As an individual consumer, you have two options if you choose to file for bankruptcy. You can—if your income fits the requirements of the Means Test—file for Chapter 7 bankruptcy and have many of your debts discharged in the process. However, if you do not pass the Means Test, your second option is to file
If you’re struggling to meet loan payments and bills alongside daily living expenses, bankruptcy is an option for individuals, business owners, and corporations alike. Designed to liquidate assets, discharge debts, reorganize expenses, and generally give the filer a fresh start while maintaining the fair treatment of creditors, bankruptcy in the U.S. is a process that
Whether you file for Chapter 7 liquidation bankruptcy or Chapter 13 debt reorganization bankruptcy, you benefit from the immediate action of the automatic stay as soon as your bankruptcy petition is filed. The automatic stay is a wonderful tool designed to prevent creditors from collecting on debts that may be discharged or restructured during the
Most Americans over 30 have around $150,000 in various debts including mortgages, car loans, credit cards, medical bills, taxes, and other accumulated debts. This debt can often begin to cripple the quality of life for individuals and families who cannot maintain regular debt payments and still meet standards for necessary expenses. If your financial obligations
For as long as the concept of trade has been around, so has the concept of debt. Today, debtors have a wide range of options to recover from financial difficulties. Filing for bankruptcy is one of the most viable options for debt recovery we have as US citizens. Bankruptcy is designed to handle a filer’s
From October to January, national spending on holiday decorations, parties, and gifts increases by an average of $500 to $1,000 per person. This extra spending during the holidays is a luxury that many consumers may take for granted. Families living below the poverty line often struggle to make ends meet during the holiday season more
Bankruptcy in the U.S. is designed to help those struggling to meet their financial obligations and debt payments each month. Because bankruptcy is generally linked with extreme financial circumstances, it’s a process that’s often associated with low incomes and financial destitution. There are many cases, however, when an individual has a high income yet still
All government employees, including military personnel, have the same rights to file for bankruptcy as any other citizen of the U.S. In some cases, members of the military and veterans even have additional benefits and options during the process of filing for bankruptcy than other citizens. Despite government pensions, salaries, benefits, and other financial support
If you are considering filing for bankruptcy, your debts will be categorized as those securing purchased properties (secured debts) and those that do not involve tangible property (unsecured debts). Your creditors will also be categorized similarly, depending on which type of debt you owe to each. In the case of debt owed to a bank
When you file for bankruptcy, every aspect of your financial situation and all of your income and all of your debts are subject to review. Behm Law Group, Ltd. offers legal assistance and counsel in navigating the bankruptcy code for our community’s individuals and small businesses filing for bankruptcy in Mankato, MN. Changes to the
