Post-Bankruptcy Planning in Mankato, MN

Behm Law Group helps you plan for your future after bankruptcy.

Memories are eternal. Everyone cherishes their fondest memories rooted in pleasant times. Our surroundings, like a favorite restaurant or arcade, figure prominently in those dreamy recollections. No wonder we experience shock and dismay when one of those historic sites declares bankruptcy. That wasn’t just a part of any memory. That was part of OUR memory.

Although memories have already occurred, the bankruptcy attorneys at Behm Law Group, Ltd. believe it’s human nature to want to relive the pleasant times. Part of that re-experience involves visiting those places again. This voyage into the past can rekindle the positive energy we once felt. If, on the other hand, when a business is bankrupt, or hasn’t been managed properly, we feel unfairly cheated. It’s as though our memories were stolen from us. That can’t be, of course, because our memories took place much earlier.

Bankruptcy in Mankato, MN can look much like those mismanaged properties. The pleasant has been replaced with what we consider to be bad. We dwell about “What if?” The “what if” is possible only if you relinquish the past and grab hold of your future. Behm Law Group, Ltd. has heard countless memories. But that’s just it. They are memories.

Harness those pleasant experiences on your mind. You worked to create them before. Mankato, MN residents can work toward positive experiences after bankruptcy once again.

Historic buildings come and go. Fashions come and go. When you think about it, nothing is truly constant, because circumstances and environs change with the times. It’s inevitable. One thing is for sure though; the attorneys at Behm Law Group, Ltd. specialize in bankruptcy. Regardless of how bankruptcy has intersected with your life, we’ve got you covered. We know bankruptcy laws, typical client experiences, and yes, something about memories too.

If Mankato residents are willing to work with us, we can ensure a more pleasant experience than what you may have imagined. Behm Law Group, Ltd. may not be able to top sunbathing on a beach in Maui…after all, this is Minnesota. But we can help you to fashion the required steps to get you to Maui and create positive experiences and memories. Are you up for the challenge?

Creating a Financial Fitness Program

Behm Law Group helps Mankato area residents get their financial lives back into shape!

When was the last time you started a fitness program? We bet you had grand visions of a svelte body with toned muscles, at least for a few weeks. As soon as the habitual necessity becomes apparent to keep that body, the newness wears off. Instead of excitement, you anticipate the gym with dread. So you eye any fitness fad with desire. Maybe something new will be better. By now, Mankato, MN residents have determined physical fitness requires a regular regimen of discipline. Pick a sport, and stick with it. You will then secure the results you seek.

The bankruptcy attorneys at Behm Law Group, Ltd. want you to be aware of the financial fitness program. If Mankato residents don’t understand how they arrived at a state of bankruptcy, they won’t understand how to stay out of it. Just like physical fitness, financial fitness requires discipline. These are some steps we recommend:

1) Establish a budget for yourself and your family members. Let other family members participate in the process. They will be more apt to follow the rules everyone has agreed to, if they understand what those rules mean and why they were chosen.

2) Mankato, MN residents will be more likely to avoid bankruptcy by spending less than they earn. Sounds simple, yet with rising costs, this can be a real challenge for families. Discipline will be your friend.

3) Behm Law Group, Ltd. recommends you save some money for those unexpected circumstances, another fairly simple rule that can be harder to execute with limited funds and rising costs.

4) Mankato residents: beware of those credit and debit card offers! Choose wisely based on the lowest interest fees and the company with whom you’d prefer to do business. Plan to pay off any charges within the same statement period to avoid additional fees.

5) Although our attorneys can help you in the event of bankruptcy, we’d prefer you avoid it. Regularly monitor your bank and credit card statements to ferret out any fraud and incorrect charges. It might even behoove you to get ID theft protection.

Finally, Mankato: use that discipline to only purchase those items you need. Save the wants for when you are earning more money.

Even if you follow all of these steps, the bankruptcy attorneys at Behm Law Group, Ltd. realizes bad things happen to good people. Practice physical fitness to feel and to look your best. Practice sound financial fitness to achieve your best. If the weight of monetary burdens leave you financially weak, call upon Behm Law Group, Ltd. to help you whip your financial woes back to fiscal fitness.

