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When Legal Matters Become Personal
The Department of Justice recently adjusted the median income figures, which are effective in bankruptcy cases filed after May 15. 2023. The median income is an important figure, as debtors below that figure are almost always assured a chapter 7 discharge. For chapter...
When you file for bankruptcy, a trustee will be appointed to oversee and manage your case. Their primary role is to ensure that the bankruptcy process runs smoothly and that both you and your creditors are treated fairly. The trustee's responsibilities cover a wide...
Payday loans often become a desperate consumer’s final lifeline to get by. But interest rates can actually exceed 100% per annum. A recent article discusses pending legislation in Minnesota to cap interest rates at “only” 36%. My experience is that payday lenders are...
A recent article noted that consumer credit card debt has spiked in the last two years, going from near all time lows to all time highs. Most people believe that this is due to the end of the pandemic stimulus payments, combined with inflationary pressures that have...
In a unanimous decision, the United States Supreme Court recently determined that the fraud exception from getting a discharge in bankruptcy, applies equally when the fraud was incurred by a debtor's former partner, and not the debtor itself. Debts that are...
A recent article indicated that there has been an 18% decrease in the amount of medical debts that are being reported on credit bureaus. This is due in part to new policies whereby medical debts under $500 are no longer being reported to the credit bureaus, nor are...
Many people qualify for bankruptcy, but not every request for a discharge is approved and not everyone can utilize the same type of bankruptcy filing. Individuals who are seeking Chapter 7 relief, for example, are subjected to a means test. Only if they pass this test...
High inflation and rising interest rates have caused credit card balances in the US to increase to $931 billion as of year end 2022, according to the latest Credit Industry Insights report by TransUnion. Additionally, the number of new credit cards opened increased by...
New child support guidelines have gone into effect. This article does a pretty good job of explaining the new guidelines. It has been interesting over 30 years of practice, to see the guidelines evolve from a strict percentage, to what is called income shares, and...
Minn.Stat section 519.05 provides: A spouse is not liable to a creditor for any debts of the other spouse. Where husband and wife are living together, they shall be jointly and severally liable for necessary medical services that have been furnished to either spouse,...