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| Credit Card Debt Consolidation Help in Minnesota | ||||||||||||||||
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| Minnesota Debt Relief | ||||||||||||||||
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Debt settlement, also known as debt negotiation and debt reduction, is the process by which we negotiate and settle a debt for a reduced amount on behalf of a client. When successful, it is possible that Franklin Debt Relief can settle their debts for less than what is owed, all with the convenience of one low program payment. The savings from our debt settlement program can potentially be tremendous versus making your minimum payments, and it is in some cases the cheapest and fastest debt relief, debt consolidation or debt help option available to Minnesota consumers. If you're overwhelmed with credit cards, medical bills, balances from a repossession, or accounts in collections, call for a free consultation: (877) 274-1260. |
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| Pertinent Minnesota Debt Relief and Debt Help Laws | ||||||||||||||||
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(This is intended to be a helpful and informational debt resource for Minnesota consumers and does not constitute legal advice. For legal advice about your situation, contact a licensed professional in Minnesota.) Debt Collection Minnesota (MN) follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA). For more information on the FDCPA follow this link: debt collection. -Debt collector cannot: -use shame cards or shame automobiles, advertise or threaten to advertise for sale any claim in order to force payment -transact business or hold oneself out as a debt prorater or debt adjuster, unless there is no charge to the debtor, or it is done in accordance to a court order -use an automated message, unless a live operator tells the debtor that the message is from a debt collector and is intended to illicit payment -imply that health care services will be withheld from the debtor in an emergency -fail to provide a receipt for cash payments -contact a third party other than a co-inhabitant asking the debtor to contact the collector when the debtor has a listed phone number - During the first mail contact, the debt collector must include a disclosure asserting, "This collection agency is licensed by the Minnesota Department of Commerce", in a font size that is equal to or larger than the largest font on the document. Minnesota Debt Law Maximum Interest Rate a Collection Agency Can Charge in Minnesota: 6% Minnesota Wage Protection: 75% of disposable weekly earnings (after tax income) or 40 times federal hourly minimum wage, whichever is greater Statute of Limitations A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in California but currently live in Minnesota, the applicable statutes of limitations would be California's.) Oral Agreements: 6 years Written Contracts: 6 years Promissory Notes: 6 years Open Accounts (credit cards): 6 years Bankruptcy Courts 416 U.S. Courthouse 515 West First Street Duluth, Minnesota 55802 (218) 529-3600 204 U.S. Courthouse 118 South Mill Street Fergus Falls, Minnesota 56537 (218) 739-4671 301 U.S. Courthouse 300 South Fourth Street Minneapolis, Minnesota 55415 (612)-664-5200 St. Paul office is now closed. Bankruptcy Exemptions Bankruptcy exemptions are protected assets that the bankruptcy code mandates that a debtor is entitled to keep in order to adequately get a "fresh start" after filing. Bankruptcy exemptions vary from state to state, and the following list is the property that is protected in the bankruptcy code of Minnesota. For more information, follow this link: bankruptcy exemptions. Real Estate, Auto, Personal Property -Home and land on which it is situated to $200,000 -$500,000 if land is used for agricultural purposes -Cannot exceed ½ acre in city, 160 acres elsewhere -Motor vehicle to $3800 (up to $38,000 if vehicle has been modified for disability) -Appliances, furniture, jewelry, radio, phonographs, and TV to $8,550 total -Bible and books -Clothing, one watch, food, and utensils for family -Burial plot, church pew or seat -Personal injury recoveries -Proceeds for damaged exempt property -Wrongful death recoveries Insurance -Accident or disability proceeds -Fraternal benefit society benefits -Life insurance proceeds to $38,000, if beneficiary is spouse or child of insured, plus $9,500 per dependent -Police, fire, or beneficiary association benefits -Unmatured life insurance contract dividends, interest, or loan value to $7600 if insured is debtor or person debtor depends on Public Benefits -Crime victims' compensation -Public benefits -Unemployment compensation -Veterans' benefits -Workers' compensation Pensions -ERISA-qualified benefits or needed for support, up to $57,000 in present value -IRAs or Roth IRAs needed for support, up to $57,000 in present value -Public employees -State employees -State troopers Tools of Trade -Farm machines, implements, livestock, produce and crops -Teaching materials of college, university, public school, or public institution teacher -Tools, machines, instruments, stock in trade, furniture, and library to $9500 total Other -Earnings of minor child |
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