401Ks and Bankruptcy in Mankato, Minnesota

Behm Law Group Explains the Connections Between Your Bankruptcy Filing and Your Retirement Account

What do 401Ks and bankruptcy have in common? A 401K is an asset. While bankruptcy itself is not considered to be an asset, the lawyers at Behm Law Group, Ltd. would make a case that bankruptcy planning might be. With employees having multiple jobs in their lifetimes, it is possible for an employee to leave the 401K with the previous employer. Over time, that 401K may simply disappear from the memory banks.

What happens if that previous company files for bankruptcy with your 401K in tow? It is possible Mankato residents will not be able to recoup that money. Did you know that even if you no longer work for a company, you can roll over the 401K to a different company of your choosing? By actively keeping abreast of a company’s financial health, you can ensure your 401K remains safe until you need it most. However, if bankruptcy looms, contact the bankruptcy attorneys at Behm Law Group, Ltd. for answers.

What happens if the company you are working for goes under? Is your 401K safe? Maybe not. Again, the bankruptcy lawyers at Behm Law Group, Ltd. would be happy to help the residents of Mankato and throughout Minnesota. Financial regulations change all the time. With so many demands on your time, it can be quite cumbersome to keep track of everything. As your financial landscape evolves, think ahead. Hope for the best, but plan for the worst. Mankato, MN residents can count on the bankruptcy attorneys at Behm Law Group, Ltd. to give them sound, friendly advice.

Behm Law Group, Ltd. wants the best for you. Ask us about your concerns. We will give you honest answers.

I Went Bankrupt: Now What?

Behm Law Group helps you recover and move forward after filing for bankruptcy in Mankato, MN

You can be your own worst enemy. Thinking about what you should have, could have, would have done can overwhelm Mankato, MN residents who have gone bankrupt. Simply kicking yourself or spinning negative thoughts will do more to hamper your forward momentum than anything else. As they say, you are what you think about. The bankruptcy attorneys at Behm Law Group, Ltd. suggest you change your paradigm.

Instead of spiraling downward, treat your bankruptcy as a puzzle problem. If you want to analyze the “whys,” we can help you sort the pieces into a sensible order. No blame is needed, only a determination to help yourself move forward. Finances got out of hand? Okay. Maybe learning how to create and follow a budget is in order. Your spouse spends too much? Maybe having separate checking accounts would work. Your child always wants the most expensive clothing? Perhaps saying “no” once in a while wouldn’t hurt either.

The point is, bankruptcy in Mankato, MN doesn’t signal the end, only another beginning. Your frame of mind is your number one asset you can use to improve your situation. The bankruptcy attorneys at Behm Law Group, Ltd. would be more than happy to discuss your opportunities. That’s right; if you allow yourself to think of possibilities, you can climb up and out.

We would be remiss if we led Mankato residents to believe no work would be involved. Let’s face it. If all the optimal choices and decisions were made, it’s likely bankruptcy wouldn’t have occurred. Therefore, some changes are due. Behm Law Group,  Ltd. can help you sort through the mass of information, so you can differentiate between the trivial and the important.

Nothing worth achieving is easy. If that were the case, you would have already mastered your predicament. So from now on, think of the present as a challenge. Mankato, MN residents have overcome other challenges. Let the bankruptcy attorneys at Behm Law Group Ltd. help you overcome bankruptcy. Let’s get going!

Murphy’s Law & Bankruptcy in Mankato, Minnesota

Behm Law Group can provide you with bankruptcy legal assistance when everything else is going wrong.

Mr. and Mrs. Mankato Minnesota bought their dream house one day with money they earned from their dream jobs. A few years later, they had two dream children. They saved and saved for their children’s college education and for their retirement. Sounds like the American dream, doesn’t it? Behm Law Group Ltd. has heard of many good intentions and practices through the years.

