Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

(Video) 3 THINGS TO DO WHEN SUFFERING FROM OVERWHELMING DEBT IN MINNESOTA

Posted by Wesley Scott on June 3

If you are living in or around Woodbury, MN and suffering from overwhelming debt, you are not alone. Each year, more than 15,000 Minnesotans file for bankruptcy protection because the debt simply becomes unmanageable. Suffering from overwhelming debt is mentally and physically stressful. If you find yourself in this position, there are a few things to do right now.

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What Bankruptcy Wipes Out Debt?

Posted by William Kain on April 11

All bankruptcy wipes out debt. The type of bankruptcy you need to file usually depends on the type of debts you owe.

David Debtor had some unexpected medical bills last year. His daughter had emergency surgery out-of-network and he ran his car off the road one night. He now owes tens of thousands of dollars that he can’t afford to pay. He tried to retire the debt as best he could. But his payments hardly made a dent and put him behind in other areas. He’s not quite at the desperation point, but he is getting close.

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(Video) Common Fears Associated With Filing Bankruptcy In Minnesota

Posted by Wesley Scott on February 1

If you live in Minnesota and you are contemplating filing a Chapter 7 or Chapter 13 Bankruptcy, you might feel nervous about doing so. After all, you don’t file bankruptcy every day. You will have a lot of questions about doing so. You may feel nervous about filing bankruptcy.

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Commonly Asked Questions About Priority Debt

Posted by William Kain on December 15

Over the last month, I’ve tried to answer one of the questions most often posed to me by prospective clients: which bankruptcy chapter is best for me?  What’s the difference between the two chapters.  And since this is the fourth week that I’ve spent writing on this question, the answer to those questions is obviously a bit involved.  This week I’ll write some more about the differences in the way chapter 7 and chapter 13 operate - and this week we’ll look at the differences as they apply to priority unsecured debt.

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Commonly Asked Questions About Secured Debt and Bankruptcy

Posted by William Kain on December 8

For the last three weeks, I’ve tried to answer some very commonly-asked questions: what’s the difference between chapter 7 and chapter 13 bankruptcy?  The answer to that question is fairly easy - chapter 7 is a liquidation approach to money problems, while chapter 13 is a repayment program.  And the mechanics of the two chapters - the preparation of a petition, schedules and statements, the filing of the petition and schedules, and the steps to obtain a discharge - are also fairly easy to explain.  But since it’s taken me four weeks-worth of blogs to cover this topic, it’s the follow-up question “what’s the best chapter for us?” is more complex.  This week, I’ll write some more about the differences between the two chapters.

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Defeat Your Credit Card Debt with Minnesota Bankruptcy

Posted by William Kain on November 22

With the holiday season approaching, many Minnesotans are planning on using credit cards to get through the annual spending splurge. With so many purchases this time of year—gifts, airplane tickets, gas, food, and trimmings—many families drastically increase their amount of credit card debt every holiday season. A recent study suggests that the average American household will spend $422 this year on gifts for each child in their household: that’s enough green to make anyone see red!

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How to Stop Foreclosure, Repossession, & Creditor Harassment with Bankruptcy

Posted by Kelsey Quarberg on November 21

If you’re one of the thousands of Minnesota residents struggling with debt, chances are you might be faced with some form of aggressive collections actions from creditors in the near future. What many Minnesotans don’t realize, however, is that there is one way to stop foreclosure, repossession, and creditor harassment fast: by filing for Chapter 7 or Chapter 13 bankruptcy in Minnesota.

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How to Stop Snowballing Debt Fast with Minnesota Bankruptcy

Posted by William Kain on November 16

Is your debt snowballing out of control this winter?

If there’s one thing that Minnesotans know, it’s snow. With an average annual snowfall of between 36 and 70 inches, The North Star State has experience handling whatever Old Man Winter throws its way.

But if you have snowballing debt, you will need more than a shovel and mittens this Minnesota winter.

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Kain & Scott: Minnesota Bankruptcy Services As Unique As You Are

Posted by Kelsey Quarberg on November 14

Have you ever been tempted by “one size fits all” Minnesota bankruptcy services? Advertisements for law firms that claim to understand the complexity of your financial situation without ever meeting you or discussing your information? Law firms that tout their bankruptcy expertise, without ever having actually taken a Minnesota bankruptcy case at all, let alone one that is exactly like yours?

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What Happens After Bankruptcy: Quotes to Guide Your Future

Posted by Wesley Scott on September 2

Many of our clients wonder what happens after bankruptcy. The good news is, it is not that complicated. After your bankruptcy case has ended, you simply go on with your life. You live your life as you see fit. There is no one looking over your shoulder to scold you about purchasing a new pair of shoes or taking a family vacation. Creditors and debt collectors are not permitted to pick up where they left off and begin harassing you about debts that were discharged in your bankruptcy. In most cases, no one will ever know that you filed a bankruptcy case unless you tell them, they were directly involved with your bankruptcy case or you give them permission to access your credit report. In other words, what happens after bankruptcy is up to you.

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When Should I File for Bankruptcy?

