One of the most stubborn myths about bankruptcy is the one which says that chapter 13 requires full payment of all your debts over 60 months. If true, this would indeed rule out chapter 13 for most consumers. After all, what good would come from being granted 60 months to pay off all your debts? If you can’t [...]
Craig Andresen, Minneapolis, MN, Bankruptcy Attorney
Most persons with debt problems are, at least intially, highly resistant to the idea of filing for bankruptcy. Filing chapter 7 or chapter 13 is often viewed as taking the easy way out, or looked at as a good way to ruin one’s future credit rating, or as a moral failing best to be avoided. [...]
When a creditor obtains a court judgment against a debtor, wage garnishment can be soon to follow. Most persons subjected to wage garnishment will consult a lawyer to see if it can be stopped, and many of those will file either chapter 7 or chapter 13 bankruptcy to stop the wage garnishment. While stopping a garnishment through [...]
Everyone seems to have heard of a simple “formula” for determining when you should consider filing a chapter 7 or chapter 13 bankruptcy. The problem is that once you start looking for the formula, it becomes apparent that there are numerous versions, and none of them seem to agree with one another. Many seem to think that [...]
Everyone knows that you can’t discharge income taxes in bankruptcy. Right? No, not right at all. This misconception about bankruptcy law illustrates just why you shouldn’t substitute cocktail party gossip for the advice of a good lawyer. Especially when the question involves discharging income taxes in a consumer bankruptcy case. Generally, income taxes are discharged in [...]
One of the things that troubles those considering filing personal bankruptcy is the fear that it might be impossible to qualify for a home mortgage after a chapter 7 or 13 case. Indeed, it would be a cruel irony if a bankruptcy filing freed you at last from a heavy debt burden, enabling you to finally [...]