One day, the company Mr. Mankato Minnesota worked for lost an accident lawsuit against them. With the need to cut expenses to lessen the sudden financial burden, the company decided to downsize and outsource jobs. And that day Mr. Mankato Minnesota was fired from his dream job, losing his income, benefits, and a bit of his dignity. What a nightmare!

With the current slow economy and only one paycheck, things started to get tight financially. Because of the stress at home, the children started bickering. Eventually, their grades declined. Murphy’s Law continued to work its magic until finally Mr. and Mrs. Mankato Minnesota had to file for bankruptcy. The bankruptcy attorneys at Behm Law Group Ltd. want to help you fight against Murphy’s Law with expert bankruptcy law advice.

In order to do that, you need to call us. First, things usually are never as bad as they seem. Second, there is more than one type of bankruptcy to consider. Third, you won’t be able to progress very far if you don’t help yourself. You do that by letting Behm Law Group Ltd. help you. There’s really nothing to fear but the unknown. Our bankruptcy attorneys can give Mankato, MN residents a practical perspective complete with the necessary steps to thwart Murphy’s Law.

Behm Law Group Ltd. obviously can’t guarantee everything will always be rosy for you. No one can ensure that. Our bankruptcy attorneys can, however, put Mankato residents in the right frame of mind to deal with their situations sensibly. First, we do that by listening. Second, we ask questions to find out what your expectations and goals are. Third, we empathize. Fourth, we strategize with you to achieve the best possible results for your situation.

The bankruptcy attorneys at Behm Law Group Ltd. hope that in the future, Murphy’s Law in Mankato, MN will only mean you put on mismatched socks. We know you care. So do we. Call us.

Marriage Vows and Bankruptcy in Mankato, Minnesota

Behm Law Group provides prenuptial bankruptcy guidance and bankruptcy legal services for married couples in Mankato, MN.

What happens when “I do” leads to “I don’t?” Every person in love thinks a forever partner will be just that; forever. In fact, before the marriage, spouses-to-be are so giddy with the anticipation of a life filled with wonder and mutual admiration they often neglect to consider the “what ifs.” What if the marriage doesn’t work out? What if one or both of you lose a job? What if financial disaster strikes? How do we plan for these possibilities? When everything looks rosy, it can be difficult to think of bankruptcy in Mankato, Minnesota. Yet, Behm Law Group, Ltd. realizes this topic should be part of your plans.

With an uncertain economy, Mankato brides and grooms would be well-served to include the possibility of bankruptcy in their prenuptial agreement. Being positive and optimistic is wonderful, but doesn’t always cover the realities and surprises of life. A solid marriage and financial foundation includes the reality that unforeseen events can cause bankruptcy. Behm Law Group, Ltd. is well versed in all aspects of bankruptcy law and can inform you of the possibilities of succumbing to bankruptcy as well as how to get out of this quagmire.

Without a plan in the case of bankruptcy, Mankato spouses likely will experience a tremendous strain on their marriages. You both will already be frustrated. Frustrations will boil over into heated discussions with differing viewpoints. It would be easy to play the blame game. How does arguing solve your problem? The bankruptcy attorneys at Behm Law Group, Ltd. can bring the discussion back to a manageable, productive level.

We know bankruptcy in Mankato, MN is hard, but it’s only one part in a life consisting of a zillion parts. The bankruptcy attorneys at Behm Law Group, Ltd. care about you. You gave a forever oath to each other. That oath comprises all of life’s trials and turmoils, not just the ones you know how to manage.

The bankruptcy attorneys at Behm Law Group, Ltd. can help you navigate the uncharted waters of bankruptcy law.  Let us help you to help yourself and your marriage.

Bankruptcy and Children in Mankato, Minnesota

Behm Law Group Helps You Consider Your Child’s Future While Filing for Bankruptcy

Filing for bankruptcy in Mankato, Minnesota can be an intensely emotional experience; not just for you, but for your children as well. Everyone likes to feel like a winner. Children are no different in this regard. What happens when they go to school and overhear other students talk about their parents’ supposed problems? It would be easy to feel like an outsider at this point. The bankruptcy attorneys at Behm Law Group Ltd. understand more than just bankruptcy law. We know of your frustrations, doubts, and fear of the unknown. We are skilled in helping Mankato residents navigate the many issues of bankruptcy law.

