For as long as the concept of trade has been around, so has the concept of debt. Today, debtors have a wide range of options to recover from financial difficulties. Filing for bankruptcy is one of the most viable options for debt recovery we have as US citizens. Bankruptcy is designed to handle a filer’s
From October to January, national spending on holiday decorations, parties, and gifts increases by an average of $500 to $1,000 per person. This extra spending during the holidays is a luxury that many consumers may take for granted. Families living below the poverty line often struggle to make ends meet during the holiday season more
Bankruptcy in the U.S. is designed to help those struggling to meet their financial obligations and debt payments each month. Because bankruptcy is generally linked with extreme financial circumstances, it’s a process that’s often associated with low incomes and financial destitution. There are many cases, however, when an individual has a high income yet still
All government employees, including military personnel, have the same rights to file for bankruptcy as any other citizen of the U.S. In some cases, members of the military and veterans even have additional benefits and options during the process of filing for bankruptcy than other citizens. Despite government pensions, salaries, benefits, and other financial support
If you are considering filing for bankruptcy, your debts will be categorized as those securing purchased properties (secured debts) and those that do not involve tangible property (unsecured debts). Your creditors will also be categorized similarly, depending on which type of debt you owe to each. In the case of debt owed to a bank
When you file for bankruptcy, every aspect of your financial situation and all of your income and all of your debts are subject to review. Behm Law Group, Ltd. offers legal assistance and counsel in navigating the bankruptcy code for our community’s individuals and small businesses filing for bankruptcy in Mankato, MN. Changes to the
In every type of bankruptcy case, whether a Chapter 7 case or Chapter 13 case, a separate, distinct legal entity called the “bankruptcy estate” is created by operation of 11 U.S.C. §541 of the bankruptcy code. This “bankruptcy estate” is in fact a separate, legal being from the person filing for bankruptcy relief. When a
Whether you choose to file for Chapter 7 or Chapter 13 bankruptcy, the properties you own and the debts you owe will be subject to the bankruptcy process. In the case of Chapter 7, this means your properties (assets) can be liquidated in order to repay your creditors’ claims unless you use your bankruptcy exemptions
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
