Entries by Tim Theisen

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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 […]

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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 […]

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Keeping your house (or car) in bankruptcy (Video)

Sometimes people wonder “Do I actually have to file on my house (or my car)?” And the answer is, well, yes, but basically you just gotta keep making the payments. And the way to visualize this, is that before you file bankruptcy, it’s a three way relationship. There’s you, there’s your car, and there’s the […]

New median income figures, effective April 1, 2018

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy cases filed after April 1, 2018. 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 […]

Theisen Law now offers Military discount

In honor of the sacrifice that service members do for this country, I have decided to give all current and veteran military members a 15% discount on my fees. Just this week, I had four new clients who qualified for this discount. They came in, unaware that I was offering this, and it was enjoyable […]