Posted by William Kain on August 14

Answering the question, “When should I file for bankruptcy” is a difficult thing to do when you are immersed in the overwhelming stress caused by debt. Worrying about how you will pay your bills and take care of your family, while dealing with aggressive debt collectors and threatening lawsuits, can quickly take its toll. This is precisely when you should meet with an experienced bankruptcy attorney. Doing so before things get out of hand and you are tempted to do something drastic will payoff in the long run.

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What Does Bankruptcy Mean for My Future?

Posted by Wesley Scott on July 31

There are many misconceptions and myths about filing bankruptcy. The biggest bankruptcy myth is that you will lose everything you own if you file for bankruptcy relief. Another popular bankruptcy myth is that you will never recover your good credit rating and never be able to obtain a loan after filing a bankruptcy. While there may be some truth intermingled with the bankruptcy misconceptions that clutter the internet, the fact is that filing bankruptcy does have both benefits and a few temporary disadvantages. Wondering what bankruptcy means for your future is a valid concern that many clients have when first consulting a bankruptcy attorney. It is with the help of an experienced bankruptcy attorney that many people find the answer to their question, “What does bankruptcy mean for my future?”

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What is a Bankruptcy Discharge and How Will it Help Me Out of Debt?

Posted by Wesley Scott on July 30

Most clients ask similar questions during a bankruptcy consultation. One familiar question that I am asked is “What is a bankruptcy discharge?” The immediate follow-up question is “How can it help with my debts?” Before I answer either of these questions, I tell my clients that a bankruptcy discharge is the ultimate goal for any debtor in a bankruptcy case and it is my job as an attorney to assist you through the bankruptcy process to achieve that goal. Below is a brief discussion that answers these two questions more thoroughly.

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Make a New Year's Resolution to Reach Your Financial Goals

Posted by Wesley Scott on January 1

The new year is a time for new beginnings, and if you haven’t already done so, it is time to make your New Year's resolutions for 2016. If you are living with overwhelming debt, this year’s resolution should be easy to determine – take control of your finances and improve your financial well-being in 2016. To make your New Year’s resolution easier to attain, we’ve compiled a list of several tools you can use to reach your goal.

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File for a Bankruptcy Discharge in Days, Not Weeks

Posted by Wesley Scott on July 15

When you decide to file for bankruptcy relief, you are ready to hit the ground running. For most people, the weeks and months leading up to this decision are emotionally draining. Therefore, once you decide to meet with a bankruptcy attorney, you do not want to wait weeks or months for your case to be filed.

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Drowning in Debt? Don't Be Defeated By It - There is a Way Out

Posted by William Kain on June 19

If you are drowning in debt, you are not alone. Millions of Americans across the country are suffering from debt problems due to loss of jobs, medical bills or the loss of a spouse. Life is fluid and we never know what to expect around the next corner.

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How Does Debt Consolidation Work and Will it Work for Me?

Posted by Wesley Scott on May 27

As a bankruptcy attorney, I am often asked questions about consolidating debts, such as, “How does debt consolidation work?” and “Can I do this to avoid filing bankruptcy?” To be honest, many people who are dealing with debt problems think about debt consolidation loans or other similar solutions at some point. Most people begin wondering how debt consolidation works when they are searching for a way to make creditors and debt collectors stop calling and sending threatening letters. Others begin to explore debt consolidation options only when they are served a lawsuit.

When clients ask me how debt consolidation works, I first begin by explaining the difference between a debt consolidation loan and the use of a debt consolidation company. Before diving into these differences I make an extremely important point: these options generally only work in situations where individuals have the ability to repay their debts, or at the very least, a significant portion of them. There are very few cases where we find that debt consolidation is the best option for solving overwhelming debt problems. To illustrate, let me explain each option and give examples of when it will work and when it is often better to file a bankruptcy.

How Does Debt Consolidation Work?

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Personal Bankruptcy Doesn't Stop at Debt Elimination

Posted by Wesley Scott on April 15

Most people assume that the only benefit they will receive from a personal bankruptcy is debt elimination. However, personal bankruptcy does more than simply eliminate your debts. Personal bankruptcy aims to treat the cause that brought you to the bankruptcy court, as well as addressing the symptoms of a financial crisis. For example, filing a bankruptcy case will not only eliminate the debt associated with these top five reasons people fall into debt, it will also help them address the symptoms that built up to cause financial crisis.

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Allow Bankruptcy to Get You to a State of Financial Well-Being

Posted by Wesley Scott on February 25

Dealing with overwhelming debt and coping with the stress associated with a financial crisis creates emotional burdens and causes damage to your financial well-being. However, bankruptcy provides a real solution to a variety of difficult financial situations. For example, a debtor can discharge or “wipe out” unsecured debts through the filing of a Chapter 7 bankruptcy case or reorganize debts into a manageable repayment plan through a Chapter 13 bankruptcy case. Through the bankruptcy process, debtors learn where things spun out of control and how to handle or prevent debt in the future. In addition, when the bankruptcy case is completed, you are able to begin rebuilding your financial affairs.

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