How to Support Your Adult Children Without Going Bankrupt

Are your adult children “moochers”? At Behm Law Group, we find this term offensive, especially in light of today’s very challenging employment landscape. Do any of your children live at home, expense free? At Behm Law Group,  we call this “reality” because, due to very difficult economic times, it is very common that many adult children have moved back in with their parents just to get by. The bankruptcy attorneys at Behm Law Group, don’t want to interfere with your philosophy of family. However, irrespective of the very difficult present day economic realities, it could be time for you to make some changes, especially if you’re retired, so that you are not forced into bankruptcy yourself.

If you’re retired, you likely have a fixed income. You had planned to support yourself and perhaps a spouse in later years. But now, if the kids have moved to your house, why are you paying all of the bills? Shouldn’t parental obligations have limits? If by paying for the bulk of their expenses puts you on precarious slopes financially, you should make some changes. It would be reasonable for you to demand some sort of remuneration from your children in exchange for your kindness in allowing them to reside with you.

Mankato, the bankruptcy attorneys at Behm Law Group know you love your children. You want the best for them. We only ask that you seriously consider the financial landscape here. Fixed incomes are finite, and you know you’ll likely have health concerns in your later years. You need your money. If you don’t require money in return for what you’re providing at this stage in your life, you might be the one declaring bankruptcy.

You have a right to enjoy your life, too. When your children were young you were there as much as you possibly could be. But now, it’s your time to try and do what you want to do.

We advise you to put your agreement in writing. Don’t just rely on a verbal arrangement when it comes to money. Memories are unreliable. A written agreement should define the terms clearly.  A well-thought plan will protect you from slippery financial situations.

Make sure you work toward not having to file for bankruptcy relief, Mankato residents. If you find yourself in that situation anyway, call us at Behm Law Group. We would be happy to help you.

What to Do When You Lose Your Job in Mankato

Here you are, the image of success. You have a job that pays the bills, a house you own, a car, a spouse who works, and loving children. Everything’s great, right? Then one day, either you or your spouse gets that dreaded notice…you know, the message that states “We hate to do this, but you’re fired.” You didn’t even see any signs that would indicate all was not well.

You can get another job, because you’re talented. However, when weeks turn into months and more months, your family has to dip into savings just to stay afloat. One income, instead of the required two, takes its toll on you and your family. You can only tighten expenses so much.

Bankruptcy is the only practice area for the attorneys at Behm Law Group.

Behm Law Group will help you navigate the nuances of bankruptcy law. Our bankruptcy attorneys in Mankato not only limit their practice to bankruptcy but also care about people, people like you.

Bankruptcy occurs to people of all economic levels. The bankruptcy attorneys at Behm Law Group assure you we can help you to your satisfaction and chart a course to reclaim your solvency in the Mankato area.

In the span of a lifetime, bankruptcy doesn’t have to play a major part. Think positively. Once you become solvent again, bankruptcy will become a distant memory in no time.

You’re talented. You have support at home. You have what it takes to succeed. Otherwise, you couldn’t have done it before. And now you have the expertise and support of the bankruptcy attorneys at Behm Law Group. Let us help you to gain momentum in finding success once again.

How Medical Bills Can Lead to Bankruptcy for Mankato Residents

In Minnesota, hockey is the sport to play. As with any sport, the risks have to be considered along with the benefits. Sometimes it gets rough. Checking or other collisions can result in a player falling and suffering a concussion. It may not be severe, but sometimes it is.

Concussions don’t just happen in hockey. You could fall on the ice and hit your head just by walking outside. You could slip in the bathtub and sustain a concussion as well. Regardless of the reason, a severe concussion could lead to mounting medical bills. Mounting medical bills can lead to bankruptcy.

It can be difficult to save for an unknown eventuality when so many possibilities exist. You do the best you can. Sometimes your best doesn’t take care of an unexpected outcome. When that happens, you can rely on the bankruptcy attorneys at Behm Law Group to give you courteous, professional advice catered to your best interests.

We all face bumps in the road occasionally. That’s just part of life. Those bumps needn’t be debilitating. Behm Law Group in Mankato wants you to get the care you need without undue sacrifice.

Facing bankruptcy can gnaw at you and pull you away from your center. You need a bankruptcy plan. Who better to help you with that than attorneys who practice only in bankruptcy? That’s why the bankruptcy attorneys at Behm Law Group are the solution providers to your dilemma, rather than intimidating attorneys to be avoided.

Even if you don’t suffer a concussion, rising healthcare costs can be problematic for the best savers. Until some cost reforms are integrated into the system, healthcare expenses can be a threat to your savings. Serious accidents may require costs above what your insurance covers.

If a medical injury threatens your fiscal health and well-being, and bankruptcy is the only viable financial recovery option, contact Behm Law Group in Mankato for your bankruptcy needs.

