Bankruptcy is an effective course of action for alleviating several types of debt, including credit card debt, mortgages, car loans, and medical bills. The system of bankruptcy is designed to provide debt relief if a filer is struggling with these common financial woes, but it’s not a system necessarily meant to relieve another very common
If you’re struggling to meet debt payments and financial obligations with your income, you’re most likely eligible for Chapter 7 bankruptcy. The two main types of bankruptcy, reorganization and liquidation, are designed for individuals and businesses with very different financial situations. Reorganization bankruptcy (Chapter 13) is an option for those with higher incomes who want
If you are considering filing for bankruptcy, you must prepare to work with a bankruptcy trustee for the entirety of your case. Your trustee will oversee your case at each stage, acting as an administrator for legal procedures and a communicator between all parties involved. If you qualify for Chapter 7, your case will likely
The individuals that file for bankruptcy in the U.S. often choose this option to relieve several kinds of accumulated debts. Most consumers hold the five common types of debt handled in a bankruptcy case, including credit card debt, mortgage debt, car loans, tax debt, and medical bills. Those struggling with the financial obligation of repaying
The holiday season is a time spent with family and friends, giving gifts, and attending festive gatherings. It’s also a time when the entire country greatly increases its spending. The pressure of spending more money during this time can place undue stress on those struggling with debt or going through a bankruptcy proceeding. However, the
Bankruptcy relief is a very powerful remedy. Quite literally, with a few exceptions, all of your legal, contractual obligations to pay debts are discharged and nullified. Creditors can never pursue you for collection on those debts. If you do everything that is required by the bankruptcy code and the associated bankruptcy rules, the debt relief
Whether you file for liquidation bankruptcy (Chapter 7) or reorganization bankruptcy (Chapter 13), a bankruptcy estate – a legal entity that is separate and distinct from you, the bankruptcy filer – will be created by operation of the bankruptcy code. All of your property will essentially be dumped into the bankruptcy estate and, for a
Just like the rest of the individuals in the U.S., those considering bankruptcy are often juggling many life situations. From divorce to custody battles, many of these situations involve legal procedures and can be difficult to reconcile in the face of filing for bankruptcy. If you’re considering filing for bankruptcy in Mankato, MN, Behm Law
In the U.S., bankruptcy is an option for individual consumers and small businesses alike. Despite the access that all parties have to the bankruptcy code, today’s bankruptcy laws have many precautions to prevent filers from taking advantage of the system. Whether you commit fraudulent behavior purposefully or accidentally during your case doesn’t matter to the
While Chapter 7 bankruptcy is designed to help individuals and small businesses with low incomes and dischargeable debts, Chapter 13 is more beneficial to those who may have higher incomes yet still struggle with financial obligations. Because in most cases you cannot qualify for Chapter 7 bankruptcy with an income higher than the Minnesota median