It can be difficult to move forward with so many competing emotions dividing your family members. Bankruptcy does not have to be the end. It can simply be a new beginning. Think of a brighter tomorrow for you and your family. Then you will likely achieve it. The bankruptcy attorneys at Behm Law Group Ltd. sincerely want the best for Mankato residents.

Parents never want to be viewed as failures in their children’s eyes. The bankruptcy attorneys at Behm Law Group Ltd. empathize with you. We know how to handle delicate situations. Emotions of your children are just one consideration as you think about filing for bankruptcy.

Mankato residents may be wondering how bankruptcy would affect their children’s futures. Indeed, filing for bankruptcy could impact your children’s finances as well. Consult with the bankruptcy attorneys at Behm Law Group Ltd. to discover how you can secure your children’s finances while you deal with creditors.

Your children are just beginning their journeys in life. They need to realize that, sometimes, unfortunate circumstances happen. Behm Law Group Ltd. knows Mankato parents want to fulfill their obligations to protect their children to the best of their abilities.

For your bankruptcy filing issues, Mankato residents can feel comfortable contacting the bankruptcy attorneys at Behm Law Group Ltd. We care. We empathize. We deliver.

How Natural Disasters Influence Bankruptcy Claims in Mankato, MN

Filing for Bankruptcy in Minnesota | Tips from Behm Law Group, Ltd.

Since Hurricane Katrina, there have been changes and adjustments to bankruptcy laws. This is especially important for people that have been the victim of a natural disaster and lost all of their possessions and potentially their income. With the recent tornadoes and weather events in the South, Behm Law Group, Ltd. wanted to revisit the nuances of bankruptcy for disaster victims.

When an enormous weather event, such as Hurricane Katrina, strikes, the government may relax some of the laws associated with bankruptcy. In the instance of Katrina, the strict rules of Chapter 7 bankruptcy were relaxed to take into account the increased expenses and loss of property and income that disaster victims and their families experienced. Chapter 7 bankruptcy allows for debts to be completely erased. If the looser rules were not put into place after such large events, some families with higher income than the state’s median may have to repay their debt over a five year period.

Of course, these exceptions are due to extreme cases, like natural disasters and other events that impact an entire geographic area. It is still applicable to residents of Minnesota that sometimes experience tornadoes and flooding statewide.

To help you navigate the intricacies of bankruptcy law, call Behm Law Group, Ltd, your local bankruptcy attorneys based in Mankato, Minnesota. Filing for bankruptcy, whether Chapter 7 or Chapter 13 is never an easy decision, and it certainly isn’t a simple process. We are here to help you through the hardest times in your life, whether they are naturally occurring or caused by a natural disaster.

Bankruptcy and Your Credit Score

How does bankruptcy affect your credit score? Behm Law Group Ltd. explains.

It should go without saying that filing for bankruptcy can carry with it certain consequences. While bankruptcy protections are in place to relieve many of the burdens of crushing, intolerable debt, filing for bankruptcy can impact your life in many ways over the next several years.

Perhaps most notably is the impact bankruptcy will have on your credit score. Following a bankruptcy, it’s still possible to obtain credit cards and loans. However, creditors will sometimes ask that you have a co-signer (someone with good credit who will assume responsibility for the debt with you). People who file bankruptcy will have the bankruptcy reflected on their credit histories anywhere from 1 to 7 years, irrespective of whether one files a chapter 13 bankruptcy or a chapter 7 bankruptcy. Both types of bankruptcy will reflect the same on credit histories. Sometimes people who have filed for bankruptcy relief or who have gone through a foreclosure will have to wait 3 years after the bankruptcy or foreclosure to qualify for a home mortgage through Freddie Mac or Fannie Mae.