Delinquent Mortgages in Chapter 13 Bankruptcy

Behm Law Group provides bankruptcy advice for Mankato, MN residents.

The bankruptcy attorneys at Behm Law Group, Ltd., believe everyone deserves a second chance. You want your self-esteem and dignity back. You want to be a contributing member and a better citizen in society. You dream of financial solvency.

Make that dream become your new reality, for a second time. First, let’s consider your bankruptcy dilemma. You, like everyone else, need shelter. A home mortgage, however, can be quite pricey.

Let’s say you are delinquent with your mortgage by $10,000.00. You filed for bankruptcy. At this time, things have changed. While you now have an income, the mortgage is still delinquent. Under 11 U.S.C. Sec. 1322 and 1325 of the Bankruptcy Code, in a Chapter 13 bankruptcy, you can “cure” or pay back the delinquency over a period of 60 months. How? You would be submitting your monthly payments to the Chapter 13 trustee for those 60 months. The trustee would in turn ensure the payments were received by the mortgage lender in question. One stipulation is that you must remain current in your mortgage payments during your Chapter 13 plan.

Sixty months may seem like a long time, but the bankruptcy attorneys at Behm Law Group, Ltd., know that time will pass quickly. Just having a plan can be a big dream booster for that opportunity of a second chance. It won’t be long until making payments will become a habit for you. Pretty soon you’ll be out of Chapter 13 bankruptcy.

Your strengthened self-esteem will be waiting for you. You will have relinquished those bouts of not knowing what to do. You will have acquired some financial discipline. After those 60 months, prepare for the worst, but hope for the best. If feasible, maybe you could continue those “mortgage payments.” Instead of giving them to a trustee, why not put them in a savings account as a payment to yourself. You will accumulate a buffer to hedge against future financial disasters.

We know you can’t predict the future. You can only plan the best that you can. Should you find yourself in financial difficulty, give us a call. Like we stated, everyone deserves another chance.

5 Financial Tips to Avoid Bankruptcy in Mankato, MN

Financial solvency gives you freedom, independence, and peace of mind. You get the freedom to be your own boss in financial matters. You purchase what you want, while living within your means. Bankruptcy may either be a thing of the past or something you’ve never experienced.

Financial independence and peace of mind are wonderful. They lift your spirits and keep stress away. The bankruptcy attorneys at Behm Law Group, Ltd. believe that following five financial tips will help you to remain financially solvent in 2015:

1) Establish goals for 2015. What do you want to have accomplished by January 1st, 2016? How will those goals impact your finances? Will you have a financial cushion to protect you from bankruptcy? The bankruptcy attorneys at Behm Law Group, Ltd., want you to carefully consider your responses before making your final decision.

2) Prepare a monthly budget. Look at your expected 2015 income, and carve out those expenses that are essential for your family to live. Assuming you have a positive number after subtracting expenses from income, you are well on your way to avoiding bankruptcy. If your number is negative, double check your expenses. Did you only include needs, or have some “wants” slipped in?

3) Keep track of your monthly expenses. This is slightly different from #2. With a budget, you’re noting goal-post numbers that haven’t occurred yet. Here, you’ll want to document all of your actual expenses each month. Then compare and analyze those numbers with your budgeted items. If any problem areas are edging you toward bankruptcy, you’ll be forewarned.

4) Either spend less or earn more. Behm Law Group, Ltd., realizes this can be easier to write than to do. Basically, be determined to spend less than what you earn. If you don’t like that constraint, then find a way to increase your income in 2015.

5) Spend wisely. After your essential living expenses are covered, spend any remaining money wisely. Perhaps some could be saved or invested. You could consider any monies saved to be an investment in yourself and your family. Is each purchase contributing toward your goals, or deviating from them? You decide.

Mankato residents: we hope these tips will spur you on to greater financial freedom and independence in 2015!

How is Bankruptcy Like a Hockey Game?

Behm Law Group discusses bankruptcy with an analogy every Minnesotan will understand.

When fierce competition strikes in a hockey game, the puck goes wild. It’s slammed, bounced, struck, whipped, and even coddled by players striving to obtain that coveted goal. As a hockey fan myself, I stay riveted to my seat, especially when the home team scores!

Sometimes you  feel like that hockey puck when life’s circumstances catapult you in directions you never anticipated. Only this time, it isn’t a game. Bankruptcy never is. I would never treat it as such either.

You see, when you consult with me or Isabelle, you become part of our home team at Behm Law Group, Ltd. We specialize in bankruptcy. That doesn’t mean we don’t know how you feel or understand what you are experiencing. We’ve had many bankruptcy clients in Mankato, MN over the years. We’ve heard similar stories throughout.

