{"id":893,"date":"2018-06-04T09:13:29","date_gmt":"2018-06-04T14:13:29","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=893"},"modified":"2018-05-18T09:18:00","modified_gmt":"2018-05-18T14:18:00","slug":"understanding-assignment-and-bankruptcy-in-mankato-mn","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/","title":{"rendered":"Understanding Assignment and Bankruptcy in Mankato, MN"},"content":{"rendered":"<p>Businesses struggling with unmanageable debts have a range of options for debt relief at their hands. While debt consolidation and debt management plans are popular options that\u2019ll keep a debtor\u2019s overall credit in good standings, there are often situations when these debt relief options only act a bandage instead of a true healing process. When you\u2019re unable to pay your debts and don\u2019t have any way of increasing your income in the next few years, filing for bankruptcy is your best option. Behm Law Group, Ltd. offers the legal advice and assistance you need to successfully file for bankruptcy in Mankato, MN.<\/p>\n<p>&nbsp;<\/p>\n<p>Bankruptcy is designed to help both debtors and creditors out of a sticky situation, but some creditors may try to dissuade you from filing for Chapter 7 bankruptcy and instead liquidate your business outside of court with an assignment process.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>ABC<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>Assignment for the benefit of creditors (ABC) is an option for business debtors to privately sell assets and return the value of those sales to creditors. When creditors are awarded these sales, they\u2019ll release debtors from payment obligations. This option might be a way to avoid attorney fees and court proceedings, but the process overall is more beneficial to your creditors than to you.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Why is Bankruptcy Better?<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>Filing for bankruptcy, despite its effect on your credit, is a better option for business debtors than ABC for a number of reasons:<\/p>\n<ol>\n<li>In bankruptcy, creditors are forced to allow asset liquidation for all dischargeable debts, but in an ABC, they can choose to forgo approval of discharge on debts higher than the secured collateral value. For example, if you owe $5,000 on an auto loan, but the car is only worth $4,500, the creditor would not have to discharge the debt in an ABC.<\/li>\n<li>Unincorporated businesses are not protected during an ABC against creditors seizing the business owners\u2019 personal assets. This means you could be forced to liquidate your personal car or other property in an ABC. In bankruptcy, however, the debts and the assets of incorporated and unincorporated businesses are generally not involved with the liquidation of one\u2019s personal property.<\/li>\n<li>Personal collateral guarantees and other forms of personal security interests on business debts are not removed in an ABC as they would be in bankruptcy. This means if your property was used to secure a loan, creditors can force you to liquidate that property even if it\u2019s not connected to your business in other ways. Bankruptcy allows for exemptions to prevent you from losing your property even if it\u2019s tied to your business debt.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>ABCs have their benefits, but most of those benefits inure to your creditors. Filing a bankruptcy is the most effective way to remove debt with minimized liability to you and your property. To learn more about the advantages of filing for bankruptcy in Mankato, MN and to find out how we can help, contact Behm Law Group, Ltd. at (507) 387-7200 today.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Businesses struggling with unmanageable debts have a range of options for debt relief at their hands. While debt consolidation and debt management plans are popular options that\u2019ll keep a debtor\u2019s overall credit in good standings, there are often situations when these debt relief options only act a bandage instead of a true healing process. When [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37,31,32,35,33,29,34],"tags":[],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding Assignment and Bankruptcy in Mankato, MN - Behm Law Group, Bankruptcy Attorneys<\/title>\n<meta name=\"description\" content=\"When your business is in extreme debt, bankruptcy may actually be the best option for relief. Learn more about bankruptcy and how you can find legal help.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding Assignment and Bankruptcy in Mankato, MN - Behm Law Group, Bankruptcy Attorneys\" \/>\n<meta property=\"og:description\" content=\"When your business is in extreme debt, bankruptcy may actually be the best option for relief. Learn more about bankruptcy and how you can find legal help.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/\" \/>\n<meta property=\"og:site_name\" content=\"Behm Law Group, Bankruptcy Attorneys\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-04T14:13:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-05-18T14:18:00+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/\",\"name\":\"Understanding Assignment and Bankruptcy in Mankato, MN - Behm Law Group, Bankruptcy Attorneys\",\"isPartOf\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\"},\"datePublished\":\"2018-06-04T14:13:29+00:00\",\"dateModified\":\"2018-05-18T14:18:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\"},\"description\":\"When your business is in extreme debt, bankruptcy may actually be the best option for relief. Learn more about bankruptcy and how you can find legal help.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Understanding Assignment and Bankruptcy in Mankato, MN\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\",\"name\":\"Behm Law Group, Bankruptcy Attorneys\",\"description\":\"Bankruptcy News &amp; Recent Cases\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Understanding Assignment and Bankruptcy in Mankato, MN - Behm Law Group, Bankruptcy Attorneys","description":"When your business is in extreme debt, bankruptcy may actually be the best option for relief. Learn more about bankruptcy and how you can find legal help.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/","og_locale":"en_US","og_type":"article","og_title":"Understanding Assignment and Bankruptcy in Mankato, MN - Behm Law Group, Bankruptcy Attorneys","og_description":"When your business is in extreme debt, bankruptcy may actually be the best option for relief. Learn more about bankruptcy and how you can find legal help.","og_url":"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/","og_site_name":"Behm Law Group, Bankruptcy Attorneys","article_published_time":"2018-06-04T14:13:29+00:00","article_modified_time":"2018-05-18T14:18:00+00:00","author":"admin","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/","url":"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/","name":"Understanding Assignment and Bankruptcy in Mankato, MN - Behm Law Group, Bankruptcy Attorneys","isPartOf":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website"},"datePublished":"2018-06-04T14:13:29+00:00","dateModified":"2018-05-18T14:18:00+00:00","author":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b"},"description":"When your business is in extreme debt, bankruptcy may actually be the best option for relief. Learn more about bankruptcy and how you can find legal help.","breadcrumb":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/understanding-assignment-and-bankruptcy-in-mankato-mn\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.mankatobankruptcy.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Understanding Assignment and Bankruptcy in Mankato, MN"}]},{"@type":"WebSite","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website","url":"https:\/\/www.mankatobankruptcy.com\/blog\/","name":"Behm Law Group, Bankruptcy Attorneys","description":"Bankruptcy News &amp; Recent Cases","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/893"}],"collection":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/comments?post=893"}],"version-history":[{"count":1,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/893\/revisions"}],"predecessor-version":[{"id":894,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/893\/revisions\/894"}],"wp:attachment":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/media?parent=893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/categories?post=893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/tags?post=893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}