LET'S EAT! Minnesota State Fair, Aug 27th - Sept 7th

Minnesota State Fair heats up with 50 new foods for 2015
August 27th - September 7th, 2015
The Great Minnesota Get-Together is about to get a lot spicier, thanks to the advent of more than 50 new foods.

HELP! I'VE BEEN SUED!

When credit cards, bank loans, medical bills and other debts become seriously delinquent, the creditors usually send them to a collection agency first.  If the collection agency can't collect the debt, then it may go to a collections lawyer who will sue to collect the debt.  You will know that you have been sued in Minnesota when you receive a Summons and Complaint in District Court or a Complaint in Conciliation Court.  

When you are served with a lawsuit, it is like a slap in the face!  Please don't panic.  There are things that you can do.  If you dispute the debt in a District Court case, you will probably need a lawyer to defend you.  If you dispute a Conciliation Court, you can go to the hearing yourself and explain your reason for disputing the debt to the judge.  If you don't dispute the debt and your debts are otherwise manageable, you could call the collections lawyer and try to make payment arrangements.  If you have other debts, it might make sense to file bankruptcy instead.  A bankruptcy will stop a lawsuit to collect a debt, even after the lawsuit has started.  If the creditor has already obtained a court judgment against you, bankruptcy can stop the creditor from ever trying to collect the judgment against you.

For more information regarding your specific situation, contact Minnesota Bankruptcy Attorney Gregory J. Wald at 952-921-5802 or at BankruptcyMinn.com for a consultation. 

 

Scott County Fair

Scott County Fair
Jul 22, 2015 - Jul 26, 2015
The best 5 days of summer are filled with activities to suit everyone. Come see MIRACLE OF BIRTH, championship bull rides, tractor pulls, draft horse shows, demolition derby, motocross, stock shows and more. Musical entertainment and GREAT carnival.

What’s New About Getting a Mortgage After Bankruptcy

The waiting period for obtaining an FHA or VA mortgage is two years after you receive your Chapter 7 bankruptcy discharge.  It normally takes about three months to get your discharge after we file your bankruptcy petition with the court.  However, there is a new rule that allows you to obtain an FHA or VA mortgage as little as 12 months after you receive your discharge, if you can show that the bankruptcy was caused by extenuating circumstances beyond your control and if you have since exhibited a documented ability to manage your financial affairs in a responsible manner.  

For Chapter 13 bankruptcy, it is possible to obtain an FHA mortgage after you have made one year of timely payments under your bankruptcy payment plan.  You must also have permission to enter into the mortgage loan from the bankruptcy court.

For more information regarding your specific situation, contact Minnesota Bankruptcy Attorney Gregory J. Wald at 952-921-5802 or at BankruptcyMinn.com for a consultation. 

Relax the day away at a Wine and Jazz Fest

Wine and Jazz Fest
Saturday, July 11, 2015
FREE Admission!!

Keeping Track of Companies You Owe Money To

When you run into financial problems and bills begin to mount, it can sometimes be hard to keep track of what companies you owe money to. You might receive calls from multiple collection companies and they often do not identify who they are collecting for. In order to eliminate your debts in bankruptcy it is important to list all of your creditors.

What can you do? You can start by pulling credit reports.  There are three nationwide credit reporting bureaus and you can pull free credit reports from all three credit bureaus at www.annualcreditreport.com.  Credit reports will typically show credit card debts, bank loans, and other types of debts with financial institutions. The credit report may show collection agencies that have purchased delinquent debts or are collecting them on behalf of another company. Credit reports typically do not show medical debts unless they are with a collection agency.

If you come to see me, I can pull a three bureau merged report for you.  If you are not sure what medical debts you have, you may want to call the hospital or other medical provider and ask them for the amounts owed.  If you have medical insurance you could contact your insurance company. It may be able to give you a list of what amounts were covered by insurance and what amounts you still are responsible for.  When you have this information, you have the ammunition you need to eliminate your debts and get a fresh start.

WHAT WILL MY FRIENDS AND RELATIVES THINK OF ME?

You might be worried about what friends and relatives will think of you if you file for bankruptcy protection.  You can relax.  Your friends and relatives want what is best for you.  For example, one of my clients was borrowing heavily from his parents in order to keep up with his credit card debt.  His brother suggested to him that it would be better to file bankruptcy and eliminate his credit card debt, instead of borrowing money from his parents that he might never be able to repay.  He filed a bankruptcy case and eliminated all of his credit card debt.  He didn't lose anything that he owned.  He had a lot of fears about bankruptcy that all turned out to be false. 

Many of my clients are referred to me by concerned friends and relatives.  I have had parents bring me their sons and daughters. I have had sons and daughters bring their parents. Sometimes its hard to see a solution when debt problems mount.  The worry and stress can paralyze you.  A concerned friend or relative can sometimes take a more detached view and help you see that there can be a reasonable solution.   Many times, the solution is bankruptcy. Don't let fear stop you from solving your debt problems.