Behm Law Group, Ltd. will treat your experience as the unique story that it is, and stand by you throughout the entire process. Your circumstances are unique to you. Mankato, this means, as bankruptcy attorneys, we owe you a professional, courteous solution that works for you.

Bankruptcy law can be complex, especially for the uninitiated. At Behm Law Group, Ltd., we can break it down for you, so you can understand your options without the complicated legal jargon. We aim to work with you, not to alienate you.

It’s no fun feeling like creditors are brutally and continuously bashing you against the boards or slapping you about like a helpless hockey puck. Although you may find yourself in unfavorable circumstances even with bankruptcy, you have rights. Give Behm Law Group, Ltd., the chance to explain what those rights are.

As bankruptcy attorneys, we have witnessed other Mankato clients overcome bankruptcy. They have treated bankruptcy as the temporary setback that it is. Once overcoming this setback, they have gained a fresh start in life. So can you.

The game of life certainly doesn’t feel like much of a game, unless things are going well. Let’s keep the hockey puck on the ice rink where it belongs. Consult Behm Law Group, Ltd. Together we can put bankruptcy in its place.

The Creditor/Debtor Relationship in Mankato, MN Bankruptcy

Behm Law Group helps Mankato, MN bankruptcy filers deal with creditors.

When you pay off your credit card bills and loans promptly, life sails along smoothly. You’re in charge. No head-in-the-hands posture for you.

When unexpected circumstances rip your life apart and you have to file for bankruptcy in Mankato, Minnesota, you could find yourself in an adversarial dance with one or more creditors. No, running away, while tempting, won’t get the bills paid. The bankruptcy attorneys at Behm Law Group, Ltd., want to call your attention to 11 U.S.C. Sec. 525. It essentially states that if you have completed bankruptcy or have your debts discharged in bankruptcy, a creditor may not legally continue to pursue you for collections. Furthermore, after you have filed for bankruptcy, a creditor may not sell your debts to “debt purchasers.” If a creditor violates these rules, you can sue and get a judgment for monetary damages awarded against the offending creditor.

Bankruptcy law in Mankato, MN stipulates you need to account for your debts; however, the law is not arbitrary in how this is done. You needn’t succumb to verbal abuse or overly aggressive tactics by creditors.

Behm Law Group, Ltd. specializes in bankruptcy. We can get you from devastated to optimistic for the future. Bankruptcy may be a roadblock, but it’s temporary. We can help you navigate through the legal complexities you should never try to learn on your own.

Mankato, one way to stay in charge is to carefully consider each and every purchase. Err on the side of saving too much rather than not enough. The bankruptcy attorneys at Behm Law Group, Ltd. know this is easier said than done, especially after disaster has struck. This financial philosophy is still sound, however. It takes 21 days to create a habit. Habits don’t discriminate. That 21 days works for financial habits, too.

Just like any other specialized helpers you can think of, Mankato, bankruptcy attorneys help, too. Let Behm Law Group, Ltd., earn the right to be your firm of choice.

What Happens to My Tax Debt When I File For Chapter 13 Bankruptcy in Mankato, MN?

Behm Law Group provides bankruptcy consultation and advice for Mankato-area residents.

The word “bankruptcy” creates visions of having no money and no way out. There is more than one type of bankruptcy, however. If you are contemplating bankruptcy and want to know which course you should take, contact the bankruptcy attorneys at Behm Law Group, Ltd.

A Chapter 13 bankruptcy allows Mankato residents to set up a payment plan whereby some dischargeable debt may be discharged at the completion of that plan. In the case of tax debt, under Chapter 13, the entire tax debt has to be paid off within 60 months. However, you would not incur penalties or interest on that tax debt.

The bankruptcy attorneys at Behm Law Group, Ltd would like you to plan ahead for tax season. You should be putting together your receipts and other paperwork to prepare for 2014 taxes. Rather than wait until the last minute, Mankato, MN, why not start saving the money you expect to pay for taxes. If you are coming up short to the point bankruptcy is a possibility, give Behm Law Group, Ltd a call.

Taxes never go away. If allowed to accumulate, the tax debt you owe can appear insurmountable. It’s a fact that inaction, when dealing with a problem, can lead to negative reaction or continued non-action, neither of which will solve your money issues. Add forward momentum by taking that first step in Mankato, Minnesota. Contact the bankruptcy attorneys at Behm Law Group, Ltd .

Knowledge is power. Instead of guessing or imagining all possible scenarios, just find out the facts. Maybe bankruptcy wouldn’t be best for you. We’ll let you know that, too.

If Chapter 13 bankruptcy fits your situation, Mankato, then the next step is to form a plan to pay off any tax debt as well as other non-dischargeable debt. Every situation is different. Behm Law Group, Ltd’s attorneys can definitely help you. We will clarify the bankruptcy laws for you, so you understand exactly how you are affected and what you can do about it.

