Behm Law Group, Bankruptcy Attorneys

When you’re watching television in the Fairmont, Minnesota area, what do you usually think about? Are you focusing on the plotline and characters, the filming techniques, or perhaps something else entirely?

Though much of television drama happens onscreen, there is a fair portion that happens behind the scenes. There are actors and directors and writers, all with unique perspectives that help build the content that arrives onscreen. For one especially dramatic media company, the reality of bankruptcy has been written into their path to success, forcing them to rescript their financial structuring to remain afloat.

This recent off-screen television drama deals with the bankruptcy of Relativity Media, a case with hearings this week in New York, Delaware, and California. If you’re curious about this company‘s turbulent ride through Chapter 11 bankruptcy, here are a few interesting details to consider next time you turn on the tube:

What is Relativity Media? Relativity Media is a recently bankrupt media company with ties to the television shows Limitless, Catfish, and Kim of Queens, and movies such as The Fighter, Limitless, Safe Haven, and Act of Valor.

What Happens Next? As a result of their Chapter 11 bankruptcy filing, Relativity Media has been divided into TV and film divisions. The television portion of the business has already been sold, which will hopefully preserve some of Relativity’s content!

Who is their Leader? Prior to this bankruptcy filing, Ryan Kavanaugh was the CEO of Relativity Media. After a financial restructuring, however, there’s talk that Kevin Spacey will be the next commander of this multimedia company.

When will Relativity Media emerge from bankruptcy? The company will continue working on their bankruptcy hearing through the end of February. We’ll see what happens after that!

Relativity media is just as fallible as the rest of us in the Fairmont, MN area. Although we can attempt to protect ourselves from bankruptcy, there are certain incidents that we simply cannot anticipate.

If you have been surprised by a recent turn of financial events that may have you considering filing for bankruptcy, or have questions about your financial health, contact the professionals at Behm Law Group, Ltd. today!

Knowing when to file for bankruptcy is a financial decision that can make or break the bank. You may feel like you’re sinking and just floating with your head above the water. Behm Law Group, Ltd. can give you the insight you need to know if your financial situation might necessitate filing for bankruptcy.

The right time to file for bankruptcy is when you realize you’re in a financial slump that you may not be able to get out of for years to come. If your debts surpass your income, if you use your credit cards to pay for necessities like groceries, gas, and utility bills, or if you only make the minimum payments on most or all of your credit cards, you may have to consider declaring bankruptcy.

Here are a few examples of companies that faced similar questions about whether to file for bankruptcy or not.

GM and Chrysler

The famous government bailout of the automotive industry kept them from filing for bankruptcy in 2009. The bailout was part of a plan to prevent the Midwest from going into a depression. The bailout kept an estimated 2.6 million jobs alive in 2009 and 1.5 million jobs in 2010, which also kept unemployment rates lower than they would have been.

American Apparel

The company was still just floating above water when its financers were ready to drop American Apparel. The company went into a debt-for-equity conversion and escaped filing Chapter 11 bankruptcy.  Lenders have taken $230 million in debt in exchange for ownership of the company.

Apple

The famous powerhouse company nearly went bankrupt in 1997 before its co-founder, Steve Jobs, stepped back in to save the company and came out with “cool” products like the iPod, iPhone, and iPad. Apple is now the most profitable company in history.

Kentucky Fried Chicken (KFC)

Kentucky Fried Chicken hasn’t gone bankrupt, but it is lagging behind against its competitor, Popeye’s. The company hasn’t introduced a new successful menu in quite some time and its southern fried chicken competition is blowing it away. In 2012, twenty-eight KFC franchises were bought out by Popeye’s in the St. Paul-Minneapolis area.

Many times a company or an individual may have to come to terms with the fact that filing for bankruptcy is the only way to relieve themselves of financial distress. Knowing your financial situation well and determining whether you should file for bankruptcy in Redwood Falls, MN is a dilemma that Behm Law Group, Ltd. can give insight on.

If you do decide to file for bankruptcy, the professionals at Behm Law Group can help you through the daunting process. Contact us today!

Going through bankruptcy in St. Peter, MN can be an intimidating process, one that might make you feel like you’re the only one going through that kind of struggle. Rest assured that is not true, and not only are you not alone in filing bankruptcy, but there are also well-known businesses that have filed for bankruptcy. Everyone, no matter how big or small, can file for bankruptcy when hard times hit. Behm Law Group, Ltd. can help you get regain some piece of mind when going through the bankruptcy process.

