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Category Archives: Bankruptcy Law
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
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
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 bankruptcy estate, exemptions, IRS, tax refund, withholding
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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 401(k), early withdrawal, IRA, loan, tax consequences, tax debt
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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
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
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
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
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