June 2014 Archives

An explanation of bankruptcy

When a person in Minnesota who has significant amount of debt is thinking of filing for bankruptcy, it is important for them to know the difference between Chapter 7 and Chapter 13 bankruptcy. For example, Chapter 7 involves a discharge of debts while Chapter 13 restructures the debts.

High court rules inherited IRAs aren't protected from creditors

Though some people may be afraid that they will lose everything if they file for personal bankruptcy, this is usually not true. There are some assets that creditors do not have access to in the course of the bankruptcy process. While exemptions vary from state to state, retirement accounts are generally protected. The U.S. Supreme Court recently clarified the treatment of retirement accounts that were received as an inheritance.

Are you struggling with prescription drug costs?

If you are struggling with medical debt, then you need not feel alone. According to a 2013 report from NerdWallet, 56 million Americans have medical debt problems, and the leading cause of personal bankruptcy in the United States was medical debt.

Following bankruptcy the first step is to rebuild credit

Even when there are many ways in which a bankruptcy could be beneficial to someone, many are often slow to make the decision to move ahead with the process. In some cases this may be because they are scared about how going through with the process might impact their credit score.

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