March 2015 Archives

U.S. Supreme Court grapples with bankruptcy law

The housing collapse that undermined real estate markets across Minnesota has spawned some tough questions about bankruptcy law and underwater second mortgages. In Bank of America vs. Caulkett, the lawyer for the lender argued that a bankruptcy should not allow someone's second mortgage to be discharged even if the property's current value could not possibly recover any money for the lender.

Arbitration clauses in credit card agreements

Minnesota consumers who are facing overwhelming debt may be interested in learning that there is an important provision that could be contained in many of their credit card and other financial agreements. These provisions may seriously impact their legal rights when it comes to disputes with their creditors.

Differences between Chapter 7 and Chapter 13

Minnesota residents who are considering filing personal bankruptcy probably have heard of the two most common forms for individuals, Chapters 7 and 13. They may be unaware of what the differences are between the two, however, or what the result of choosing to file under either chapter might be.

Knowing the right time to file for bankruptcy

Filing for bankruptcy can be a smart move for many people in Minnesota who have more debt than they can afford to pay back. In 2012, more than 1.2 million people in the United States filed for bankruptcy as a way get a fresh financial start. Before making the decision to file for bankruptcy, a person should carefully evaluate their financial situation.

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