BUSTED! DON’T BELIEVE THESE BANKRUPTCY MYTHS!
If you cannot afford to pay back creditors, it might be wise to declare bankruptcy sooner rather than later, as it will offer debt relief and peace of mind. However, many misconceptions mislead clients into believing that filing for bankruptcy is not a good idea. So, to help you steer clear of these misconceptions, Sam Calvert, Attorney at Law, has debunked some of the most widely believed myths about bankruptcy. Myth 1: You will lose everything you own in bankruptcy.Contrary to popular belief, if you file for bankruptcy, you will NOT lose everything you own. The law lets you keep a certain amount of “stuff.” In Minnesota, you can protect your home for up to $420,000 in equity. Besides, it covers about $10,000 of household goods, a car for up to $5,000 in equity, and retirement accounts up to $1,000,000. Myth 2: Bankruptcy permanently ruins your credit.Bankruptcy will not wholly terminate your credit. For seven to ten years, bankruptcy will be on your credit report, but I see people getting perfectly ordinary home loans within four years (or less) of filing bankruptcy. According to nerdwallet.com: “You may have a higher credit score a year after bankruptcy than before filing as you stop fighting an impossible battle and begin rebuilding.” Myth 3: You can only file for bankruptcy once.Of course, you hope you only need to file for bankruptcy once, but if you have a financial catastrophe after you file, you can go through the process again. The period between chapter 7 filings is eight years (filing date to filing date), but you can file a chapter 13 “in between” if you need. If you’re looking to steer clear of these myths and know more about the detailed rules, reach out to Sam Calvert, Attorney at Law in St. Cloud, Minnesota. As a former member of the private panel of bankruptcy trustees for chapter 7 and chapter 12, I have the expertise to represent individuals and small businesses in financial distress. My practice areas include chapter 7 bankruptcy, chapter 13 bankruptcy, chapter 11 bankruptcy, business bankruptcy, and bankruptcy litigation. I also specialize in real estate, wills, and estate planning. For a complete list of my services, please click here. If you have any questions about Sam Calvert, Attorney at Law, I’d love to hear from you. Please contact me here.
HOW BANKRUPTCY AFFECTS YOUR JOB
If you’re considering bankruptcy, you may worry about how it will affect your job. People who file for bankruptcy face a lot of stigma. Some employers may think it’s evidence that you’re disorganized or bad at managing money, but that may not be fair to you. Read More Original Article Source Credits: The Balance , https://www.thebalance.com/ Article Written By: Robin Hartill Original Article Posted on: February 20, 2021 Link to Original Article: https://www.thebalance.com/will-filing-bankruptcy-affect-your-job-4140677
TITLE FRAUD
I periodically hear on the radio or see advertisements offering to “prevent home title fraud”. For instance, Newt Gingrich endorses a company called Home Title Lock which for “only” $14.99 a month or $149.00 a year will guard you against title fraud, which that company defines as: “Title Fraud: When someone steals the title or deed of your home for financial gain. Thieves simply change ownership of your home from YOU to THEM. Then they TAKE OUT LOANS on your home and just disappear – leaving YOU with the payments and a mountain of legal bills.” Well, there is such a thing as title fraud, although if you are a victim of that type of fraud, call me and it should be fixable. However, at least Stearns County will let you sign up for a similar service for free! Here is a clip from their website: “Real estate and mortgage fraud are growing crimes in America today. Land Notification alerts help property owners prevent fraud by providing them with information about documents being recorded against their name, business, or property. Each time there is recording activity on a specific property or name, an email is generated, notifying the appropriate person of this activity. This service is a great opportunity for property owners of Stearns County to use. It is a free service that allows you to monitor and protect your most valuable assets. How It Works….The Land Notification System gives you the ability to monitor personal or business names on records related to your property. You can create one or more alerts that are triggered when real estate records are recorded with Stearns County for names identified in the alert. When an alert is generated, an electronic notice will be sent to the email address you provided at the time you registered for the service. This email will contain more information about the activity and will include contact information for Stearns County Recording Services. Once you have registered, the system will perform a search on your name after a real estate document has been verified and recorded by this department. Please understand, when subscribing for this service, common names like “John Smith” may produce many results. Things to Know…. What do I need to sign up for this free service?You will need an email account with Google or Yahoo to sign up for Land Notification alerts. Will I receive unwanted emails?You will receive an email only when a document with the name you provided is recorded in the official real estate records. You can unsubscribe to the service at any time.”
