{"id":703,"date":"2017-05-24T14:08:32","date_gmt":"2017-05-24T19:08:32","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=703"},"modified":"2017-05-24T14:08:32","modified_gmt":"2017-05-24T19:08:32","slug":"exemptions-new-ulm-mn","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/exemptions-new-ulm-mn\/","title":{"rendered":"Claiming Excessive Exemptions and What You Can Buy Before Filing for Bankruptcy in New Ulm, MN"},"content":{"rendered":"

Making prudent use of the financial help that filing for Chapter 7 bankruptcy<\/a> can provide is one of the smartest things you can do if you\u2019re overwhelmed by accumulated debts and financial obligations. Chapter 7 was designed to help people recover from crippling debt and get back on their feet financially. The U.S. Bankruptcy Courts have to treat each case with fairness to debtors and creditors alike, so Chapter 7 works as a balanced process. Behm Law Group, Ltd. helps filers with legal advice and assistance throughout the process of filing for Chapter 7 bankruptcy in New Ulm, MN.<\/p>\n

To keep things balanced between creditors and debtors, Chapter 7 bankruptcy works to discharge your debts while simultaneously liquidating your nonexempt assets, if any, to repay your creditors. \u00a0Most cases, however, are \u201cno asset\u201d cases which means that all of one\u2019s assets are exempt and creditors don\u2019t get paid anything.\u00a0 It\u2019s your job as a debtor to claim your own exemptions to prevent assets from being unnecessarily liquidated. The flipside to claiming exemptions, however, is that it\u2019s possible to claim too many for your case.<\/p>\n

Excessive Exemption Planning<\/strong><\/p>\n

Generally speaking, exemption planning<\/a>\u2014taking assets you may not be able to keep in bankruptcy and liquidating them and using the money to pay down your mortgage or purchase assets that you would be able to keep so you can maximize your exemptions\u2014can be a tricky process. In fact, it can be considered fraudulent behavior and can be a basis for the dismissal of a bankruptcy case or a denial of all and any debt relief. That being said, there are times when exemption planning is possible when it comes to making purchases before filing for bankruptcy.<\/p>\n

Purchasing Before Bankruptcy<\/strong><\/p>\n

Many purchases you make on credit before filing for bankruptcy can be construed as fraudulent use of credit and can render the subject credit debt non-dischargeable. For example, any debts you gather within 90 days before filing for bankruptcy that exceed $675 in total can be considered non-dischargeable. This applies to \u201cluxury goods,\u201d a term that covers most purchases that are not necessary to your household like televisions, furniture, trips to Hawaii or Europe. Purchases that you are allowed to acquire credit debt for within the 90-day period before filing for bankruptcy includes necessities like food, gas, rent, and auto care. These debts may still be petitioned for discharge.<\/p>\n

Your spending during the 90-day period prior to filing for bankruptcy is flexible. If you make some bad choices, however, by \u201cmaxing out\u201d your credit before filing for bankruptcy, many of your debts may not be discharged, and your case may even be dismissed. Behm Law Group, Ltd. can help you navigate exemption planning and purchasing before you file for bankruptcy in New Ulm, MN. For more information, contact us today at (507) 387-7200.<\/p>\n","protected":false},"excerpt":{"rendered":"

Making prudent use of the financial help that filing for Chapter 7 bankruptcy can provide is one of the smartest things you can do if you\u2019re overwhelmed by accumulated debts and financial obligations. Chapter 7 was designed to help people recover from crippling debt and get back on their feet financially. The U.S. Bankruptcy Courts […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37],"tags":[],"aioseo_notices":[],"yoast_head":"\nClaiming Excessive Exemptions During Bankruptcy in New Ulm<\/title>\n<meta name=\"description\" content=\"Understand how filing exemptions and purchases work during bankruptcy filing in New Ulm Minnesota. 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