Call Today For Your Consultation: 763-225-9583
When Legal Matters Become Personal
Even before recent double digit inflation and doubling of interest rates, we were starting to see seven-year car loans being the norm. For years, a reasonable car payment was $4-500, but now the average is $725. This article posits that there is a 20/4/7 rule, which...
It seems ironic that nobody needs to attend a budgeting class in order to go into debt, but in order to file bankruptcy and get out of debt, a person does need to attend a budgeting class. A recent article indicates that more and more states are now requiring...
I'm honored to again have been asked to speak before Minnesota bankruptcy attorneys at the annual bankruptcy institute, this time on the subject of avoiding common mistakes. Here is the brochure for the bankruptcy institute:...
Bankruptcy is not just for the indigent. Very typically what I see, are people who were chugging along doing fine, and then there's usually some sort of triggering event, whether it's an illness, accident, or injury, that causes them to lose their financial footing,...
Many of my clients have already tried various debt relief programs before realizing they need to file for bankruptcy. While there may be a few programs that work on a nonprofit basis, most of these programs are destined to fail, as they are heavily front end loaded...
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...
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...