Author: mlt

Behm Law Group explains what happens to inherited money when you file for bankruptcy.

Sometimes, one unfortunate outcome of the holidays is financial hardship. With an unknown future, you’re not sure whether or not to file bankruptcy. Consult with Behm Law Group, Ltd., to discuss your options. Residents of Mankato, MN: if your final decision is to file bankruptcy, we’ll walk you through the steps you need to take and inform you of what you can expect.

Let’s say that you have no foreseeable income. You file for bankruptcy. Then a relative unfortunately passes away, and you inherit some money. Can you keep that money, Mankato? The bankruptcy attorneys at Behm Law Group, Ltd., want you to be aware of the bankruptcy law regarding the inheritance of money:

Under 11 U.S.C. 341 and 521, if a person files for bankruptcy relief and then inherits money or property or receives a life insurance payment or a payment on a divorce property settlement within 180 days after the bankruptcy filing, any such money or property becomes property of the person’s bankruptcy estate and can be used by the bankruptcy trustee to pay that person’s creditors.

This means that within six months of the bankruptcy filing, that money may not necessarily be yours to keep, depending on the amount of your outstanding debt and the amount of the inheritance. With less than two months to affect any changes in the 2014 taxes you will pay at the end of the year, an inheritance received before 1/1/2015 could potentially change your taxes due. Mankato, the bankruptcy attorneys at Behm Law Group, Ltd., are getting a bit technical with you. We give you this information to provide you food for thought. Of course, there are more details to cover. We’d be more than happy to discuss any particulars on bankruptcy. Bankruptcy is our specialty, and we have many years of experience and expertise.

Receiving an inheritance doesn’t always mean someone has passed away. Suppose you’re named on a trust. The terms of the trust state you will receive money on a specific date. That would also constitute an inheritance for Mankato residents.

As you can see, nuances and other interpretations exist. We don’t expect our fellow Mankato, MN residents to become experts at bankruptcy law. But, we want you to understand some parameters, so you can make an informed decision. We’re the bankruptcy attorneys at Behm Law Group, Ltd., and we’re at your service. Happy Holidays!

Behm Law Group helps clients balance bankruptcy and divorce spousal debts.

According to Minnesota bankruptcy law, Chapter 7 bankruptcy differs from Chapter 13 bankruptcy in the handling of spousal debts during a divorce. Chapter 7 bankruptcy is for a liquidation of debt. Chapter 13 bankruptcy is for a reorganization of debt. Therefore, under Chapter 13, debts assigned to spouses in divorces are discharged. Under Chapter 7, that is usually not the case.

For Mankato residents, that means if a husband is ordered in a divorce decree to pay a $10,000.00 Discover Card debt that is in both spouses’ names with the other spouse being held harmless, the hold-harmless obligation to the other spouse cannot be discharged in a Chapter 7, but may be discharged in a Chapter 13. The bankruptcy attorneys at Behm Law Group, Ltd., state that if that same husband files for Chapter 7 bankruptcy, and Discover Card pursues the ex-wife to collect on the debt, and she pays something toward that Discover Card bill, then the husband is liable to the ex-wife for what she had to pay Discover Card. This is because the divorce decree held her harmless in that obligation. Had the husband filed for Chapter 13 bankruptcy, however, he could have gotten that obligation discharged as well.

Generally, debtors use Chapter 13 when they have enough equity in their secured assets to make this path worthwhile. These debtors must have a regular source of income and be able to make payments on any instituted Chapter 13 plan. The Chapter 7 option leads to a clean slate where heavy debt is eliminated, and none of it needs to be repaid.

This is just a snapshot of the decisions Mankato residents contemplating divorce need to make. The bankruptcy attorneys at Behm Law Group, Ltd., can help you navigate the bankruptcy laws affecting your situation. You see, bankruptcy is our specialty.

Divorces are difficult enough without adding confusion over how to handle debt. Make your transition to single life smoother by considering the options with Behm Law Group, Ltd. We can map out a plan together. Mankato, MN bankruptcy may not have been your initial goal, but if it becomes your reality, we have you covered.