Just think, positive forward momentum leads to freedom of debt. You will have an opportunity to start fresh, create a budget, and stick to it. Soon, living within your means will become a habit.

Mankato, Minnesota, the bankruptcy attorneys at Behm Law Group, Ltd are ready to serve you when you need help. In the meantime, Happy Thanksgiving!

Inheriting Money & Bankruptcy in Mankato, MN

Behm Law Group explains what happens to inherited money when you file for bankruptcy.

Sometimes, one unfortunate outcome of the holidays is financial hardship. With an unknown future, you’re not sure whether or not to file bankruptcy. Consult with Behm Law Group, Ltd., to discuss your options. Residents of Mankato, MN: if your final decision is to file bankruptcy, we’ll walk you through the steps you need to take and inform you of what you can expect.

Let’s say that you have no foreseeable income. You file for bankruptcy. Then a relative unfortunately passes away, and you inherit some money. Can you keep that money, Mankato? The bankruptcy attorneys at Behm Law Group, Ltd., want you to be aware of the bankruptcy law regarding the inheritance of money:

Under 11 U.S.C. 341 and 521, if a person files for bankruptcy relief and then inherits money or property or receives a life insurance payment or a payment on a divorce property settlement within 180 days after the bankruptcy filing, any such money or property becomes property of the person’s bankruptcy estate and can be used by the bankruptcy trustee to pay that person’s creditors.

This means that within six months of the bankruptcy filing, that money may not necessarily be yours to keep, depending on the amount of your outstanding debt and the amount of the inheritance. With less than two months to affect any changes in the 2014 taxes you will pay at the end of the year, an inheritance received before 1/1/2015 could potentially change your taxes due. Mankato, the bankruptcy attorneys at Behm Law Group, Ltd., are getting a bit technical with you. We give you this information to provide you food for thought. Of course, there are more details to cover. We’d be more than happy to discuss any particulars on bankruptcy. Bankruptcy is our specialty, and we have many years of experience and expertise.

Receiving an inheritance doesn’t always mean someone has passed away. Suppose you’re named on a trust. The terms of the trust state you will receive money on a specific date. That would also constitute an inheritance for Mankato residents.

As you can see, nuances and other interpretations exist. We don’t expect our fellow Mankato, MN residents to become experts at bankruptcy law. But, we want you to understand some parameters, so you can make an informed decision. We’re the bankruptcy attorneys at Behm Law Group, Ltd., and we’re at your service. Happy Holidays!

Bankruptcy Law Regarding Spousal Debts for Mankato Residents

Behm Law Group helps clients balance bankruptcy and divorce spousal debts.

According to Minnesota bankruptcy law, Chapter 7 bankruptcy differs from Chapter 13 bankruptcy in the handling of spousal debts during a divorce. Chapter 7 bankruptcy is for a liquidation of debt. Chapter 13 bankruptcy is for a reorganization of debt. Therefore, under Chapter 13, debts assigned to spouses in divorces are discharged. Under Chapter 7, that is usually not the case.

For Mankato residents, that means if a husband is ordered in a divorce decree to pay a $10,000.00 Discover Card debt that is in both spouses’ names with the other spouse being held harmless, the hold-harmless obligation to the other spouse cannot be discharged in a Chapter 7, but may be discharged in a Chapter 13. The bankruptcy attorneys at Behm Law Group, Ltd., state that if that same husband files for Chapter 7 bankruptcy, and Discover Card pursues the ex-wife to collect on the debt, and she pays something toward that Discover Card bill, then the husband is liable to the ex-wife for what she had to pay Discover Card. This is because the divorce decree held her harmless in that obligation. Had the husband filed for Chapter 13 bankruptcy, however, he could have gotten that obligation discharged as well.

Generally, debtors use Chapter 13 when they have enough equity in their secured assets to make this path worthwhile. These debtors must have a regular source of income and be able to make payments on any instituted Chapter 13 plan. The Chapter 7 option leads to a clean slate where heavy debt is eliminated, and none of it needs to be repaid.

This is just a snapshot of the decisions Mankato residents contemplating divorce need to make. The bankruptcy attorneys at Behm Law Group, Ltd., can help you navigate the bankruptcy laws affecting your situation. You see, bankruptcy is our specialty.

Divorces are difficult enough without adding confusion over how to handle debt. Make your transition to single life smoother by considering the options with Behm Law Group, Ltd. We can map out a plan together. Mankato, MN bankruptcy may not have been your initial goal, but if it becomes your reality, we have you covered.

The bankruptcy attorneys at Behm Law Group, Ltd. offer personal, practical bankruptcy advice in a non-threatening, compassionate manner. Call for a consultation today.