Blockbuster

The famed video rental giant filed for Chapter 11 bankruptcy in September of 2010. The company was simply unable to pay their debt. Of their 3,000 stores, they closed 110. In total, 402 underperforming stores closed in the wake of Blockbuster’s bankruptcy.

Borders

Borders filed for Chapter 11 bankruptcy in February of 2011. Its main downfall was taking far too long to create an e-reader, like the Nook and the Kindle. Borders fell behind its competition and closed 30% of its 642 stores.

Hummer

The company was hit hard in the recession. With rising gas prices, the Hummer’s mileage—10 gallons per mile that is—and the movement for more environmental friendly machines made the Hummer an obsolete vehicle.

Jennifer Convertibles

The trendy furniture store was also hit hard during the recession and due to a lack of funding, the company filed for bankruptcy in July of 2010 and has closed 78 of its original 142 stores. Today, the largest financer, Haining Mengu, owns approximately 90% of the company.

RadioShack

The electronics retailer announced that it would be closing 1,784 of its stores last year. It first opened 94 years ago, and in 2015 the company filed for Chapter 11 bankruptcy.

It’s good to note that bankruptcy did not mean certain doom for some of these businesses. Jennifer Convertibles is still around; however, the majority of the company is under new ownership. This shows that you can get back on your feet after filing for bankruptcy in St. Peter, MN. The attorneys at Behm Law Group, Ltd. will help you realize that bankruptcy is not as intimidating as it’s made out to be. Contact us today!

Filing for bankruptcy may be a daunting task in New Ulm, MN, and knowing how and when to do so can be overwhelming. The attorneys at Behm Law Group, Ltd. will help you with your bankruptcy process by making it flow smoothly and easily.

The timing for when you file for bankruptcy can be an advantage or detriment to the bankruptcy process. For instance, there is a popular belief that one can splurge with a large amount of money right before filing for bankruptcy and not have to pay it back.

This is simply not true.

The money will have to be paid back and, in addition to that, the legitimacy of the bankruptcy claim may be questioned. Our attorneys will inform you whether you qualify for bankruptcy and which bankruptcy option is best for you.

There are two ways one can file for bankruptcy in New Ulm, MN. The first is voluntary and the debtor chooses to file for bankruptcy. The second is when a debtor is forced by a court order to file for bankruptcy.

How to file for bankruptcy depends on the type of debt you have. At Behm Law Group, Ltd., we assist with filing for Chapter 7, 12, and 13 bankruptcies. Since Chapter 12 is for fishermen and family farmers with a regular annual income, most people choose Chapters 7 or 13.

Chapter 7 bankruptcy does not allow the debtor to repay their debt using a payment plan. Rather, the debtor’s non-exempt assets are sometimes sold in order to pay some of their debt.  While much of the analysis would depend on the value of property and the amount of debt, if any, against that property, some non-exempt property may include a second home or car, family heirlooms, or an expensive musical instrument. A person eligible for Chapter 7 does not have an income to pay off or materially reduce over time the debts that have accrued.

Chapter 13 bankruptcy allows debtors with a regular income to repay all or a portion of their debt based on their income. The debtor will repay the debt for the next three to five years. This process can be a tad more complicated, but the professionals at Behm Law Group, Ltd. will make the bankruptcy process easier and understandable.

Knowing your options during your bankruptcy in New Ulm, MN will help make for a smoother process. The professionals at Behm Law Group, Ltd. will take you through the process and thoroughly inform you every step of the way.

2016 has arrived, and that means that people in Mankato, MN and across the nation are making resolutions to change their lives for the better in the new year. If you have been struggling with debt in the past, the big question on your mind might be, “How will I handle my finances for the new year?”

Whether you’ve already filed for bankruptcy or you’re still considering your options, starting the new year with a “get out of debt” mindset will help you come out of the financial hole you’re in.

Here are a few ways you could make your debt-cutting process easier:

1. Put yourself on a budget. Yes, you’ve probably already heard that, but setting and adhering to a budget is imperative to getting out and staying out of debt. Identifying and curbing your spending on surplus or unnecessary items will help keep you from using your money on the same purchases that most likely put you in debt. For instance grocery shop on a budget and adhere to it and search for discounts and try your luck with thrift stores when buying clothing.

2. Avoid using credit cards for the most part. While in debt, you need to save the money you spent that created the debt. Breaking some of the bad habits starts with ceasing the use of credit cards. They are part of the source of your debt, thus, saving as much as you can, will help you pay off your debt faster.

