For many in precarious financial situations, the option of filing for bankruptcy seems to be only found down a long and complicated road of legal red tape and confusing fine print. At Behm Law Group, Ltd., we understand that it’s entirely normal for people and small businesses without a dedicated legal department to be unfamiliar
In the U.S., there is often a negative shadow cast across the idea of going bankrupt. While the fear of struggling with extreme financial difficulties and being unable to pay back various debts is quite justified, bankruptcy is still stigmatized as the worst possible outcome. In reality, much of the anxiety about how bankruptcy will
The accumulation of debts is a widely varied process that can occur over the course of years or in an instant. Those struggling with overwhelming debts for whatever reason often experience situational guilt or shame. Creditors will frequently add to this negative mindset, placing the blame solely on the debtor and gaining an advantage over
Coping with the financial and personal hardships that come with debt can pose significant struggles for families and businesses alike. While these hardships put pressure on the lives of those involved, filing for bankruptcy is an option for Minnesota residents and business owners when the financial stress of debt becomes overwhelming. The process of declaring
There are several common misconceptions about filing for bankruptcy, one being that only large companies or people with extreme wealth end up in situations that require bankruptcy filing. There is also the misconception that “regular” people only fall into bankrupt circumstances after irresponsible spending and racking up reckless debt. In reality, bankruptcy affects a diverse
Filing for bankruptcy can be a saving grace and vital step in helping businesses and families get back on their feet financially. Becoming bankrupt, however, is stigmatized in many ways. A large part of that stigma comes from how bankruptcy can affect credit. The fear of damaged credit or a credit report stamped with the
Our consumerist culture, in combination with the demands of supporting a household or business, offers numerous opportunities to fall into debt. Credit cards, cars, and homes are common culprits that cause debt. What we frequently see in the clients that come to Behm Law Group Ltd. for legal advice and assistance with bankruptcy is a
Filing for bankruptcy may seem daunting and complicated, but with the right assistance and advice during the filing and discharging process, bankruptcy may be the best thing that has happened to you financially in a long time. U.S. Bankruptcy Courts don’t exist to belittle you, shame you, or leave you out to dry during the
The Bankruptcy Code and the U.S. Bankruptcy Court can be very forgiving when it comes to the right debts and debtor. In the majority of cases, a debtor released from responsibility to debts (discharged from debts) is given a fresh start for building credit and a significant lightening of the demanded financial load. However, there
Chapter 7 bankruptcy is the most common form of bankruptcy used to address issues of bankruptcy for individuals and businesses. Almost all cases of Chapter 7 bankruptcy involve converting all of the debtor’s assets into a cash value—otherwise known as liquidity. Because Chapter 7 functions to turn a debtor’s property and assets into cash used
