Dayton signs Health Savings Account exemption bill into law

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…
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Keeping your house (or car) in bankruptcy (Video)

https://www.youtube.com/watch?v=S8bsZuJ-Mts 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,…

New median income figures, effective April 1, 2018

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy cases filed after April 1, 2018. The median income is an important figure, as debtors below that figure are almost…

Theisen Law now offers Military discount

In honor of the sacrifice that service members do for this country, I have decided to give all current and veteran military members a 15% discount on my fees. Just this week, I had four new clients who qualified for this discount. They came…

I am Self-employed as an LLC. Do I need to file bankruptcy, individually, or a corporate bankruptcy, or both?

A frequently asked question indeed, particularly for self-employed people who are incorporated (i.e. as an LLC or S Corp, etc.) and the business is failing. (If you have a very large operation and want to shed corporate debt, and keep the business…

Trump to Review Bankruptcy Options for Student Loans

Yesterday the Trump administration said it is going to take a new look at how the government interprets the virtually-impossible-to-attain “undue hardship” standard for discharging student loans in bankruptcy. Where this all goes, and…

8th Circuit Hears Oral Arguments in Property Tax Refund Exemption Case

I had the privilege to argue before the Eighth Circuit Court of Appeals on Tuesday. The issue was whether a Minnesota property tax refund is exempt under Minnesota law as “government assistance based on need.” A Minnesota property tax…
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New IRS Collection Tool – Denying Passports

Effective this month, seriously delinquent taxpayers (defined as $51,000 or more to the IRS, where liens have been filed) may get their passports revoked or denied. This is the implementation of legislation that was passed in December 2016.…

Minnesota Bankruptcy Filings Increase

Minnesota Bankruptcy Filings Increase After six straight years of double-digit annual declines in bankruptcy filings, Minnesota Bankruptcy Filings of 2017 edged up slightly over 2016, with a 1.51% increase. Bankruptcy filings peaked…

New median income figures go into effect November 1, 2017

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy case is filed after November 1, 2017. The median income is an important figure, as debtors below that figure…