Author: mlt

Wading into the world of bankruptcy is akin to entering a labyrinth. When you’re already struggling financially, trying to learn about a process you’ve likely only just heard about adds additional strain to the situation, and it’s easy to feel utterly lost. Chapter 13 bankruptcy was made to be a permanent solution to financial stress, not a problem. With the right support system on your side, you can utilize bankruptcy to create a new, bright financial future. Here at Behm Law Group, our lawyers can help New Ulm, MN residents build that support system and make the best possible decisions for their financial future.

Deciding Between Chapter 7 and Chapter 13 Bankruptcy.

Understanding the ins and outs of bankruptcy requires a trained guide. Beyond the legal jargon, bankruptcy lawyers can help you understand the different types of bankruptcy and how they may apply to you. Following this, a lawyer will be able to help you navigate every step of the bankruptcy process until the moment you achieve financial freedom.

For individuals filing for bankruptcy, Chapter 7 and Chapter 13 bankruptcy are the primary options. For some, Chapter 7 bankruptcy may be the ideal solution, as it allows them to eliminate debt relatively quickly; the process usually takes only 90 to 120 days. For others, Chapter 13, also known as wage-earner bankruptcy or partial payment bankruptcy, is more suitable for individuals looking for a reliable, consistent payment plan, with no interest, late fees or penalties.  A Chapter 13 payment plan usually lasts 36 months.

It’s easy to think that you can just look up Chapter 7 and Chapter 13 bankruptcy and easily determine which best fits your needs. However, Chapter 7 and Chapter 13 are entirely different financial tools and each has unique intricacies that only a legal professional can discern and manage. In order to best protect your assets and create a plan that suits your financial situation, hiring an experienced and competent bankruptcy professional is paramount.

What Will Wage-Earner/Partial Payment Bankruptcy Look Like?

If you and your lawyer decide to move forward with Chapter 13 bankruptcy, you may find yourself anxious for results. The good news is that the power of wage-earner/partial payment bankruptcy lies in its consistency. You and your lawyer will create a structured payment plan that you can rely on. Your personal budget will serve as a basis for the plan and your payments will be made on a predictable and predetermined schedule. During the repayment period, creditors cannot harass you. As the name wage-earner bankruptcy implies, this option is excellent for people with stable and consistent income.

If you’re anxious about the process, your bankruptcy lawyer can help assuage your fears and help you truly understand the process. No matter which type of bankruptcy you and your lawyer decide on, the Behm Law Group can help you navigate your way through the labyrinth. For individuals in New Ulm, MN interested in Chapter 7 or Chapter 13 bankruptcy, our team is available at (507) 387-7200 or by email. Contact us today to find out more, or visit our website for additional details.

After finalizing a bankruptcy, it can be difficult to envision your new financial future. Bankruptcy is a stressful and foreign process to most, and after the last of the documents has been signed, many St. Peter, MN residents have probably asked themselves, “Now what?” The good news is that rebuilding after bankruptcy is not only possible; it’s also an excellent time to really take control of your financial potential. At Behm Law Group, we recommend that all individuals and businesses completing Chapter 7 bankruptcy follow these steps to stay on top of their new financial plan.

Prioritize Consistency

This is true, whether it means making consistent payments or maintaining a steady position. Following Chapter 7 bankruptcy, the more consistent and moderate you can keep your spending behavior, the better. Be sure to make your payments to creditors on time, stay on top of any credit payments, and try to avoid large or risky purchases. In fact, being financially boring for a while is a great choice. Pay all of your fees on time, give your credit time to recover, and keep your income as steady as possible.

Never Underestimate the Power of a Budget

Even if you had a budget before your Chapter 7 bankruptcy, it’s time to make a new one with your new financial future in mind. Rebuilding after bankruptcy requires a lot of reflection and honesty, so you need to make a budget that accounts for your new payments, your outstanding debt, and some savings wherever possible. This doesn’t necessarily mean cutting out everything but the essentials, but it should be realistic. Chapter 7 bankruptcy is a chance to make a permanent and lasting financial change, and a strict, effective budget is a great way to start your recovery.

Chapter 7 Bankruptcy and Documentation

If you’re coming out of a Chapter 7 bankruptcy, then you know the power of paperwork. Rebuilding after bankruptcy has a lot in common with the bankruptcy process itself: keep a record of any purchases, keep proof of payment for your debts, and make an effort to get your financial records in order. If you struggled with the paperwork aspect of your bankruptcy from the start, the immediate completion of the bankruptcy process is the ideal time to establish a filing system. Not only does this aid in budget creation, but it also safeguards you against potential disputes or loss of payments or purchases.

