January 2015 Archives

How discharged debts are resolved in bankruptcy

Minnesota natives may be wondering if a debtor can pay a discharged debt if a bankruptcy case has already been discharged. In this case, when liability for the debt has been released due to filing bankruptcy, the debtor can still voluntarily resolve the associated debts. However, the debt that has been released is not legally enforced after bankruptcy.

Third-party collector harassment and the FDCPA

Some Minnesota residents feel harassed by third-party collectors who are attempting to collect a debt that was initially owed to the original creditor. The manner in which third-party collectors may try to do so is regulated by the Fair Debt Collection Practices Act which places prohibitions on the collector engaging in certain acts.

The effect of a Chapter 13 bankruptcy on a mortgage

Minnesota homeowners who are considering filing for Chapter 13 bankruptcy may wonder how it will affect their mortgages. First, those who are struggling to keep current with their mortgage payments should contact their lenders in order to see if it may be possible to work out a payment plan.

Bankruptcy property exemptions

When people file for bankruptcy in Minnesota, some of their property may be protected from garnishment or repossession. Minnesota statute 550.37 lists types of property that are exempt from collection efforts by debt collectors or creditors. Some of this protected property is fully protected while other types are only protected up to a certain dollar amount.

What are debt collectors allowed and not allowed to do?

In the pursuit to reestablish credit, an individual will most likely encounter a debt collection agency and be forced to interact with them. The Fair Debt Collection Practices Act ensures all citizens of Minnesota basic protections against potential creditor harassment and outlines what the government considers fair debt collection practices.

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