Posts

Is the new stimulus protected from creditors? Can it be protected in a bankruptcy?  

The short answer is yes, the new federal stimulus is almost certainly protected from creditors outside of bankruptcy, or inside of bankruptcy. The reason I can only say “almost” certainly, has to do with a more complicated analysis of…

Will my mortgage payments be reported on my credit report after bankruptcy? 

When you file Chapter 7 bankruptcy, you need to declare your intentions on your secured debt, which is essentially that you are going to give it back, or keep it. If you are going to keep it, most people just continue making the payments,…

I already filed bankruptcy, when can I file bankruptcy again?

You need to wait eight years from the filing date of a prior Chapter 7, in order to file another Chapter 7 and get a discharge. If it's been less than eight years, but at least four years, you can file a chapter 13, and get a discharge. My “over/under,”…

Why are bankruptcy filings down in 2020? 

With record shattering unemployment due to the pandemic, a lot of people are surprised that 2020 bankruptcy filings to-date are down 30% from 2019; that figure includes commercial filings, and for individual bankruptcies, the numbers have decreased…

Biden supports Bankruptcy Reform

A recent article in the Washington Post pointed out that Joe Biden was one of the Democrats to cross party lines and help pass the Bankruptcy Reform Act in 2005. He now regrets that, and supports Elizabeth Warren’s plan to revise the bankruptcy…

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: …

8th Circuit Rules Minnesota Property tax refunds are not exempt under state law

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…

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,…

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…