Posts

New Median Income Figures Go Into Effect April 1, 2020

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy cases filed after April 1, 2020. The median income is an important figure, as debtors below that figure are almost…
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New median income figures go into effect November 1, 2019

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy cases filed after November 1, 2019. The median income is an important figure, as debtors below that figure are…
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Veterans Exempt from Means Test

On Friday, the President signed the Honoring American Veterans in Extreme Need Act of 2019, which excludes from the calculation of monthly income, for purposes of the Bankruptcy Code's means test, certain benefits paid by the Department of Veterans…

Bankruptcy vs. Debt Settlement – Which is better?

https://www.youtube.com/watch?v=XEoETAnhoEc 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: …

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…

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…

Can I file bankruptcy on my association dues?

When you buy into a condominium or townhouse, you will be subject to an association, whose fees, bylaws and rules “run with the land.” By operation of the agreement itself, if you fail to pay the dues (or any additional amounts that are…

What are the downsides of filing bankruptcy?

The decision to file bankruptcy requires consideration of the pros and cons. My new debt resolution comparison chart is a good place to start when considering the alternatives, and whether bankruptcy is the best fit. There are certain negative…