Shakopee Legal Blog

Filing for bankruptcy could have you feeling like you're in the middle of a 1980s "rags to riches and back to rags again" type of movie. We all remember the scene from Rocky when the banks came to collect all of the expensive luxury items he had in his home. The thing is, bankruptcy isn't like this for most people, and you'll probably be surprised by the property that is exempt from liquidation.

Bankruptcy isn't meant to leave you penniless and possession-less. It's supposed to give you a fresh financial start on firm and solid ground, so you'll get to keep the things that are essential to your life. In most cases, you can keep your car, furniture, clothing and other necessities -- even some of the equity you've built up in your home.

If you're a parent with young children who is facing divorce proceedings, one of the most important decisions on your mind probably relates to child custody. Should you adopt a 50-50 parenting structure where your children live with you half the time and your spouse the rest, giving your children the benefit of equal time with both their parents? Or, should you do an every-other-weekend plan and have your children live in one home?

Let's take a closer look at these two parenting agreement strategies, including the benefits and advantages of both:

Many people have heard of condemned property, or eminent domain. That is the government's power to take or use privately owned property if it is for a "public purpose." Expansion of roads or construction of controlled access interchanges is generally considered a public purpose if conducted on public roadways. An example of one such project is that currently underway on Highways 169 and 41 in Scott County, Minnesota. Utilizing federal funding, Scott County is seeking to change access to U.S. Highway 169 by constructing overpasses and interchanges. To complete the project, Scott County will need to acquire and use adjacent property owned by private individuals and businesses.

There's always a new reason you can invent to avoid planning your estate or creating your last will. You may hope to add new members to your family or think about acquiring new assets in the next year or two, such as a vacation home. Surely, you tell yourself, it's better to wait to have that all handled before starting to create a will or estate plan.

In reality, your family and assets will always be in a state of flux. Babies are born, while other people leave via divorce or death. If you wait until nothing in your life is going to change to create a will, you won't ever get around to this critical task. If you plan to marry soon, have children or own substantial assets, such as a house, you should take the time to plan your estate now. You can always update it in the future.