A: There’s no way to know whether bankruptcy is the right solution to your problems without consulting a dedicated Minnesota Bankruptcy Attorney. We conduct a comprehensive review of your family’s financial situation and give you advice as to what you should do. It might be that debt consolidation or negotiation might be preferable in your situation. We are convinced that declaring bankruptcy offers you and your family the best opportunity to resolve your financial challenges. We will assist you in filing for Chapter 7 or Chapter 13 bankruptcy and keep you informed about your rights and options every step of the way.
A: Filing for bankruptcy allows families to wipe out dischargeable debt. Although the process by which this takes place depends on whether a family is filing for Chapter 7 or Chapter 13 bankruptcy. Either way, debt-saddled families can expect that bills related to credit cards, medical expenses, utility payments, and unsecured loans can be immediately or eventually wiped out.
A: Chapter 7 bankruptcy, also known as a liquidation, allows an individual to sell off assets in order to pay creditors under the oversight of a trustee appointed by the bankruptcy court, after which time any dischargeable debt remaining, is erased. If a person is current with their home and vehicle payments, they may not have to sell the important assets in order to satisfy the terms of the bankruptcy court. In practice, individuals filing for Chapter 7 bankruptcy who are not behind on their mortgages and vehicle payments, often end up not having to sell any property at all because they have nothing else of value besides these assets. Ask Kevin K. Shoeberg, a dedicated bankruptcy attorney, if you might qualify for Chapter 7 bankruptcy based on your income, debt, and your property. If so, we will get started on a review of your finances to figure out if declaring Chapter 7 bankruptcy really is in fact the best option for you and your family.
A: Declaring Chapter 13 bankruptcy is a way for individuals with substantial debt to restructure payments to creditors in a reasonable and practical way over a three to five-year period. As long as they adhere to the terms established by the bankruptcy court, at the end of the time period, individuals who have filed for Chapter 13 can expect the remainder of their dischargeable debt to be erased. Filing for Chapter 13 will also put an end to garnishments and harassing calls from collection agencies and may allow homeowners to remain in their homes even if they are behind with their payments at the time of filing.
A: The most common types of business entities chosen by entrepreneurs include not only the LLC and the partnership, but also the sole proprietorship, the limited partnership (or LP), and of course, the corporation. Each type is treated differently under state and federal tax law. Kevin K. Shoeberg, a knowledgeable business formation attorney, can assist you in selecting the right business model for your needs when it comes to taxes, liability, and other issues.
A: The type of business entity you select largely depends on your goals and needs as an entrepreneur. New business owners will often choose a business entity based on what degree of liability it offers, along with the kind of taxes it will be susceptible to. For example, under a partnership, small business owners remain personally liable for any debt associated with their business. While under a limited liability corporation, or LLC, they do not.
A: Whether a corporation is classified as an S Corporation or a C Corporation depends on what portion of the Internal Revenue Code those forming it decides it is to be treated under. Subchapter S of the code dictates that the shareholders of a corporation, rather than the corporation itself, can be taxed on its profits. Under Subchapter C, however, the corporation itself is taxed, but the dividends earned by shareholders from the tax-adjusted profits can then be taxed again.
A: Most definitely not. Especially when facing potential jail time. There are many reasons why you should not represent yourself in a criminal defense case. However, the most important reason is for experience. The qualifications required to accurately defend oneself in court are considerable. Even experienced lawyers rely upon other lawyers to represent them in court matters.
A: Having a comprehensive estate plan in place insulates your property and your dignity against uncertainty at the time of your passing. By creating a will or a trust with the aid of a skilled estate planning lawyer and taking advantage of legal tools such as powers of attorney and advance healthcare directives, you are putting a plan in place that can help guarantee that your assets reach your loved ones, in accordance with your wishes after your death. It also ensures that your own medical and financial interests are protected in the event of incapacitation or other unfortunate developments.
A: Wills are ideal for individuals whose wealth portfolios are relatively simple and don’t necessarily need the flexibility a trust provides. Establishing a will is a fairly quick and inexpensive process and having a valid will in place at the time of your passing is an excellent way to ensure that the distribution of your assets takes place in accordance with your wishes after your death. Ask Kevin K. Shoeberg, a seasoned estate panning attorney, about what other advantages a will offers for those who are seeking to establish a comprehensive, yet affordable estate plan.
A: A trust is a far more versatile legal tool compared to a will. For example, trusts can be used to manage an individual’s wealth during their lifetime on behalf of beneficiaries as well as after their death. Although more expensive to establish, trusts, unlike wills, don’t have to be subjected to the probate process to be rendered legally valid. Trusts are also ideal for families who have complicated asset portfolios and who wish to shield their wealth from superfluous taxation or other factors that can decimate an estate.
A: Probate court is the process by which a will becomes recognized as legally valid in the State of Minnesota. The creator of a will names a personal representative or executor in the will, and this individual becomes responsible for overseeing wills passage through probate court after its author’s passing. The personal representative is responsible for collecting the assets of the decedent, paying legitimate debts to tax agencies and other creditors, and then dividing what remains of the estate among the heirs named in the will. Depending on your circumstances, we may even be able to help you avoid going to probate court all together.
A: Partnering with Kevin K. Shoeberg, a Minnesota real estate attorney, is the best way to safeguard your substantial investment and your rights if you are purchasing or selling a piece of residential or commercial property. The complex rules and regulations surrounding real estate law in the State of Minnesota give deceptive lenders and other fraudulent parties ample opportunity to take advantage of those who lack adequate representation when engaging in a real estate transaction.
A: No matter what kind of civil dispute you are having, it is critical to retain dedicated legal representation as early as possible if you expect your voice to be heard in court. Most real estate disputes can be resolved before reaching the litigation phase.
A: A deed is the official document that grants an ownership interest in land. A deed must be drafted carefully with a clear description of the property and the type of ownership that the parties are transferring. Sometimes, a deed comes with a promise that the owner has a valid title to the property. A deed with that kind of guarantee is called a warranty deed. Other times, a property owner just wants to release any interest that they may have in a deed if they even have any ownership interest at all. That kind of deed is a quitclaim deed. The kind of deed that you receive is crucial to the type of purchase that you make when you acquire property.
Call (651) 735-9340 for answers to all your questions!
1805 Woodlane Drive, Woodbury, MN 55125
Phone: (651) 735-9340
Fax: (651) 735-6746
Email: kkspa@aol.com
Business Hours:
Mon - Fri: 8:30 am - 5:30 pm
Sat - Sun: Closed
Evening and weekend hours available by appointment
Kevin K. Shoeberg P.A.