Posts Tagged ‘Twin Cities law firm’

Chicken And Egg Syndrome Related To Debt

Sunday, January 2nd, 2011

Sometimes debtors get locked into a situation where they feel assaulted on all fronts with legal problems.  Not knowing how to handle the situation they fall into a contemplative approach where they worry over which problem came first.  This kind of thinking is sometimes referred to as the chicken and egg syndrome because it considers which came first the chicken or the egg.  In the case of legal problems it is not always easy to decide which came first, but just thinking about it will not be likely to clear up the situation.  Timely attention to legal problems can be imperative.  People deeply in debt may face  many different types of legal problems such as in the areas of employment, discrimination, sex harassment, license challenges, business, civil litigation, repossession, garnishment, foreclosure, bankruptcy, divorce, DWI or criminal charges.  It is difficult for a person facing multiple legal problems to be objective about what to do let alone being able to attend to what is required by law under the circumstances.   Each legal problem may aggravate the another one.   For example, people who go through a divorce often find that they now have less income yet far more expenses than they can cover as a single person.  The financial problems that flow from the divorce may spill over into other areas of a person’s life further aggravating the situation and causing other legally related problems.  Increasingly people are finding that they have more than one legal problem at the same time.   such as a loss of employment, bankruptcy, divorce and a criminal charge.  At stressful times like this it is important to have access to a Minnesota lawyer, who understands and has experience helping people resolve their legal problems.  A consumer experiencing one or more legal problems can contact a Twin Cities law firm to set up a meeting with an experienced Minnesota attorney who can can review with a person his or her questions and concerns.  If there is an interest in potential debt relief then at the meeting with the lawyer there can be a discussion of  how to file for bankruptcy protection, consumer bankruptcy filings, and treatment under the United States Bankruptcy laws for the debtor’s application for financial relief. Attending to legal problems in a prompt manner can provide for an opportunity to get out from under legal problems.  I

We are a debt relief agency.
We help people file for relief under the Bankruptcy Code.

The information contained herein  does not constitute the giving of legal advice. The reader should not rely on this information. This information does not substitute for the advice of a licensed lawyer related to  bankruptcies or any other legal subject.

Factors Contributing To Bankruptcy

Friday, December 17th, 2010

A number of factors may contribute to the decision to do a bankruptcy. Doing a personal bankruptcy is an important step that should be carefully assessed by a debtor.  Generally consumers have a number of different financial pressures that lead to the decision to declare bankruptcy including:

The forgoing economic factors can so drag down a person that he or she feels the only potential for debt relief is through declaring bankruptcy. A debtor experiencing deep financial problems can contact a Twin Cities law firm to meet with a Minnesota bankruptcy attorney who can help a person explore bankruptcy alternativesFiling bankruptcy can not only provide debt resolution but give a debtor a chance for a new start.

Asset Protection

Thursday, November 25th, 2010

People often work hard to provide security for themselves and their family.  When they face difficult economic times that cause them to be unable to  pay required financial obligations, be current on mortgage payments, deal with medical bills, make automobile payments, keep up on credit cards or generally handle financial pressures there is  a major concern that there will be a  loss of valuable assets.  Sometimes the assets may not even have a large money value, but the concern of having a loss is  based on a sentimental attachment.  This attachment to assets makes some people hesitant on exploring debt relief out of fear of having to lose assets.  A major asset is a person’s home.  There is a common misconception that using bankruptcy as a form of debt relief will cause a person to automatically lose his or her home. There are other commonly spread false notions about debt relief as well.  This misinformation ignores legal realities including United States bankruptcy law.  One thing that people who are interested in asset protection can keep in mind is that the law allows for something called an exemption, which allow for a person to keep certain types of assets under certain circumstances.  These exemptions can work in bankruptcy.  Rather than stay away from debt relief out of fear based on bankruptcy myths a consumer can instead contact a Minnesota law firm who can arrange to have a Minnesota bankruptcy attorney do a bankruptcy evaluation for the consumer.  This form of bankruptcy appraisal is an evaluation of the consumer’s financial situation as to  suitability for bankruptcy and may include a review of the potential use of exemptions to protect assets.   The assets held by a debtor must be reviewed in light of the law prevailing at the time of filing bankruptcy.   In considering the issue of exemptions a debtor must look both to the state law and federal law for exemptions that may apply to his or her particular situation.  Consumers must, however, keep in mind that they may only elect to be covered under either the state exemption statutes or the federal bankruptcy exemption statutes.  In other words, the consumer may only elect to use the federal bankruptcy exemptions or Minnesota state exemptions and not a combination of the most favorable federal bankruptcy exemptions and state exemptions.  For that reason it can be worthwhile to contact a Twin Cities law firm who has a bankruptcy service to arrange to meet with a Minnesota lawyer.  A consultation with a knowledgeable Minneapolis bankruptcy attorney or St. Paul bankruptcy attorney can be very useful in assessing which set of exemptions to use to preserve ownership of property.  Meeting with a Minnesota bankruptcy lawyer can be a first step toward finding a way to debt resolution.

This blog is not intend to give legal advice and does not do so.  The reading of this blog does not establish an attorney-client relationship.

We are a debt relief agency, we help people file for relief under the bankruptcy code.