The bankruptcy attorneys at Behm Law Group, Ltd. offer personal, practical bankruptcy advice in a non-threatening, compassionate manner. Call for a consultation today.

Behm Law Group understands the struggle between making money and following your dreams.

How many Mankato residents are avoiding bankruptcy by doing anything and everything, except what they are best at? What you are best at many times comes so easily to you, but you think you were destined to do something else. Sometimes what you are best at is what you should be doing. The bankruptcy attorneys at Behm Law Group, Ltd. specialize in bankruptcy, because that’s what we do best.

We understand that sometimes, in this game of life, dreams have to be delayed a bit. But, don’t delay indefinitely. In fact, study your niche skill while you are working at that have-to job. Mankato residents, along with many others, fear bankruptcy. That’s normal. If you take the time to hone your gift and plan your course of action to give that gift of skill income potential, you won’t need that have-to job any longer. For now, you will be earning money by doing what you like to do. What is wrong with that? The more you enjoy what you do, the more ideas you will have on how to grow and to learn more. Behm Law Group, Ltd. can attest to that.

Find your niche, and you find your voice. Find your voice, and you discover your purpose. Purpose leads to potential. Potential maximizes dreams, but remember, nothing is perfect in this world. As a Mankato resident, if you find yourself facing bankruptcy along the way, turn to Behm Law Group, Ltd. It doesn’t mean your dream is dead. It means it needs a different path. The bankruptcy attorneys at Behm Law Group, Ltd. want to help you discover that optimal path. One bump in the road doesn’t signify the end. It only makes the trip more exhilarating. As long as you learn and grow along the way, nothing should be able to stop your momentum.

Momentum equals small steps as well as huge leaps. Mankato residents, embrace your niche skills, and command your place in the world. The bankruptcy attorneys at Behm Law Group, Ltd. have experienced momentum. We also understand devastation. If you fall into bankruptcy, we’ll give you a hand. We can hardly wait until you get to the forward momentum part. Cheers!

Behm Law Group encourages Mankato residents to keep a budget and stick to it to avoid financial hardship this holiday season.

Christmas, you say? It’s not even Halloween yet! We know. The bankruptcy attorneys at Behm Law Group, Ltd. want Mankato residents to plan ahead for the holidays. You will likely buy at least one Christmas present this year. Try not to make it an impulsive purchase. Expenses add up fast with impulsive buying, especially when you use your credit card.

This year, take the time to plan ahead. Decide the number of presents you will buy as well as the maximum dollar amount for each. Stick to your plan. Be alert to sales, and buy those items well before Christmas. Then, when everyone else is scrambling at the last minute and crowding the stores, you can relax, for that task has already been accomplished. No matter how much those holiday ads tug at you, resist the urge. Stick to your dollar limit. Maybe reward yourself with a walk in the park or with special family time with your loved ones. Behm Law Group, Ltd.’s attorneys value that special time, too. You can never spend too much time with loved ones. Cherish the memories, we say.

Just think, Mankato, you can avoid bankruptcy more easily by adopting stricter financial habits year-round. Just because you avoided an impulsive spending spree by the year’s end doesn’t mean you should switch gears for those other months. Regularly keeping your debt low will eventually become a habit you can be proud of.

Don’t promise to buy anything for anyone that is more than you can afford. Instead, try giving that person a special experience, with or without a small gift. Usually, experiences with sentimental value can mean more than some expensive gift anyway and, above all, show you truly care.

If Mankato, MN residents keep their Christmas debt low, they will be less likely to require the bankruptcy attorneys at Behm Law Group, Ltd. However, if overwhelming debt and financial struggles become the Scrooge of your holiday, please give us a call. Behm Law Group, Ltd. will help you turn that debt and specter of financial stress into the Ghost of Christmas Past.

A house fire can produce devastating financial hardship. Follow these tips to protect your Mankato home from a fire.

