able to stop your momentum. If you think your future will be brighter for at least 21 days, then your mind will think of shiny moments to come.

4) Look at your predicament as a puzzle.
What got you to this place? Don’t berate yourself. Instead, look for possible solutions. Unleash your creativity. Your subconscious may surprise you with ideas you had never considered before.

5) Take time to relax.
This might seem surprising to you. After all, bankruptcy is serious business. The bankruptcy attorneys at Behm Law Group don’t want to detract you from reality. But, taking a series of mental steps which eventually lead you to taking progressive and positive active steps will help you to stay out of bankruptcy in the future. Isn’t that really what you want?

During bankruptcy in Mankato, MN, prepare yourself mentally. Take small steps to achieve a positive forward momentum. Concentrate on your progress. Before you know it, you will have survived bankruptcy. You will have also created a new path for yourself.

Seek the bankruptcy attorneys at Behm Law Group in Mankato, Minnesota. You will find a professional, can-do attitude along with helpful, positive advice.

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Proper Business Planning Can Help You Avoid Bankruptcy

With more user-friendly technology emerging, the number of new entrepreneurs continues to increase. While entrepreneurship is important, most start-ups fizzle before they pop. With bankruptcy being a possibility, we suggest considering all possibilities when you create your business plan.

Bankruptcy law as it pertains to business differs according to the state in which the business was created. For one, the cost of a business bankruptcy is not equal for every state. The speed at which you will be able to reorganize after bankruptcy proceedings can differ as well. Now that we’ve mentioned bankruptcy proceedings, did you know the length of time for those bankruptcy proceedings isn’t the same for every state either?

It is true that in some cases, a bankruptcy filing can allow you to reorganize your business to a more profitable status. If you can avoid it, you wouldn’t want to place your business in jeopardy by filing for bankruptcy.

Even if your business is doing well, you might have a customer who files for bankruptcy. If that customer figures prominently in your accounts receivable, that may be enough of a strain to force your business into bankruptcy. It’s far better for you to have a diverse customer base.

Before you find yourself without a safety net, focus on finishing a solid business plan. It will force you to think about all the important factors as well as to discover some factors you hadn’t even considered. Never lose sight of your marketing. It’s best to be vigilant in seeking new prospects. You never know when the situations of your customers will change.

As Benjamin Franklin stated, “Although you don’t plan to fail, you shouldn’t fail to plan.” Bankruptcy is comprised of several factors. Would you rather study the nuances yourself or enlist the help of professionals? If you chose professionals, then the bankruptcy attorneys at Behm Law Group have your answers. All you have to do is ask.

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Protect Yourself from Discrimination Against Bankruptcy Filers

When discrimination makes the news, people pay attention. We all like to think we are fair-minded individuals. Even fair-minded individuals have differences of opinion. If it weren’t for these differences of opinion, we probably wouldn’t need a set of laws to follow. But, we do. The Mankato bankruptcy attorneys at Behm Law Group, Ltd., want you to be aware of the following:

“No. 11 U.S.C. sec. 525 prohibits governmental units and private employers from discriminating against you because you filed a bankruptcy petition or because you failed to pay a dischargeable debt.”

You have rights. It can be heart-wrenching and embarrassing enough to admit you need to file for bankruptcy, let alone having everyone else constantly remind you. Now you know there are rules on how others can treat you.

Of course, you still have obligations to fulfill. A bankruptcy plan can detail how and when those obligations are met. Looking at the bigger picture, you will have to own how you got to this point. If you don’t recognize why you had to file for bankruptcy, you may end up repeating this scene in the future.

For your own self-worth and knowledge, really dig deeply. If you have poor financial habits, take steps to change them. Don’t buy things you don’t need. Shop around to minimize costs for what you need. Save for inevitable surprises that might disrupt your cash flow.

Keeping your focus and energy directed toward positive steps will diminish any hurt and embarrassment you feel. You can’t change what has already happened. You can change how you deal with your dilemma though.

Forward momentum will catapult you past the bad feelings toward the good ones. Your positive action will result in the bankruptcy becoming a distant memory. Good habits will help keep you solvent in the future.

Those who have to file for bankruptcy relief have the power to change their outcomes for the better. We know what you want. Bankruptcy is all that we do. In Mankato, MN, call the bankruptcy attorneys at Behm Law Group, Ltd., to discuss the how, why, what, wherefore, and when of bankruptcy law today.