WHAT IS A BANKRUPTCY DISCHARGE?
A bankruptcy discharge is a court order issued at the end of a Chapter 7 or Chapter 13 bankruptcy proceeding. The order relieves the debtor from any obligation to repay the debts that have been discharged. Read More Original Article Source Credits: The Balance , https://www.thebalance.com/ Article Written By: LaToya Irby Original Article Posted on: June 06, 2021 Link to Original Article: https://www.thebalance.com/bankruptcy-discharge-what-is-it-and-when-does-it-happen-960064
WHY YOU SHOULD CHOOSE SAM CALVERT, ATTORNEY AT LAW!
When faced with bankruptcy proceedings, it’s important not to jump into the case without planning ahead and fully understanding all of the implications. It would be best to look for professional representation by a bankruptcy attorney to prepare and present your case adequately. Additionally, a lawyer can address residual financial and legal issues and offer guidance post-bankruptcy. If you’re looking for a bankruptcy lawyer to handle your case, you need to put in a sufficient amount of research to find someone that matches your expectations. You need to go through reviews you find online and speak to people who’ve worked with them. At Sam Calvert, Attorney at Law, we are confident about the services we provide and will not shy away from giving you references. Besides, we will be happy to tell you why we are the top name in bankruptcy and real estate law. We have been in the legal system for the past forty years and have several happy clients. If you’re looking for legal assistance in issues relating to bankruptcy or real estate, here are a few reasons why we are the best at what we do. Our vast experienceSam Calvert is a graduate of William Mitchell College of Law in St. Paul, Minnesota, and has been practicing law in St. Cloud since 1978. He was formerly a bankruptcy trustee and was named a “superlawyer” for Minnesota consumer bankruptcy cases. When clients choose our firm to represent them, Sam brings thirty years of experience in bankruptcy to the table. He also enjoyed teaching a class at St. Cloud State University and hopes to do more to educate our youth. We offer personalized expertise at a fair priceOur bankruptcy practice focuses on representing individuals and small businesses in financial distress, not large corporations. We always meet clients personally to ensure we understand the case’s intricacies and make it a point to attend their trustee meeting. Our practice also specializes in real estate and property law and is certified by the Minnesota State Bar Association’s Real Property Section. For all this personalized attention, situation-tailored advice, and knowledge of bankruptcy proceedings, we charge our clients just once, at the time of the meeting, and have designed our charges to be fair and reasonable. Our track record of successIn our practice, we have examined literally thousands of abstracts of title to land in Central Minnesota and helped hundreds of people deal with bankruptcy. From chapter seven, chapter eleven, chapter twelve, and chapter thirteen cases, we have the expertise and experience to handle the case, ensuring you get a good deal. Similarly, our in-depth knowledge of wills and estate planning and real estate law gives us the ability to assist clients in property disputes, transfers, and acquisitions. As a bankruptcy law firm in St. Cloud, Minnesota, we ensure that we exceed expectations and always put you first. Our practice areas include real estate, wills, and estate planning, bankruptcy. We also handle chapter seven, thirteen, and eleven bankruptcy, business bankruptcy, and bankruptcy litigation. Our services are available to clients across St. Cloud, Saint Joseph, Sartell, Sauk Rapids, Saint Stephen, Gilman, Rice, Holdingford, Stearns County, Waite Park, Avon, Albany, Freeport, Richmond, Paynesville, Cold Spring, Roscoe, Rockville, Eden Valley, Watkins, Kimball, Fairhaven, South Haven, Annandale, Maple Lake, Silver Creek, Clear Lake, Clearwater, Becker, Foley, Big Lake, Oak Park, Ronneby, Monticello, Litchfield, Cokato, Dassel, Willmar and Hutchinson, Melrose, Sauk Centre, Bowlus, Kingston, New Munich, Buffalo, Genola, Farming, Spicer, Sobieski, St. Martin, New London, Swanville, Brooten, Upsala, Belgrade, Spring Hill, Rockford, Elrosa, Elk River, Greenwald, Maple Lake, Meier Grove, Otsego, Freeport, St. Michael, St. Rosa, Albertville, Pierz, Waverly, Sherburne County, Delano, Benton County, Milaca, Fair Haven, Princeton, Montrose , Royalton , Little Falls , Buckman, Cushing, Duelm, Lincoln, Randall , Glendorado, Elmdale, Grove City, Flensburg, Cosmo, Harding, Hilman, Lastrup and, Motley, Minnesota. To learn more about the services we offer at Sam Calvert, Attorney at Law, please click here. To read what our clients are saying about us, please click here. If you have any questions about how we can help you, get in touch with us by clicking here.
