Minneapolis Bankruptcy Court

If you are filing bankruptcy in the following Minnesota counties your case will be filed in Minneapolis, Carver, Anoka, Chippewa, Hennepin, Isanti, Kandiyohi, McLeod, Meeker, Renville, Sherburne, Stearns, Swift, Wright. If you case if filed in Minneapolis you 341 meeting will probably be held in either Minneapolis at the Federal Courthouse or in St Cloud at the Red Cross building. Once you get your notice of 341 meeting you will have the information on where your case will be held. If you have questions about your meeting you should talk to your Minnesota lawyer.

How To Prepare To File A Chapter 13 Bankruptcy In Minnesota

If you are thinking about filing for bankruptcy in Minnesota, you may need to file a chapter 13 bankruptcy. Chapter 13 bankruptcy is generally required when your income exceeds the median income for the county you live in. If your income exceeds this median level, or you have other issues that require a chapter 13 bankruptcy, this article will help you plan for how to make it work. Of course you will need to talk to an experienced attorney who handles chapter 13 bankruptcy to determine the benefits of chapter 13 bankruptcy for your situation.
The first thing when filing for chapter 13 bankruptcy is to make sure you have reliable transportation to get to work. It is best to have a vehicle that will last the entire 5 years of your bankruptcy plan, with minimal repair expenses. You want to minimize these expenses, since you will be on a fixed budget for the five years of your plan. It is also important to have reliable transportation so you can continue to get to work, to make the money to fund your bankruptcy plan.
The next thing you may want to do is make sure you are contributing to your 401k plan at work. This is important because you do not want to neglect your retirement savings for the five years of the chapter 13 bankruptcy. The good guideline for a contribution is at what your employer will match with additional funds. Of course this is assuming that your budget will allow this contribution. Our office has had clients that did not have the free money to cover any expenses beyond their basic living expenses and the chapter 13 payment.
The final step is to make sure you have looked over your income and expenses carefully with the help of your attorney, to make sure you have accounted for all of your expenses. Generally you are allowed reasonable expenses for the term on your chapter 13 plan. Reasonable expenses can vary depending upon your circumstances, but need to be reviewed by your attorney to make sure all the expenses are legitimate. You may be forced to justify some of your expenses if the bankruptcy trustee thinks the expenses are high for a similar sized family.
This article just touches on a few basic tips for filings a chapter 13 bankruptcy. To give you more information you would need to contact our office at 952-294-0144 or find us online at www.bolinskelaw.com.

Aggressive Collections From Minneapolis and St Paul Area Credit Unions

In my practice some of the most aggressive collection activities comes from local credit unions. The credit unions are getting their clients to sign agreements that basically cross collateralize loans with bank accounts or other assets. In most cases my clients do not even know they have agreed to those terms when they are getting the loan. The other practice that credit unions employ is shutting down clients checking and savings accounts after they have filed for bankruptcy. This practice does not make sense unless they are attempting to punish people for filing for bankruptcy.
It is important for consumers to look over their loan documents carefully to make sure they are not cross collateralizing any of their assets in order to secure a loan with a credit union. I have even heard of some local credit unions taking back peoples cars if they do not sign reaffirmation agreements. In many cases this is doing the client a favor, since the car they are taking back is underwater. In these cases the credit union has decided to take back a car worth less than the loan, sell that car at auction and take a huge loss. The alternative is my client continues to pay on the car loan, and the credit union recovers the full value of the loan, over the course of the payments. In some cases the credit unions may have better rates than banks, but I have seen much more aggressive collections from these credit unions. Some of the credit unions seem to take any bankruptcy filing personally and attempt to punish their former clients. We generally advise our clients to avoid credit unions if they are filing for bankruptcy protection.

Minneapolis Housing Prices and Rents

The housing market while still trending downward seems to be improving in the Minneapolis area. It seems that we are seeing more houses selling and the drop in prices slowing. This could mean that a bottom is near for the housing market. Another factor that could be affecting home prices is low vacancy for apartments in the Twin Cities metro, that is causing rents to rise and become more expensive than home ownership.
The issue for many people when buying a house is that credit scores may not be good enough to qualify for a decent mortgage rate, forcing people to rent. The other factor is fear over the potential for further loses in the home market. It will be interesting to see what the rest of 2012 has in store for the Minneapolis housing market, to see if price decreases continue to slow, and home sales continue to increase. The biggest factor in home prices rebounding will be fewer foreclosures and short sales affecting property prices. Once the inventory of distressed properties is reduced it will allow prices to improve gradually.

TaxMasters Files For Bankruptcy Protection

TaxMasters and its affiliated companies recently filed for bankruptcy protection. The bankruptcy filing comes after they were sued by the Minnesota Attorney General. The suit alleged that they misled consumers about the help that they could provide regarding tax debt. In many cases the firm charged up front fees of around $8,000 to negotiate tax debt on behalf of the IRS. The issue with charging the fee is that in many cases they did not do the actual work to resolve peoples tax issues. The fee that most of these people paid could have gone to a local tax professional who could have helped with their tax issues.
It all comes down to the fact that consumers need to be aware of who they choose to represent them when it comes time to settle tax debt, or credit card debt. It is important to make sure the company is reputable and will actually spend time working to resolve your case. If you are having debt issues give our office a call at 952-294-0144.