Category Archives: Bankruptcy Law

Preferences and Why You Shouldn’t Pay Back a Relative Before Filing Bankruptcy

It is very common for people in dire financial situations to borrow money from relatives. A lot of times, Debtors feel nervous about not paying back their relatives before filing bankruptcy. If a Debtor pays back a relative before filing … Continue reading

Posted in Bankruptcy Law | Tagged , , | 3 Comments

Median Income and the Means Test: Gross Income vs. Net Income

In a consumer bankruptcy case,  a person’s gross income is used to calculate whether the debtor is above or below the median income for means test purposes. People often confuse gross and net (or “take-home”) income, and that is understandable, … Continue reading

Posted in Bankruptcy Law | Tagged , , , , , , | Leave a comment

Median Income and the Means Test

In 2005, BAPCPA (Bankruptcy Abuse Prevention and Consumer Protection Act) was passed. For more information about BAPCPA, through the lens of the U.S. Trustee Program, see this website. One of the most “fun” parts of BAPCPA is the application of … Continue reading

Posted in Bankruptcy Law | Tagged , , , , | 4 Comments

Are Your Tax Withholdings Correct?

One common issue in a bankruptcy case is whether the person filing bankruptcy will be able to keep their tax refund (many times it’s a refund that they haven’t yet received). Depending on what assets you have and which exemptions … Continue reading

Posted in Bankruptcy Law | Tagged , , , , | Leave a comment

Bankruptcy and Your Retirement Savings

It is quite common for prospective clients to call my office and tell me that they are considering taking out a loan from their retirement account, or withdrawing money from their retirement account, in order to pay some of their … Continue reading

Posted in Bankruptcy Law | Tagged , , , , , | Leave a comment

Beware of Debt Settlement Companies

When someone is considering filing bankruptcy, it is not uncommon for them to also be considering the use of a debt settlement company. These companies often advertise that they are a better alternative to bankruptcy, and that they will help … Continue reading

Posted in Bankruptcy Law | Tagged , , , | Leave a comment

Feeling Guilty About Filing Bankruptcy?

When I meet with people who are considering filing bankruptcy, they often feel ashamed and guilty about their situation. They never planned on or even imagined having to file for bankruptcy, but health issues, job loss, and other life-changing situations … Continue reading

Posted in Bankruptcy Law | Tagged , | 1 Comment

LawHelpMN.org Garnishment Fact Sheets

The website, LawHelpMN.org, has a couple of informative fact sheets posted that pertain to garnishment: Income and Property Protected from Creditors Garnishment and Your Rights

Posted in Bankruptcy Law | Tagged | Leave a comment

Garnishment in MN

When I meet with people who are going through a financial rough patch, they are usually concerned about the possibility of their wages being garnished. This is a reasonable fear, because according to a recent article in the New York Times, … Continue reading

Posted in Bankruptcy Law | Tagged | Leave a comment

Bankruptcy Information from the NCLC

The National Consumer Law Center has great publications for consumers available on its website. If you are considering filing for bankruptcy, or have already started the process, the following brochures will provide you with useful information: Bankruptcy Client Brochure Using … Continue reading

Posted in Bankruptcy Law | Tagged , | Leave a comment