Halloween can be great fun. Costumes and trick-or-treating cultivate grand memories. Two caveats are in order. First, watch those candles. Who hasn’t put candles in carved-out pumpkins or even on the windowsill? If left unattended, flaming candles can lead to large fires. Behm Law Group, Ltd. recommends either using flameless candles or monitoring the flames of the other variety. What Mankato, MN resident wants to experience bankruptcy due to fire devastation?

Please, enjoy the holidays. Just be careful. Depending on your insurance coverage, you may or may not be unscathed when an accident occurs. Even if the flame doesn’t touch a flammable object, the freshly melted wax is hot. Does the wax drip on wood, for instance? Not a good scenario. If need be, snuff those flames to prevent them from getting too hot. You can always re-ignite candles during dinnertime for that soft, flickering glow. Of all the things that could cause bankruptcy, Behm Law Group, Ltd. would hate for the cause to be a preventable accident.

Did you know, Mankato residents, that kitchen fires are one of the leading causes of destructive fires in the home? When you are making those gooey, spooky delicacies, be mindful of what you’re doing. Don’t keep the oven on when not in use. Don’t put something flammable on top of or in a hot oven. Attend to any appliance that’s in use. Bankruptcy in Mankato, MN is not fun. It’s even less fun when you know it could have been prevented.

Behm Law Group, Ltd. suggests you don’t light candles when you are tired. Once you sit or lie down after a hard day’s work, the lure to sleep can be overpowering. You wouldn’t want to awake to a burning home. Use caution. Be safe. Keep your home intact and bankruptcy at bay.

Sleep deprivation works against you when cooking, too. You thought you turned the burner off. But, then, maybe not. Don’t be caught off guard. Who wants to cook when tired, anyway? The bankruptcy attorneys at Behm Law Group, Ltd. wouldn’t. If you do happen to have an accidental fire, and bankruptcy looms in Mankato, contact Behm Law Group, Ltd. We can help you through the fright and fear of a ghoulish bankruptcy. Let us do our “tricks” and treat you with the dignity and respect you deserve. And, above all else, have a safe holiday!

Behm Law Group believes in the power of positive thinking.

Affirmations can work wonders. They set the stage for positive thinking. As you straighten your tie, you think, “I’m great at what I do.” As you tuck in your blouse, you muse, “I’m a good person.” Then you wink and smile at the mirror. Mankato, MN residents faced with bankruptcy know the best days have yet to come. Challenges do not last forever, especially if you actively think of a brighter future.

The bankruptcy attorneys at Behm Law Group, Ltd. want you to imagine a dream you have always wanted. Write it down. Post a note on your mirror with your goal. Slot a time in your daily agenda for contemplating the future. Let your mind ponder the possibilities.

Sometimes, Mankato residents can get broad-sided with bankruptcy. Life’s circumstances can change through no fault of your own. Maybe life is tugging at you, trying to tell you there is something better out there for you. Usually when people have dreams, they never think they are attainable. Therefore, they give up before they even start, until a disaster strikes. Behm Law Group, Ltd. knows a thing or two about disasters. Let us worry about the bankruptcy part, while you concentrate on your new beginning.

This is your chance to rev that energy into high gear, to plan, and to execute that plan. Surviving bankruptcy will become a reality, the disaster itself a distant memory. If you encounter a bump along the way, be thankful, for you just learned something in the school of life. Make time to re-group, to plan some more, and then to execute once again.

Behm Law Group, Ltd. wants you to know every journey has a beginning. Without a dream or plan, you can’t even take the first step, unless you want to arrive somewhere else. Decide where you want to go. Use affirmations to keep you mentally positive and to keep your dream possible. Without active engagement of your plan, you will likely wallow in confusion.

Affirmations work for the bankruptcy attorneys at Behm Law Group, Ltd. as well. When we stand tall in front of our mirrors, the ties gets straightened, the blouses tucked just so, and we smile, because we look forward to helping Mankato residents. We also smile because we feel great at what those same residents have been able to accomplish after bankruptcy. At Behm Law Group, Ltd. we want you to succeed. It’s in our nature.