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When Legal Matters Become Personal
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...
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...
The quick answer is, I’ve never had a client lose their wedding ring. There are some interesting twists and angles to consider. The first concept to understand is exemptions. The wedding ring is exempt under both the federal and Minnesota exemptions. The federal...
Tis the season for a timely question. There are two things to watch out for: The first concept, if you file after the gift is given, concerns what are called fraudulent transactions, which could potentially invoke a trustee’s “clawback” (or avoidance) powers. If a...
My last two posts concerned options with a car in chapter 7, including the two most popular options, retain and pay/”ride through”, or reaffirmation. But in most cases, the terms of the loan remain the same. In chapter 13, we can actually change the terms of your car...
The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in a bankruptcy case is filed after November 1, 2018. The median income is an important figure, as debtors below that figure are almost always assured a...
The 8th Circuit Court of Appeals just released it opinion in Seaver v. Hanson, determining that state property tax refunds are not government assistance based on need. The prior caselaw on the subject at the BAP level, Manty v. Johnson, had relied on the Hardy case...
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...
Governor Dayton just signed into law HF 2391 which provides an exemption for Health Savings Account. In bankruptcy, debtors can choose whether to protect their assets under state law or federal law. Federal law permits a miscellaneous exemption of up to $13,000, which...
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...