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.

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.

Tax Issues With Debt Settlement

If you are thinking about debt settlement the thing to watch out for is that you will owe taxes for the amount of debt that was forgiven as part of your settlement. An example of this is if you owe $20,000 on a credit card and they agree to settle with you for $10,000 you will owe taxes on the $10,000 that was forgiven. This means that when you are settling debt you need to budget for the eventual tax bill. This does not mean that debt settlement is not a good option in some cases, it simply means that you must be prepared for the eventual tax bill. This should be explained to every person before they embark on debt settlement. In fact Minnesota law requires this to be disclosed to potential clients before debt settlement can begin.

Minnesota Asset Protection In Bankruptcy

If you are thinking about filing for bankruptcy it is important to remember that you have a number of exemptions available to you. The first thing is that as long as you can keep making payments on your home, you will be allowed to keep your home. The only reason you would not be able to keep your home is if you exceed the homestead exemption. In Minnesota you are allowed to keep up to your retirement savings including IRA’s, 401k’s, and Pensions, the amount of the exemptions changes, so you need to contact an attorney to determine how much of your retirement you can protect.
If you file for bankruptcy the bankruptcy trustee will generally not be interested in your household goods or clothing, unless they contain collectibles or rare art work. In most cases used furniture does not have much value, unless it is considered an antique and a market is available to sell that furniture. Our office has not had many clients who have exceeded the household goods exemption under the federal or Minnesota exemptions available.
It is important to contact a bankruptcy lawyer to determine what property you can keep if you file for bankruptcy. The planning you do before filing for bankruptcy can help save you money after you file for bankruptcy, you have the right to maximize your available exemptions. In some cases you may be better off filing for chapter 13 bankruptcy to avoid having to liquidate non exempt assets, but our office can help you determine how best to protect your assets in the context of filing for bankruptcy.