Entries by Tim Theisen

SBA Grants for Small Businesses & Self-employed

A huge part of last week’s CARES legislation included relief for small businesses, including SBA grants for subsidizing payroll, rent, & utilities for 8 weeks. It starts out like a loan, but will be forgiven upon proof that you used it for those qualifying expenses. Free money! This is not an April Fool’s joke! It […]

Minnesota Unemployment Benefits for the Self-employed

Minnesota Unemployment benefits for the Self-employed Here is an update on unemployment benefits for the self-employed in Minnesota as of Tuesday morning March 31. The Department of Employment and Economic Development’s website still says they are awaiting guidance from the US Department of Labor as to exactly how a self-employed person will get the unemployment […]

Bankruptcy, Courts, and the Coronavirus in MN

This office takes the threat of the Coronavirus very seriously. We will follow, and go above and beyond, all government directives to ensure the safety of our clients, staff, and the public in general. The good news is that a lot of the work that we do as bankruptcy and family law practitioners can be […]

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Veterans Exempt from Means Test

On Friday, the President signed the Honoring American Veterans in Extreme Need Act of 2019, which excludes from the calculation of monthly income, for purposes of the Bankruptcy Code’s means test, certain benefits paid by the Department of Veterans Affairs and the Department of Defense. Previously, there was an active-combat exception which was very narrow; […]

Bankruptcy vs. Debt Settlement – Which is better?

Almost everyone considering bankruptcy can and should consider debt settlement as a last ditch effort to avoid bankruptcy. Debt settlement can be preferable to bankruptcy in these types of circumstances: You have a low amount of debt. You have assets that cannot be protected in bankruptcy (95% of people we help can protect all their […]

New median income figures go into effect May 1, 2019

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy cases filed after May 1, 2019. The median income is an important figure, as debtors below that figure are almost always assured a chapter 7 discharge. For chapter 13 debtors, being under the median is helpful […]


Reaffirming Debts

Reaffirming debts is something that is rarely done in bankruptcy, and almost never needs to be done. Reaffirming should not be confused with simply voluntarily continuing to pay discharged debt, which is what most people do on their secured obligations. That topic was discussed in another segment of the bankruptcy minutes series. But there’s a […]