THINGS PEOPLE DO TO TRY TO AVOID BANKRUPTCY
Over the years I have seen some people do some lots of things to try to avoid bankruptcy. Some of the things they try are, I think, really bad decisions. For instance, sometimes people borrow against, or withdraw from, their 401(k) account or other retirement account in order to keep up payments on their credit cards. The cash keeps them afloat for a while, but then it runs out and they wind up filing bankruptcy anyway. The sad part is that a 401(k) or other retirement account is protected from creditors, so they have “wasted” money that was protected. (As with lots of legal issues, there are some exceptions to the protection.), Sometimes people give stuff away to a friend to try to protect it. This is a terrible idea. If you give something valuable to a friend you have created a “fraudulent transfer” or a “voidable transfer”. The trustee can go to the person to whom you gave it and get it back from them. And because it was a voluntary transfer, you can no longer exempt it. Many of the things that people own can be protected in bankruptcy. So, just like tapping your 401(k) plan, giving something away means it cannot be protected any longer. This does not mean that you cannot sell surplus items. If you sell to a third party, no one will think that you made a gift. The trustee may well ask you what you did with the money. It is a bad idea to say “I don’t remember!” On the other hand, if you sell to your brother, a trustee may wonder if you sold something for much less than it was worth — in effect, making a gift. And if so, the trustee will try to reverse the gift. There are a lot of nuances — that’s why I will do a no-charge meeting with you to gather facts and try to figure out your next step(s). Call me at 320-252-4473 to set up a time to meet, by Zoom, by phone, or in person.
WHAT MAKES SAM CALVERT, ATTORNEY AT LAW STAND OUT
Thanks for stopping by my blog. If you’re looking for more information about Sam Calvert, Attorney at Law, you’ve come to the right place. About Sam Calvert, Attorney at Law As a bankruptcy attorney/ lawyer in St. Cloud, Minnesota, I represent people in financial distress and individuals and small business creditors – not large corporations. I am licensed to practice in the state and federal courts of Minnesota and have been practicing law in St. Cloud since 1978. I was formerly a chapter 7 trustee and a chapter 12 trustee. My areas of practice include Real Estate, Wills And Estate Planning, Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy. Chapter 11 Bankruptcy, Business Bankruptcy and Bankruptcy Litigation Presently, I run my business with two staff members. Together, we work from 9:00 am to 5:00 pm, from Monday to Friday. We interact with our clients via Zoom, by phone, or in person. We serve clients across Central Minnesota, an area bounded by Monticello and Princeton in the east; Brainerd on the north, Montevideo on the west and Hutchinson on the south. However, during COVID times, we can meet with anyone anywhere in Minnesota by Zoom or phone. As a growing and ever-evolving company, we try to keep up with technology, but much of our business is done the old-fashioned way; face-to-face. The Sam Calvert, Attorney at Law Difference What sets me apart from most other attorneys is my length of experience. I have been practicing law in St. Cloud since 1978. Also, as the attorney and founding face of the company, I make sure your case is personally handled by me, and not delegated to a paralegal My clients are usually individuals in financial distress, suffering from a large debt load, garnishments, foreclosures and other financial trauma. One of the proudest moments in my career was when I received the Raeder Larson Public Service Award from the Bankruptcy Section of the Minnesota State Bar Association. I am also proud of the fact that I have beaten two mortgage companies on at least two occasions; once was when my client got the free and clear title to her home; the other time was when my client won a financial settlement. As a company, while we’re passionate about what we do, we also care about reducing our carbon footprint. One of the measures we’ve undertaken is to recycle our printer cartridges. We also believe in giving back to society, and as part of that belief, we donate periodically to the United Nations Children’s Fund (UNICEF). To learn more about all that we do at Sam Calvert, Attorney at Law, please click here. If you have any questions about how we can help you, we’d love to hear from you. Please contact us here.
