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Will I lose my wedding ring in bankruptcy?

https://youtu.be/MCJOJtcuvBE 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…
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Reaffirming Debts

https://www.youtube.com/watch?v=3UQwHfohSHI 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,…
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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,…
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How much can a creditor garnish in Minnesota?

Typically a creditor can garnish 25% of your wages. If you are already paying child support, that would typically count against the 25%, so sometimes a child support obligor can be exempt from wage garnishment by a private judgment creditor.…
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Second Mortgages Cannot be Stripped in Chapter 7 Cases

The United States Supreme Court held this week in Bank of America v. Caulkett that wholly unsecured second mortgages cannot be stripped in Chapter 7. “Wholly unsecured” means that the house is worth less than the first mortgage balance.…
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My elderly mother can't pay her credit cards. Does she need to file bankruptcy?

I get a call like this fairly regularly, usually triggered by something like the adult child finding out that mom has not been taking her meds because 35% of her Social Security checks are going toward minimal payments on credit cards. It seems…
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SCOTUS hears arguments in chapter 7 lien strip case

This week the United States Supreme Court heard oral arguments in a case involving stripping off a wholly unsecured junior mortgage in a chapter 7 case. There has been a split amongst the federal circuits, with some permitting it, but most not…
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What should I do first: file my taxes or file bankruptcy?

At the moment you file bankruptcy, your bankruptcy estate is created, and any claim that you have, including a tax refund from last year, and even a pro rata portion of the tax refund that you get next year for this year, is considered property…
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Supreme Court to hear cases regarding chapter 7 lien stripping

The Supreme Court granted certiorari in two Chapter 7 lien strip cases today. Cases are Bank of America v Toledo-Cardona and Bank of America v Caulkett. In the 11th Judicial Circuit, court have permitted chapter 7 debtors to strip wholly unsecured…
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Median Income Figures for Bankruptcy Means Test Increased

The United States Trustee just announced that effective November 1, the median income figures will increase. The median income is the figure that half of the people with that household size are above it, and half are below. Debtors who are below…