Minnesota job markets are up, you found a job, now you have more to lose.

Things are looking up for Minnesotans looking for work. According a Star Tribune article published on Friday and found here: http://www.startribune.com/business/141041603.html the job market is looking good and Minnesota unemployment is reported at 5.6 percent. If you have now found a job, congratulations. The issue you will now face is one of protecting your new income from creditors. When a person is unemployed typically they are “judgment proof.” “Judgment proof” means a creditor cannot collect against you because you do not have income or assets. Once you start working, any judgments you have can be used to collect through garnishment or levy. Both your bank account and wages are fair game. In the situation where you have started work again and have started to rebuild assets the question becomes do you want to work for your creditors and struggle for 10 or more years to pay them back or should a bankruptcy be considered. Despite what the news media will have you believe you can repair your credit faster while at the same time increasing your net worth quicker by filing bankruptcy.

If you choose not to file a creditor may garnish 25% of disposable income, meaning you are working for a creditor 25% of the time. The same creditor can also take all of the funds you have in your bank account. By choosing to file bankruptcy your wages are protected and your bank accounts are safe. Contact me to discuss the truth about bankruptcy.