Will Dire Farm Economy Predictions Result in More Bankruptcies in the Redwood Falls, Minnesota Area?

The U.S. Department of Agriculture is predicting that farmers will produce a record corn crop in 2016. But if Minnesota economic forecasts of dropping commodity prices, a stronger U.S. dollar, and weak global growth create fallout in the Redwood Falls, Minnesota area, Behm Law Group, LLC is ready to help.

Analysts are worried that the combination of healthy supplies, the strength of the U.S. dollar, and slow growth in world-wide demand have kept prices for corn and soybeans low. The result is harming the profits of Minnesota farmers and it could impact other related businesses.

Stephen Behm and the staff at Behm Law Group, LLC are keeping an eye on the latest trends and their impact on the local economy. Behm Law Group has earned a reputation for skill and excellence in the field of bankruptcy law in the Redwood Falls area. They have assisted hundreds of people to make a fresh start financially through Chapter 13, 12, and 7 bankruptcies.

The outlook for 2016 does have some bright spots as well: forecasters credit Minnesota’s large and diverse economic base for helping it absorb the global slowdown. There is a reason for optimism with job gains in education, health care, retail, and finance, as well as a need for tradespeople as homebuilding activity begins to rebound.

If Minnesota’s changing economic fortunes leave you seeking some assistance and you need questions answered, Behm Law Group, LLC offers private and free bankruptcy information. These meetings at the Redwood County courthouse are available to anyone and we expect no commitment should you decide to attend.

Behm Law Group, LLC wants to help you navigate the ever-shifting world economy and get the relief you need through bankruptcy, even if it’s only by having a conversation to help you answer some questions and figure out your options. You don’t have to live with crushing debt and hounding collection calls. Allow us to do what we have confidently and successfully done for hundreds of others: help you with a fresh financial start.

 

Dismissal Versus Discharge in the Worthington, Minnesota Area

In the Worthington, Minnesota area, going through the bankruptcy process can be a bit confusing. There are papers to complete, assets to assess, and numerous monetary concerns to consider. Which document means what, and how exactly does one get through the process with the most success? Where to begin a filing and where to end it?

Though the process can be troublesome, it’s important to make sure that you understand the language used throughout your personal bankruptcy filing, especially when it comes to the difference between “discharging” or “dismissing” debts.

In today’s post, just in time for St. Patrick’s Day, we’ll examine the distinctions between these two separate processes, one of which is fittingly known as “the pot of gold.”

Discharge: This process is truly the pot of gold at the end of a bankruptcy filing. If your case is discharged, that means that all former debts are satisfied and creditors may no longer hold you responsible for past expenses. In this outcome, the filer is truly free of their debts and is clutching onto that pot of gold, successfully walking away from their bankruptcy case.

Dismissal: Dismissal is somewhat more complicated than discharge. There are three specific reasons for this:

  1. Dismissal means that the entire bankruptcy filing is deemed void.
  2. Dismissal can sometimes occur before, during, or after a bankruptcy discharge. This can yield different results depending on the personal situation and can be either a positive or negative outcome.
  3. Dismissal means creditors still have the ability to pursue past debts. This means that filers are not free of their debts.

Of these two options, those filing for bankruptcy typically hope for a discharge rather than a dismissal. Especially around this time of year, everyone is searching for a pot of gold!

In the Worthington, Minnesota area, your personal bankruptcy filing should be clear and easy to understand. For all your concerns regarding bankruptcy, contact the professionals at Behm Law Group Ltd. today.

The Case for Discharging Student Loan Debt in the Mankato Minnesota Area

Over the past few weeks, we’ve been examining how to discharge student loan debt in the Mankato, Minnesota area. Bankruptcy is an option in specific circumstances, but does not always apply to every student. So, how are you supposed to know whether or not your case is valid?

This week, we’ll take a look at a few cases of student loan debt that arrived in bankruptcy court. Although some were more successful than others, each of these cases offers an important look into the world of discharging student loans through bankruptcy:

  1. Case One: This case involves a telemarketer working for $8.50 per hour. At fifty years old, barely making enough to get by, this person was released from their student loans through bankruptcy because they were trapped in a cycle of poverty and debt.
  2. Case Two: A part-time cellist and music instructor came to bankruptcy court after years of attempting to pay student loan debt. This person was denied their claim because, despite their college degree, they had chosen to accept low paying work. The courts ruled in this case that the individual could be capable of earning more money.
  3. Case Three: A married couple obtained a discharge through bankruptcy because they were both working part time jobs and paying private school tuition for their children. The courts ruled this couple could follow a future repayment plan for their student loans.
  4. Case Four: Generally speaking, if the borrower attended a school deemed fraudulent, or if their education was not ultimately beneficial to them, the courts often rule to discharge the borrower’s loans through bankruptcy.

There are a number of ways in which student loans can impact people in the Mankato, MN area. Whether you’re trapped beneath your student loans, or curious whether or not you may have a bankruptcy case, the professionals at Behm Law Group, Ltd. are here to help. Give us a call today.

Bankruptcy Relieves Student Loan Debt in the Waseca, Minnesota Area

For many students nearing graduation in the Waseca, Minnesota area, it can be overwhelming to consider their impending student loan debt. Although many believe that this particular type of debt cannot be discharged through bankruptcy, there are actually a few specific circumstances where bankruptcy can grant individuals relief from their debt.

If you’re struggling to repay student loans or fearful about the future of your upcoming debts, it may be time to take an important examination to determine whether or not you’re eligible for bankruptcy.

In Minnesota, the standard for determining whether or not you’re able to discharge student loan debt through bankruptcy is known as the “totality of circumstances” test. Though school is full of exams and quizzes, this may be one of the most helpful tests you’ll ever take. So, let’s do a little studying up on the totality of circumstances test:

The totality of circumstances test addresses all relevant factors influencing your ability to pay back student loan debt rather than just a few specific ones. Here are a few personal, relevant factors that may impact your ability to pay back your debt:

  1. Are you able to purchase necessities such as food and housing? You need food, water, and housing in order to survive. That goes without saying! However, if you’re unable to afford these basic items as a result of your debt, it may be time to consider bankruptcy.
  1. Are you trapped in a cycle of debt? This means that you’re continually unable to pay off your loans. If so, this may be a circumstance that can contribute to a bankruptcy filing.
  1. Are you working towards repaying your debt? Making regular payments certainly shows that you’re putting in the effort to be rid of your debt, but if that effort is not enough, bankruptcy may be a viable option!

In the Waseca, Minnesota area, discharging student loan debt through bankruptcy may be the best option for people who pass the totality of circumstances test. To determine your eligibility, or to learn more about bankruptcy filings, contact the professionals at Behm Law Group Ltd. today.

Bankruptcy is All Relative in the Fairmont, Minnesota Area

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 and How to File For Bankruptcy in New Ulm, MN

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.

 

Make a New Year’s Resolution to File for Bankruptcy and Get Out of Debt in Mankato, MN

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.

 

  1. 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.

 

  1. 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.

 

  1. 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!

Bankruptcy and The Muzak Business in Worthington, MN

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.

Beware Manipulative Music and Avoid Bankruptcy this Holiday Season in Marshall, MN

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!

Businesses File Bankruptcy Before the Holidays Too in Owatonna, Minnesota

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.