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  5. Positive financial steps you can take this year

Positive financial steps you can take this year

On Behalf of Ed Shaw Law | Feb 2, 2023 | Bankruptcy |

It is not too late to turn things around if you got off to a slow financial start this year. Debt does not care when you start paying it off, so you might as well start today.

According to Bankrate, 35 percent of Americans do not pay off their credit balance each month. Once you are in the debt cycle, it might feel impossible to get out of. However, you can take many positive steps to improve your financial health right now.

Start saving even if you have debt

Even if you have a significant debt, saving some money each month might pay off. If your company offers a retirement savings account, make sure you enroll in it. Another easy way to save is to create an automatic transfer to a savings account each month. Saving money might not seem like the most intelligent decision in the short term, but your future self will thank you.

Look for a side hustle to pay off more debt

It is unfortunate, but many Americans do not have a job that covers their living expenses. However, almost anyone can start a side gig to help pay the bills. A side hustle can help you get over the minimum credit card payment hump.

Consider filing for bankruptcy

Finally, declaring bankruptcy is an option if your debt is insurmountable. Whether you file for chapter 7 or chapter 13, bankruptcy does not mean you give up on your finances. On the contrary, filing for bankruptcy is a commitment to improving your economic situation because it is a legal declaration that you will pay off your debt.

Debt is scary when you do nothing about it. Commit to a plan of action today, and start working towards a better financial future.

Why do different states have different laws?

by Edward Shaw | Jun 30, 2025 | General Law

I get asked the question all of the time, why are the laws different in each state, and, why do people need to get different lawyers when they have legal issues in other states. The answer goes back to the founding of our country, we have always had a federal system,...

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Will I lose everything in Chapter 7 bankruptcy? 

On Behalf of Ed Shaw Law | Jun 5, 2025 | Bankruptcy

Chapter 7 bankruptcy helps erase debts when you cannot pay them and give you a fresh financial start. However, many people think of bankruptcy as losing everything. Fortunately, Minnesota laws protect essential assets.  Confidence comes from knowing your rights—learn...

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What is the difference between legal and physical custody?

On Behalf of Ed Shaw Law | Apr 23, 2025 | Family Law

If you're going through a custody issue in Minnesota, it's important to understand the difference between legal and physical custody. These terms may sound similar, but they each play a different role in your child's life. Understanding legal custody Legal custody...

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JAIL PHONES

by Edward Shaw | Apr 4, 2025 | Criminal Defense

Many of you have seen movies involving phone calls from a jail or prison, maybe some of you have gotten calls from a jail or prison.  If you have, you may be familiar with the message that often plays 'This call is from a correctional institution and may be...

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EXPERT WITNESSES

On Behalf of Ed Shaw Law | Mar 27, 2025 | Firm News

Most people outside of the legal system have never heard of expert witnesses, a critical part of the legal system.  Unlike regular witnesses, who can testify about what they observed or heard, experts can offer opinions.  Experts are used to explain a variety of...

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Contracts for Deed

by Edward Shaw | Mar 12, 2025 | Business Law

They are an alternative method of financing the purchase and sale of property.  Instead of the buyer getting a bank loan, payments are made to the seller.  The arrangement has its advantages, by taking payments over time a seller can in some cases save on taxes. ...

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WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

by Edward Shaw | Jan 31, 2025 | General Law

I have written on this topic before, but, because it is a source of a lot of misunderstanding among the general public, it needs more attention. Police shows for decades have shown people being arrested and read the Miranda warning, 'their rights', you have the right...

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When can you sue someone for something they say?

by Edward Shaw | Jan 24, 2025 | Civil Law, General Law

Free speech is a cornerstone of our society, for good reasons.  A democracy depends on people being able to express their opinions about anybody, and anything.  Even the richest and most powerful in society can be criticized by any citizen in a free society. Like all...

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MONEY AND DIVORCE

On Behalf of Ed Shaw Law | Jan 13, 2025 | Firm News

When divorces are tough there are usually issues with money.  The rules on dividing assets, money, real estate, vehicles, anything of value, are simple, it is generally divided equally, regardless of who earned it, or whose name is on it.  The exception is...

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Tips for co-parents to keep the holiday season peaceful and joyous

On Behalf of Ed Shaw Law | Dec 6, 2024 | Custody

Co-parenting presents challenges throughout the year, but the holiday season can amplify these difficulties, even for those who maintain a cordial relationship with their former spouse. From Thanksgiving through the end of the year, the added stress of coordinating...

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  • Why do different states have different laws?
  • Will I lose everything in Chapter 7 bankruptcy? 
  • What is the difference between legal and physical custody?
  • JAIL PHONES
  • EXPERT WITNESSES

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