If you or a loved one are in need of Chapter 7 bankruptcy information and support in St. Peter, MN, Behm Lawn Group is here to assist. For information on filing and starting the bankruptcy process, you can contact us today at (507) 387-7200, send us an email, or visit our website. Rebuilding after bankruptcy can be daunting, but with the right legal team on your side, you can rest assured you’re getting the

In today’s overly simplified media portrayals, the bankruptcy process is frequently depicted inaccurately. Losing absolutely everything, including your car, home, business, and all your assets, is a flawed interpretation. In the real world, when you find yourself faced with bankruptcy, it’s understandable to be anxious about what may be in store for you and your family. While it is true that bankruptcy can involve the liquidation of some of your assets, things that are considered “necessities of modern life” are exempt from bankruptcy. Behm Law Group works closely with New Ulm, MN individuals to create a Chapter 7 bankruptcy case that helps them manage their debt, identify items that are exempt from liquidation, and reclaim their financial stability.

How does Chapter 7 bankruptcy work?

Debt discharge is the main focus of bankruptcy, also referred to as straight bankruptcy or liquidation bankruptcy. It creates a debt repayment or liquidation plan that lets your life continue while simultaneously satisfying your debtors. If the word “liquidation” makes you nervous, it’s important to remember that it’s extremely rare for individual filers to lose their property during this process, as long as the proper forms are correctly filed.

What protections exist for your property?

Despite the stereotypes, Chapter 7 bankruptcy is not a free-for-all on your belongings. State and federal exemptions exist to ensure that you will not be left with nothing after bankruptcy, and in no situation will you be pulled into a courtroom and asked to empty your pockets. Bankruptcy of all types, including Chapter 7 bankruptcy, is a legal process with rules, regulations, and exemptions. Determining which of your assets are exempt or nonexempt is, in part, the role of your bankruptcy lawyer.

How can you safely navigate the bankruptcy process?

At Behm Law Group, our goal is to assist you throughout your bankruptcy and ensure that your debt discharge is fair and manageable. Straight bankruptcy is a route towards a debt-free future, but you don’t have to navigate it alone. If you’re in New Ulm, MN and are looking for comprehensive Chapter 7 bankruptcy support, we can help.

New Ulm, MN residents aiming to file Chapter 7 bankruptcy can contact Behm Law Group today at (507) 387-7200, by email, or by visiting our website to find out more.

Bankruptcy is considered one of the last resorts for individuals struggling with debt in the U.S., so the idea of being ineligible for bankruptcy might be a startling concept. But bankruptcy is not a one-size-fits-all process, and being ineligible for one type may not necessarily mean you are ineligible for another. At the Behm Law Group, we can help you determine what type of bankruptcy meets your needs, and for many individuals in Waseca, MN, Chapter 13 bankruptcy may just be the best option.

The Basics of Chapter 13 Bankruptcy

 Chapter 13 bankruptcy, also known as wage-earner bankruptcy, is a method of breaking your debt down into manageable payments where you pay only a portion of it over time with no interest, late fees or penalties.  Unlike Chapter 7, the time period for repayment is longer, usually three years.  In some cases, your repayment plan may extend out to a maximum of five years. During this time, your pay cannot be garnished, and your property cannot be repossessed and the money in your bank accounts cannot be seized. In a sense, it’s like hitting the pause button on your debt and taking the time you need to emotionally and mentally decompress and to get things back in order. This means your home, car, and other assets will not be at risk of being taken to satisfy your debts.

Qualifications for Bankruptcy

 As relieving as a big pause may sound, not everyone is able to utilize Chapter 13 bankruptcy. You do have to meet certain requirements in order to file. First and foremost, you must have a stable income that will be capable of meeting the payment requirements for the assigned amount of time. This is where the name wage-earner bankruptcy originates.

There is also a limitation on how much debt you can hold in order to file for wage-earner bankruptcy, broken down into secured and unsecured debts. A bankruptcy lawyer can help you navigate and calculate where your debt falls, but if you’re a billionaire, Chapter 13 bankruptcy is not for you. You will also need documentation substantiating your monthly income and your monthly living expenses, such as tax documents, bank statements, mortgage statements, and more.

Because of the meticulous documentation requirements, having a bankruptcy lawyer on your side makes the entire process much simpler and much more successful.

