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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...
A recent article in an online advice column, posed this question. The answer of course, is to just say no. Realistically, this woman needs to file bankruptcy, but if she was not eligible or able for whatever reason, the general rule is that old bad debt settles...
Department of Education to relax standard for Student Loan discharge in Bankruptcy. A recent press release indicates that the Department of Education is going to make it a lot easier for people who have, or will, file bankruptcy, in order to get rid of their student...
Tim Theisen joins a panel of distinguished speakers, before the Bankruptcy section of the MN Bar Association, on the topics of family law issues in bankruptcy.
The Department of Justice recently adjusted the median income figures, which are effective in bankruptcy cases filed after November 1, 2022. The median income is an important figure, as debtors below that figure are almost always assured a chapter 7 discharge. For...
The Department of Justice recently adjusted the median income figures, which are effective in bankruptcy cases filed after April 1, 2022. The median income is an important figure, as debtors below that figure are almost always assured a chapter 7 discharge. For...
This article discussed “discernment,” the process of counseling for people at the “crossroads” of separation, who don’t necessarily want to work on their marriage, but also aren’t ready for divorce. But the article doesn’t mention the legal issues that arise...
One of the things that comes up in protecting money in a bank account from creditors, is the concept of first in first out. It's a concept that is seemingly difficult, yet also quite simple. The first money that goes in, is the first money that goes out. But you don't...
The MN attorney general just announced that it will be issuing $38 million in relief for students who attended the MN School of Business and Globe University, which are for-profit schools that are no longer doing business. More information, including how to apply for...