3. Make the process fun. It never hurts to have a little fun, right? Being optimistic about cutting down your debt will make the task seem less daunting and drawn out. Create incentives for yourself every time you pay off a credit card, utility bill, or loan.

4. Reach out your family and friends for emotional support. At Behm Law Group Ltd., we do our best to help you file for bankruptcy quickly and efficiently so you can find relief from debt. However, being in a state of bankruptcy still causes some stress and emotional strain, so reaching out to friends and family can help relieve the stress and give you more peace of mind.

Contact the professionals at Behm Law Group, Ltd. in Mankato, MN. We can provide you the bankruptcy services you need to start off fresh in 2016!

Last week, we discussed the power of music to influence your purchases and bankruptcy in Worthington, MN. The music that businesses typically play during the holiday season and other festive times throughout the year is often referred to as “muzak.”

This nickname comes from a company that specializes in gentle, instrumental background music. The company, called Muzak, likely created some of the sounds you’ve heard in waiting rooms and the elevators.

However, though Muzak’s music can damage your wallet during the holiday shopping season, this company has gone through their own financial struggles. Muzak filed for Chapter 11 bankruptcy back in 2009. So, here are a few interesting facts about Muzak’s bankruptcy filing to consider while bobbing your head to their instrumental tunes:

• History: Muzak has been around since 1934. Although they’re best known for their instrumental works, their company has also explored the genres of soft rock and pop.
• Reach: According to the company’s Chief Executive, Muzak’s tunes reach approximately 100 million people every day.
• Bankruptcy: Although Muzak entered bankruptcy without a plan in place, they reduced their debt by $230 million dollars in the course of a year.
• Recovery: Currently, Muzak operates in three separate divisions: media, sensory branding, and technical systems. They have recovered from bankruptcy and still deliver the head bobbing, instrumental tunes in the background of your nearest department store or elevator.

Although bankruptcy can be frightening, Muzak is proof that it’s possible to recover from financial troubles.

In Worthington, MN, the same is possible. With the help of the professionals at Behm Law Group Ltd., filing for bankruptcy can start you on a new path towards financial success in 2016. Soon, your financial troubles can fade into the background, just like some smooth, instrumental muzak.

For more information about your personal bankruptcy filing this holiday season, contact the professionals at Behm Law Group Ltd.

You’ve likely visited a number of stores in Marshall, Minnesota this holiday season. Though stores often look similar to each other this time of year, decorated in red, green, silver, and gold, there’s another similarity between these stores that you may not have noticed: the music playing in the background.

Sure, it’s common to tap your feet or nod your head while strolling through a store. But there’s an industry behind the music you hear this time of year, and that industry wants you to buy, buy, buy! For many folks—especially those in debt or filing for bankruptcy—this can be a dangerous trick.

So, pay attention to those tunes! Here are a few ways that companies are using music to impact your holiday bills, debt, or bankruptcy filing this season:

• Manipulative Music: During the holiday season, stores often play only uplifting, positive, and holly jolly tunes for shoppers. These types of songs make you more likely to spend larger quantities of money, thus increasing debt and the potential for holiday bankruptcy.
• Slow Shopping: Music in stores is also occasionally slowed down, which makes customers feel as though less time has passed since entering the store. As a result, shoppers will take more time strolling through all the aisles and perusing potential purchases.
• Instrumental Inspiration: Stores also play instrumental versions of popular songs. These songs can be played fast or slow, depending on how managers want shoppers to behave inside their stores. If you find yourself pushing your cart quickly to keep up with the music, be wary of frivolous spending!
• Muzak Melodies: Background music, such as that played in stores, is often called “muzak.” This name is taken from a company famous for their soothing instrumental melodies. Though the purpose of their tunes is to increase customer expenses, the company actually filed for bankruptcy themselves in 2009. Still, the nickname has stuck!

If you’re in debt or filing for bankruptcy this holiday season in Marshall Minnesota, be wary of manipulative holiday music. Though it can be fun to tap your foot to the tunes while shopping, be conscious of how it’s impacting your overall holiday budget.

For help with your bankruptcy filing this holiday season, contact the professionals at Behm Law Group Ltd. today!

Last week in Owatonna, Minnesota, we discussed the importance of filing for bankruptcy prior to the expensive December holidays, such as Christmas. This week, a number of businesses across the United States are doing exactly that.