While bankruptcy can negatively impact your credit history—which may not have been too great to begin with—you can start to repair your credit history almost as soon as you complete your bankruptcy process. Be sure to accurately and honestly reflect your bankruptcy situation. Potential creditors will want that information noted up-front so they can assess your credit risk. To most creditors, a bankruptcy filing simply represents a point in time. To them, the time predating the bankruptcy filing represents a time full of economic chaos and incredible financial uncertainty. The time after a bankruptcy filing represents financial order and economic balance. Most creditors will work with you following a bankruptcy because they know that they will not have to compete with pre-existing bankruptcy creditors for your payments because those creditors will have been discharged; they know that they will be first in line. Also, they will know that you will not be able to file for bankruptcy relief again for several years. They know that they could pursue collection action against you for several years if you do not pay them.

Unsecured credit after bankruptcy can be obtained. However, to improve your credit, you should look to secured credit, if possible, by placing money in the bank that’s equal to or more than the credit limit you’re looking to secure. Putting money away for a secured loan or credit can be challenging, particularly following bankruptcy, but the goal is to repair your credit history as much as possible and getting a secured line of credit is a good way to do it.

Any student loans you have will likely not be discharged through bankruptcy, so those debts will remain and they can be a ticking time bomb to your credit history if they go unpaid. Pay them on time, and pay over the minimum payment when possible, because that will likewise improve your damaged credit history.

There are companies that specialize in repairing credit history and credit scores, but they can be very expensive, and they’re not all reputable. In fact, some even engage other people who voluntarily allow the companies to “ghost” credit histories. The companies do not engage in identity theft. However, some people with good credit will, for a fee, allow credit repair companies to use their good credit standings and “ghost” those good credit standings for people with poor credit histories. Do your research before approaching a credit repair outfit but the best course may be to just stay away from them.

The bankruptcy attorneys at Behm Law Group Ltd. are experts at advising how best to rebuild your credit history following bankruptcy, and we’re happy to guide you accordingly. If you’re facing a bankruptcy situation of your own, Behm Law Group Ltd. can provide expertise in guiding you through the process and explaining what you can expect following filing for bankruptcy. We proudly serve Mankato, MN, and all of Southern Minnesota. We stand ready to help you through your stressful financial ordeal. Give Behm Law Group Ltd. a call today!

Beware Fraudulent Transfers | Bankruptcy Law Tips

Minnesota Bankruptcy Lawyers at Behm Law Group Ltd.

If you wish to keep your friends and family members in your good graces, don’t attempt to transfer property to them if you anticipate filing for bankruptcy within the next two years and they don’t pay you a reasonable market value for the property. Embarking on such a path may be considered fraudulent and could result in your friends or relatives being sued to give up that undervalued property. They’d be out whatever money they paid you plus the property they thought was theirs.

According to 11 U.S.C. Sec. 548, a bankruptcy trustee can sue individuals who purchased property, such as a vehicle, from the debtor who received substantially less than equivalent return value. Therefore, if a debtor sold a vehicle or similar property worth, say, $15,000, to a friend or family member, but only received $3,000 in compensation, and that transfer took place within two years before the debtor filed bankruptcy, the trustee could sue to reclaim that property in order to sell it for a more accurate market value. The trustee would then take that increased capital and distribute it evenly among the debtor’s affected creditors.

To avoid this potentially embarrassing fraudulent transfer situation, make sure you enter into financial agreements with friends or relatives by asking for a reasonable market value. This is especially important if you’re selling property when you’re under extreme financial duress that could lead to a bankruptcy filing in the near future.

The Bankruptcy Code can be extremely difficult to understand, especially when delving into the more arcane language and clauses that are best left to bankruptcy law professionals. Behm Law Group Ltd. serves Mankato, MN, and surrounding communities, and our bankruptcy expertise is at your disposal to help you successfully emerge from the stressful experience of filing for bankruptcy protection.

To better navigate this somewhat obscure bankruptcy side road, our professional team of bankruptcy attorneys at Behm Law Group Ltd. is available to assist and advise you. Contact Behm Law Group Ltd. today and begin your personal journey out of debt.