According to the American Bankruptcy Institute http://news.abi.org/press-releases/february-bankruptcy-filings-decrease-21-percent-from-previous-year-commercial-filings, bankruptcy filings have dropped 21% nationwide in February 2013. The article said that February filings were up 5% from January 2013. This seems to reflect what I am seeing in banks that have cut credit limits and increased...
If you are thinking about consolidating your debt using a debt consolidation company you may want to reconsider. Debt settlement is not effective for the majority of consumers using this service and it generally puts clients further in the hole. The reason people use these...
The Minnesota Bankruptcy Court should approve a new local rule for lien stripping of 2nd mortgages in chapter 13 bankruptcy. The new rule is complex and will make the lien stripping process more costly and cumbersome for debtors and their attorney. The new rule essentially makes...
One of the most common questions that gets asked by potential clients is how will bankruptcy effect my credit. The most common answer is that it cannot hurt their credit any further, in most cases the damage to credit has already happened. Most clients I...
The number of bankruptcy case filings dropped around 12% in Minnesota for 2012. This could reflect an improving economy or may just be a temporary drop and the numbers could increase in 2013....
If you own a small business in Minnesota you may need help with resolving debt to some of your vendors. The other thing you may need is to look at your own bill collection process to make sure your clients are paying you. In some...
If you are a creditor and are thinking about objecting to a persons bankruptcy plan, you need to determine if it worth your time and money. In many cases you will not be able to recover much if anything from an objection. In some cases...
If you are filing for bankruptcy you have already heard that they are virtually impossible to discharge. This is true the standard the courts have set for discharge of these types of loans is undue hardship. I have read a number of the cases that...
The ethanol industry is America is struggling with low fuel prices resulting in bankruptcies across the industry. The EPA is also considering asking Congress to remove the ethanol mandate fuel contain 10% ethanol. Most of the companies are filing for chapter 7 bankruptcy, since their...
If you are looking at your financial picture and it looks bleak you may need to look at your debt elimination options. The two most common options are bankruptcy and debt consolidation. In the vast majority of cases bankruptcy will be the better option. For...