When you are a sole proprietor, it is often a good idea to keep your business and personal assets as separate as possible. For example, you may have different bank accounts for business funds and personal funds. You might even have a car that you drive only for business reasons and another that you reserve for personal use.
Many people in Minnesota struggle with debt. In fact, in 2015, the state ranked fifth in the nation for highest student loan debt.
Financial hardships can be difficult to handle. To aid in the process, some people choose to undergo bankruptcy for a new start.
Overwhelming debt is a very common fact for many people today. Living in a consumer culture encourages spending beyond the ability to pay, credit cards with large limits are easy to come by and the fluctuating economy means job stability is not always a given. If you are stuck in a difficult debt situation and considering bankruptcy, you are not alone.
If you are considering bankruptcy, it is important that you select the right type of plan. Different types of bankruptcy filings produce very different outcomes. For small businesses, Chapter 7 bankruptcy can sometimes be beneficial.
If you are struggling to pay your bills on time and dealing with mounting debt in Minnesota, your phone may seem like it always ringing with unknown numbers from creditors. You may also notice that your mailbox is full of bills and past due notices. This persistent harassment from creditors may be causing you to feel unsettled and overwhelmed by your situation.
Many people are on the fence about filing bankruptcy because they fear losing assets such as their house and car. They may also believe 401(k) accounts are at risk.
College is a time of learning and growth. For many students, it is the first time they are on their own and faced with the responsibility of making major decisions. Youth, inexperience and stress can all combine to create a perfect storm for financial folly. College itself is a major expense that will likely lead to debt, but some students might be incurring additional debts that are excessive and unnecessary.
It is not uncommon to wonder if a bankruptcy attorney is necessary for them. It is important to understand that a bankruptcy attorney offers many services in addition to helping you choose between Chapter 7 and Chapter 13 bankruptcy and filing the paperwork.