A notable company is Rdio Inc., which is based out of San Francisco, California. This company is a free streaming service, much like Pandora or Spotify, with the option for ad-free listening to paid subscribers. They have been experiencing financial issues, and recently filed for bankruptcy. On Friday, however, Pandora offered Rdio.inc $75 million dollars to purchase the company entirely, thus expanding their company and assisting Rdio with some of their financial struggles.

Which other companies are working through or filing for bankruptcy before the holidays? Let’s take a look:

• Energy Future Holdings Corp: This company, based out of Texas, is currently asking a bankruptcy judge for permission to pay bonuses to their employees.
• Walter Energy: Based in Birmingham, Alabama, Walter Energy is presently struggling to pay employee benefits such as pensions. Tensions have risen amongst workers at Walter Energy, which means that employees are threatening to strike if their benefits are not paid.
• Freedom Communications Inc: This publishing group based in Santa Ana, California, filed for bankruptcy earlier this week. The Tribune Publishing Company, which is also based in California, is currently interested in purchasing this bankrupt company.
• Colt Defense LLC: This gun making company is making a bankruptcy-exit plan at the moment, which will allow it to successfully recover in the future.

 Though it can be frightening to take the plunge and file before the holidays in Owatonna, Minnesota, it is important to file as soon as possible. There are many people, and many organizations, struggling with bankruptcy this holiday season. Why prolong your financial issues into 2016?

To get started on your bankruptcy filing, contact Behm Law Group Ltd. today.

It’s finally December in Mankato, Minnesota! That means it’s time to start prepping for your office celebrations, traveling for family events, and filling up your calendar with festive activities. With so much going on, most people’s schedules become especially hectic this time of year.

However, bankruptcy firms tend to have quieter Decembers than most. Oftentimes, potential filers do not want to disrupt the holiday season with thoughts of debt or bankruptcy, or their schedules become too busy to begin a filing. Who has time to work on a filing, between running to the mall and planning holiday events?

Though it’s understandable to want to wait until 2016 to file for bankruptcy, it may be important to address your filing before the holiday season. If your finances are in trouble going in to the holiday season, they will still be in trouble afterward. Rather than waiting to address the issue until after the tree is decorated, presents are opened, and carols are sung, it’s best to address the problem immediately.

If you’re struggling with debt in the Mankato MN area and have been considering bankruptcy, now is the time to address your bankruptcy filing. For additional information about starting a filing and examining your financial situation this holiday season, give Behm Law Group, Ltd. a call today.

Last week, we discussed a few key terms regarding Black Friday and bankruptcy in the Mankato, Minnesota area. Now that we know all about the history of this holiday, and about the importance of remaining “in the black,” it’s time to think about our own personal finances this holiday season.

Here are a few tips and tricks to avoid bankruptcy this holiday season, even in the midst of the shopping frenzy that is Black Friday:

1. Set a Budget: In order to avoid bankruptcy this holiday season, decide how much money you plan to spend on gifts. If you have a plan, you’ll be less likely to splurge on an extra box of fancy chocolates for your co-worker or another pair of socks for your nephew. While you’re budgeting for the holidays, remember to factor in additional costs for food, traveling, and decorations, too!

2. Pay With Cash: Rather than wracking up credit card debt and flirting with potential bankruptcy, withdraw your Black Friday shopping budget in cash. This way, you know that you’re staying within your budget for the day. Just make sure to keep the money stored safely in a wallet, purse, or car compartment in order to survive the long day of shopping!

3. Mark a Route: If you’re out shopping on Black Friday, decide which stores you’ll visit, and in which order you’ll visit them. If Kohl’s is next to Best Buy, but across town from Wal-Mart, plan the order in which you’ll visit all three with limited doubling-back. This way, you won’t waste time or money driving back and forth between different areas of town. Think of it as your own personal shopping map, and make sure to include a hot chocolate stop!

4. Just Pick One: Although it may be tempting to take advantage of Black Friday, Small Business Saturday, and Cyber Monday, you’ll be more likely to spend responsibly and avoid debt or bankruptcy if you limit yourself to one day of binge shopping. So, if you’re passionate about supporting local businesses or you love online shopping, spend Black Friday curled in a blanket and relaxing!

These four simple steps should help keep your finances in check this holiday shopping season, even in the midst of Black Friday debt and potential bankruptcy. However, if you live in the Mankato, Minnesota area, and you already feel like your finances are on clearance this holiday season, contact the professionals at Behm Law Group Ltd. today.