“Strategic default”. Sounds fancy, like some sort of accounting trick used by the rich and famous. In reality, a strategic default may be a viable solution to your current financial woes rather than pursuing foreclosure defense, loan modification or other potential options. Your answers to the following questions will go a long way toward determining… Read more »

Bankruptcy is a stressful process. One of the biggest questions people ask when contemplating filing is, “What do I get to keep if I file bankruptcy?” Many items and financial sources are exempt from bankruptcy which gives potential filers some peace of mind during a difficult time. Homestead Minnesota’s homestead exemption protects home and land… Read more »

A Chapter 13 bankruptcy 341 meeting is a meeting of creditors during a Chapter 13 bankruptcy. This hearing enables the trustee and creditors to ask the filer about his/her ability to adhere to the proposed payment plan and about assets and other financial issues. Prior to the actual 341 meeting, the appointed trustee will review all filed… Read more »

In order to determine if an individual is eligible, the Chapter 7 bankruptcy means test ensures that the filer’s income is low enough to qualify for this type of bankruptcy and to prevent those with higher incomes from taking advantage of the bankruptcy process. Some people erroneously believe that they have to be completely broke in… Read more »

Bankruptcy is often caused by a loss of a job, medical bills, or a business failure. Many people fear that filing for bankruptcy could cause them to lose their home and everything that they own. Fortunately, bankruptcy laws allow debtors to keep certain types of assets. These assets are “exempt” and do not become part… Read more »

Monday, August 3 at 5:00 pm was the deadline for claims to be filed against the Twin Cities Archdiocese. It was at that deadline that the Archdiocese found that it was facing over $25 million in claims, but the figure may be even higher than that, as 655 claims were filed and over 400 of… Read more »

Home prices and home sales have risen, but the overall mortgage debt has barely changed. The change is only .07 percent up from what it was in the April to June quarter of 2014, which brought the mortgage debt to $8.12 Trillion. That brings the amount of debt to the same level it was when… Read more »

There are laws that protect individuals from creditor harassment. There are state laws and the Fair Debt Collection Practices Act (FDCPA) that says creditors can’t do certain things to consumers, such as threaten them. Here are some things that you need to know when it comes to creditors collecting a debt: Collections agencies may contact… Read more »

A medical tech company that moved from Canada to Minnetonka in 2014 has now filed for Chapter 11 bankruptcy. The company plans to sell its operations to another company after the bankruptcy auction. Pending court approval, the deal is expected to close by the end of the summer. The purchaser has offered to pay nearly… Read more »

Having a student loan discharged in bankruptcy is not easy for the fact that they receive the same classification as child support and taxes, which means they are not dischargeable. This is something that can be highly problematic for people having difficulty paying off their student loan debt. It is true that there are individuals… Read more »