2021 FEDERAL STIMULUS PAYMENTS MAY BE AT RISK
The Congress just passed a bill, known as the American Rescue Plan, giving Americans up to $1400.00 in “stimulus money”. You may know that the stimulus money that was paid in late 2020 was off-limits to creditors. However, that protection was not included in the 2021 law due to the rules under which the bill had to be passed. Therefore, I understand that the 2021 stimulus money is NOT protected from creditors. I haven’t read through the legislation yet, but if the money is not protected from creditors it is presumably not protected from bankruptcy trustees either. If you have unused wild card exemption you should be able to use that to protect the stimulus money from a bankruptcy trustee, but if you are using the state exemptions, or if you have used up your wildcard exemption, the trustee may be able to demand the money if you still have it when you file bankruptcy. This is a developing story, so things may change, but I thought I should give you a heads up about this issue. As always, if you have questions about bankruptcy, please call me at 320-252-4473.
A GLOSSARY OF BANKRUPTCY TERMS
Every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific industry, and the same applies when working with a bankruptcy attorney. To help you understand the terms, acronyms, and phrases regularly used when filing for bankruptcy, Sam Calvert, Attorney at Law, has created this handy reference guide. Here you’ll find valuable information allowing you to comprehend and communicate your bankruptcy needs effectively. Chapter 7A chapter 7 bankruptcy is sometimes called a “straight” bankruptcy. In a chapter 7 bankruptcy, you surrender (or buy back) any non-exempt property, and your dischargeable debts are written off. Chapter 13In a chapter 13 bankruptcy, you set up a payment plan to pay what you can afford over a three to five year period. You can use a chapter 13 to catch up on house payments, re-write some car loans, etc. Chapter 12A chapter 12 is a reorganization bankruptcy plan for farmers. In this case, a plan is put together and approved by the court. You can use it to re-write mortgages and equipment loans. Usually, a large percentage of your unsecured debt is written off in this case. Chapter 11A chapter 11 is a plan to reorganize your finances. It is usually used by businesses. ExemptionAn exemption is when the law lets you keep certain things even though you file for bankruptcy. In Minnesota, we can choose between the state exemptions and the federal exemptions. AvoidanceAvoidance refers to getting a court order to remove a lien, such as a judgment or a security interest, from a particular piece of property. Domestic Support OrderA Domestic Support Order is bankruptcy terminology for child support or alimony or spousal maintenance. TrusteeA trustee is a person appointed in a chapter 7 to collect your non-exempt assets and turn them into money to pay your creditors something toward their debt. In a chapter 13, the trustee is the person you pay each month as part of your chapter 13 plan. They collect the funds and divide them up amongst your creditors. 341 meetingA 341 meeting (sometimes called “first meeting of creditors”) is an “interview” with the trustee of your case. The trustee will ask questions about your assets, financial history, income, expenses, and debts. Creditors have the right to participate, but doing so is unusual. Automatic StayThe filing of a bankruptcy is the equivalent of a court order that automatically stops lawsuits, foreclosure, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed. There are some exceptions to the automatic stay. DebtorA debtor is the person who files a bankruptcy. Current Monthly IncomeCurrent monthly income is supposed to be the average monthly income received by the debtor over six calendar months before the filing of the bankruptcy case, but not including social security income and a few other types of payments. The “current monthly income” is used to calculate whether you pass the “means test.” Means testThe means test is a calculation made to see whether an individual debtor’s chapter 7 net income is “too high.” If it is, the case is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case. Stay relief motionA stay relief motion is also referred to as a motion to lift the automatic stay. It is a request by a creditor to allow the creditor to