If you’re a Waseca, MN area resident in need of bankruptcy support or more information on wage-earner bankruptcy, Behm Law Group has the Chapter 13 bankruptcy lawyers you need to get started and on the road to financial recovery. Contact us at (507) 387-7200 or by email today.

It’s a common perception that bankruptcy is “rock bottom” for an individual’s finances. But the reality is much more nuanced than that. For some, choosing Chapter 7 bankruptcy is more akin to a fresh start. In many ways, the period that comes after filing for bankruptcy is even more significant than the days leading up to it. At Behm Law Group, our bankruptcy lawyers can help you come out of bankruptcy looking towards a brighter future without financial stress.  With our support, a fresh start in Owatonna, MN could be your new reality.

How Chapter 7 Bankruptcy Allows for a Fresh Start

In the context of Chapter 7 bankruptcy, a fresh start means that you have an opportunity to rewrite your financial identity. This might be in the form of small efforts to rebuild your credit and change your spending habits to better suit your income, or it could entail large life changes like liquidating land or releasing a failing business to get a handle on your debts. However you’ve chosen to mediate your debts, chapter 7 bankruptcy is an opportunity to change the trajectory of your financial future without old weight lingering on your shoulders.

Bankruptcy Attorneys are Experts with the Paperwork

 To successfully file a chapter 7 bankruptcy, you need to provide your lawyer with documentation that verifies your debts and substantiates your ownership of your various assets.  In Chapter 7 bankruptcy, there are exemption laws that allow you to retain assets necessary to reorganize your life and financial circumstances.  While the exemption allowances are very generous, they have limits.  Sometimes, non-exempt property that exceeds the limits of the applicable bankruptcy exemptions must be turned over to the chapter 7 trustee administering the case.  The trustee sells the non-exempt assets and distributes the sale proceeds among one’s creditors.  While the bankruptcy process can be nuanced and scary, the good news is that you don’t have to navigate the process on your own.  Behm Law Group’s bankruptcy lawyers can walk you through it, explain how it works step by step, and help ensure that you leave it in a better financial position than when you entered it.

Chapter 7 Helps with Life After Bankruptcy

Once our bankruptcy lawyers have provided the legal support you need, we can also help you stay on track as you move forward into a debt-free and less stressful future. This includes providing you with direction concerning the best way to repair and improve your credit.  This also includes tips on how to determine good/constructive credit solicitations from potentially exploitative and destructive ones.  Our bankruptcy lawyers are very experienced in the practical approaches to credit recovery and they can share vital resources for ongoing financial support that would otherwise be difficult to navigate.

If you’re in a difficult financial position and are considering Chapter 7 bankruptcy or if you’re in need of legal assistance for a bankruptcy filing, the Behm Law Group can help. Contact our bankruptcy lawyers today at (507) 387-7200 or visit our website to find out more about the services we offer to Owatonna, MN residents.

Coming back from bankruptcy as a fully employed worker can feel as difficult and daunting as one dare imagine. A lack of time outside of work, the stress of managing daily life or a family, and the logistics of financial stress can keep you running in place perpetually. The benefits of Chapter 13 bankruptcy are how it allows you to press pause on your debt and create a plan that will give you the space you need to make a full financial recovery. Our Owatonna, MN team at the Behm Law Group can help you navigate your way up the hill and beyond into a relieving new year.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is also known as wage-earner bankruptcy or a “wage-earner plan,” as it can only be claimed by individuals with a consistent income. This may be income from social security, full-time employment, or other sources, but it must be steady. A key part of this type of bankruptcy is how much flexibility plan development allows. You will work side by side with your Behm Law Group support team to create a plan that fits your financial abilities.

Lack of Interest Accrued

A major boon to declaring bankruptcy is that interest, late fees and penalties, which cause debts to be unmanageable outside of bankruptcy, are immediately terminated. Wage-earner bankruptcy can also stop foreclosure proceedings and prevent creditors from demanding higher payments than what the court, the chapter 13 trustee and your attorney determine are fair. After developing a payment plan, individuals will have between three to five years to make their predetermined payments.

The process of developing a monthly plan is coordinated between our lawyers and you. If you are looking for a bankruptcy recovery plan that can be precisely catered to your situation, wage-earner bankruptcy might be the solution you need.

For more information about Chapter 13 bankruptcy or the other ways Behm Law Group can support your recovery in Owatonna, MN, contact us today at (507) 387-7200 or visit our website.