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...
When Legal Matters Become Personal
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Credit card debt increases to record $931 billion
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...
Minnesota Child Support Guidelines Revised Effective January 2023
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...
Liability for Spouse’s Debt in Minnesota
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,...
Videos
Videos MediaAttorney Tim Theisen Interviewed For WCCO News Story Regarding Bankruptcy Trends Published on May 2, 2024 Saint Paul Divorce Attorney Published on July 25, 2021 Saint Paul Bankruptcy Attorney Published on July 11, 2021 Is The New Stimulus Protected From...
‘My girlfriend owes $200,000 in medical and credit-card debt’: She wants me to settle it
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...
When should you file for bankruptcy?
Filing for bankruptcy is often someone's last resort when they are in a bad financial situation. It can be hard to know when you need the protection of bankruptcy or when you might be able to correct your financial situation without taking any drastic steps....
Department of Education to relax standard for Student Loan discharge in Bankruptcy
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...
Bankruptcy and Divorce
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.
New Median Income Figures Effective November 1, 2022
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...