take any action against a debtor or the debtor’s property that would otherwise be prohibited by the automatic stay. EquityThe value of a debtor’s interest in property that remains after liens are subtracted. (Example: If a house valued at $120,000 is subject to a $100,000 mortgage, there is $20,000 of equity.) If you’re looking for more information about filing for bankruptcy, reach out to Sam Calvert, Attorney at Law. I offer my services to clients across St. Cloud, Saint Joseph, Sartell, Sauk Rapids, Saint Stephen, Gilman, Rice, Holdingford, Stearns County, Waite Park, Avon, Albany, Freeport, Richmond, Paynesville, Cold Spring, Roscoe, Rockville, Eden Valley, Watkins, Kimball, Fairhaven, South Haven, Annandale, Maple Lake, Silver Creek, Clear Lake, Clearwater, Becker, Foley, Big Lake, Oak Park, Ronneby, Monticello, Litchfield, Cokato, Dassel, Willmar and Hutchinson, Melrose, Sauk Centre, Bowlus, Kingston, New Munich, Buffalo, Genola, Farming, Spicer, Sobieski, St. Martin, New London, Swanville, Brooten, Upsala, Belgrade, Spring Hill, Rockford, Elrosa, Elk River, Greenwald, Maple Lake, Meier Grove, Otsego, Freeport, St. Michael, St. Rosa, Albertville, Pierz, Waverly, Sherburne County, Delano, Benton County, Milaca, Fair Haven, Princeton, Montrose , Royalton , Little Falls , Buckman, Cushing, Duelm, Lincoln, Randall , Glendorado, Elmdale, Grove City, Flensburg, Cosmo, Harding, Hilman, Lastrup and, Motley, Minnesota. I specifically cater to the needs of individuals and small businesses in financial distress. I work with them to figure out the best way to handle their bankruptcy legally. I’m also a Real Property Specialist, certified by the Real Property Section of the Minnesota State Bar Association, which means I can assist people in this area of the law as well. To view a full list of my services, please click here, or get in touch with my team and me here.
OWNER SPOTLIGHT: SAM CALVERT
As a bankruptcy attorney and lawyer in St. Cloud, Minnesota, I look forward to sharing my story. I hope that you will enjoy getting to know me better. I set up my own office in 1980 in the old First National Bank Building at Fifth and Germain in downtown St. Cloud. I had graduated from law school about two years before and “hung out my shingle” as a solo practitioner. Jim Marrin was kind enough to let me rent an office from him and share the use of his secretary, Ginger Peterson. When I first started, we typed wills on Selectric typewriters; Ginger would give me heck if I changed something on the first or second page of a seven-page will because that meant she had to re-type all seven pages. Fairly soon, I got my first computer, a Wangwriter, which never worked. After that, I got a CPT word processor, which used 8-inch floppy disks. The disks stored a few documents on each one. However, the printer was an impact printer, and it was so loud that we had to get a sound hood to muffle the noise. I have come a long way since then, and today my practice is recognized as a leading bankruptcy law firm in St. Cloud, Minnesota. Sometimes, it is hard to believe that I have been in practice for over forty years. My strength as a bankruptcy attorney is that I meet with clients and potential clients personally and do not merely review the work done by assistants. Helping individuals or small businesses resolve a serious problem and providing them financial relief has been the most rewarding part of my practice. It is also gratifying to find out that clients are completely satisfied with the results and my services. Word of mouth from satisfied clients is the best sort of “advertising.” I am always pleased when a parent refers their child to me for help, or a child refers my practice to their parent. One of the proudest moments in my career was when I beat Wells Fargo Bank and its large law firm in a case in federal court involving the Minnesota homestead law. When I’m not representing my clients or solving issues, I enjoy reading murder mysteries and attempting woodworking. I also grow daylilies and other flowers, mainly perennials. I have enjoyed sharing my story about the things which matter to me and how they influence the way I do business. If you or someone you know could benefit from my expertise as a bankruptcy attorney and lawyer in St. Cloud, Minnesota, I invite you to get in touch. Please visit my website at www.samcalvert.com. Sincerely, Sam Calvert