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.

 

Are Tools Used For My Business Protected In Bankruptcy?

Posted by Wesley Scott on November 26

In bankruptcy, a debtor sometimes has property that is nonexempt, meaning not legally protected from being taken to satisfy debts owed to creditors.  In a chapter 7 bankruptcy case, this means the debtor must surrender the nonexempt property to the trustee, or pay the trustee to keep it, which the trustee then uses to pay towards the debtor’s debts. In a chapter 13 case, the debtor is permitted to keep the nonexempt property but must pay, at minimum, the value of the nonexempt property to their unsecured creditors in their repayment plan.  

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What Are Bankruptcy Preference Payments in Minnesota?

Posted by Jesse Horoshak on January 18

If you have filed a bankruptcy, or are considering filing a bankruptcy, and have done any research, you may have come across the phrase “preference payment” and asked yourself, “what does that mean?” Well, rest assured, you are not alone in asking this question. This post will discuss preference payments and what they mean with respect to a bankruptcy filing.

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Get the Best Possible Fresh Start, at Kain & Scott

Posted by Wesley Scott on October 29

I am reminded often of how we go the distance with clients at Kain & Scott. Part of our job at Kain & Scott is to make sure the client has the best fresh start possible. Sometimes that means bringing claims on behalf of the client without charging the client. In fact, at Kain & Scott, we often bring objections, responses, and motions and then attend the hearings on behalf of the client all for free. Why do we do this? Because it is the right thing to do. Sometimes these claims would cost the client far more in attorney’s fees than they are worth pursuing. I think the creditors and trustees often know this so these claims remain just that, claims.

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Filing Bankruptcy in Mankato, MN? Avoid This at All Cost!

Posted by Wesley Scott on October 24

 If you are considering filing Chapter 7 or 13 Bankruptcy in Mankato, Minnesota, avoid this. You will find that bankruptcy law firms advertise in Mankato. You will also find that some firms claim to have an office open in Alexandria from 7 am to 9 pm. And yet, when you go to the location during these hours, the doors are locked. Moreover, the location is in the basement of a building actually belongs to another law firm altogether.

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Minnesota's Largest Chapter 7/13 Bankruptcy Website

Posted by Wesley Scott on September 16

Have you ever been interested in a topic and wanted to research it but there was no one place to research everything you want and need to know about the topic? That is more than frustrating right? I could not agree more. That is why Kain & Scott set out to build and maintain Minnesota’s LARGEST Chapter 7 and 13 Bankruptcy website at www.kainscott.com. At www.kainscott.com you will find everything you are looking for about what is Chapter 7 and 13 Bankruptcy, what is the bankruptcy process, what are the costs, and many do’s and don’ts before and after filing bankruptcy.

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(Video) WHO ARE THE MAJOR PLAYERS IN A CHAPTER 7 BANKRUPTCY AND WHAT DO THEY DO?

Posted by Wesley Scott on November 10

So, you are thinking about filing Chapter 7 Bankruptcy and you say to yourself, I don’t want to lose my Harley Davidson Some folks are a lot like me, they have high anxiety and want to know who exactly is involved in this process and what do they do?

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MAKING THE DECISION - PART TWO

Posted by William Kain on November 9

In an earlier post, I wrote about the decision-making process that our clients go through in determining whether to file a bankruptcy case.  The last post dealt in large part with the advisability of thinking through the financial problems carefully, and involving friends and relatives to get a sense of whether these supporters think the bankruptcy option is a good one.  At the end of the post I wrote that seeing an attorney is essential to good decision-making regarding the wisdom of filing a bankruptcy case.

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WHAT HAPPENS WHEN YOUR INCOME CHANGES WHILE YOU ARE IN A CHAPTER 13? PART TWO

Posted by William Kain on November 8

In an earlier post, I started writing about a common issue in chapter 13 bankruptcy cases: a change in income experienced by the debtor while the chapter 13 plan is open.  The last post looked at why this is an issue - namely, the 2005 revision of the bankruptcy law that required chapter 13 bankruptcy debtors to annually send the chapter 13 trustee copies of filed state and federal income tax returns.  It’s from that tax information that a chapter 13 trustee can ask individuals already in confirmed chapter 13 plans to adjust their income and expense schedules to more accurately reflect the debtor’s month-to-month financial situation.

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WHAT HAPPENS WHEN YOUR INCOME CHANGES WHILE YOU ARE IN A CHAPTER 13?

Posted by William Kain on November 5

A chapter 13 bankruptcy is a very helpful tool for many people who are encountering overwhelming financial problems.  For individuals dealing with a potential mortgage foreclosure, chapter 13 offers a structured, affordable way to keep families in their homes.  For a person who has a car payment that has unexpectedly become too expensive, chapter 13 offers a way to restructure the car loan to make the payment more affordable.  For the person who is dealing with child support arrears, or back income taxes, chapter 13 provides a structure to pay these important obligations. 

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(Video) WHAT NOT TO DO BEFORE FILING CHAPTER 7 BANKRUPTCY

Posted by Wesley Scott on November 4

So, you are thinking about filing Chapter 7 Bankruptcy and you say to yourself, I don’t want to lose my Harley Davidson worth 8k and no liens against it right? So, what do you do? You transfer the title to the Harley to your brother for nothing. Problem solved right? Wrong!

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(Video) WHAT IS A REAFFIRMATION AGREEMENT IN A CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on November 3

To understand what a reaffirmation agreement is in Chapter 7 Bankruptcy, you first must understand what the goal of a Chapter 7 Bankruptcy is. The goal of a Chapter 7 Bankruptcy is to obtain a Chapter 7 Bankruptcy discharge. A Chapter 7 Bankruptcy discharge absolves you of your personal liability for the underlying debt. Creditor must write the debt off and is not able to pursue debtor for the debt again.

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(Video) WHO NORMALLY ATTENDS A CHAPTER 7 MEETING OF CREDITORS?

Posted by Wesley Scott on November 2

I think one of the most anxiety producing events for a client is the meeting of creditors or 341 meeting. This is the meeting where the Chapter 7 trustee has debtor verify that the information on the schedules is true and correct and complete.

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(Video) WHAT IS A CHAPTER 7 341 MEETING OF CREDITORS AND WHY DO I HAVE TO ATTEND?

Posted by Wesley Scott on November 1

Section 341 of the Bankruptcy Code requires Chapter 7 trustees to conduct and for Chapter 7 debtors to attend a meeting of creditors. The code requires that a meeting of creditors must be conducted within a reasonable time from filing the Chapter 7 Bankruptcy. The purpose of the meeting of creditors is two-fold. First, it is to give the Chapter 7 trustee a chance to verify that the information contained in debtor’s schedules is true, correct, and complete. Second, the purpose of the meeting is to give creditors a chance to appear and ask debtors questions about debtor’s assets and debts and financial circumstances.

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(Video) WHAT ARE THE DUTIES OF A CHAPTER 7 TRUSTEE?

Posted by Wesley Scott on October 31

Section 704 of the Bankruptcy Code outlines the duties of a Chapter 7 trustee. A chapter 7 trustee’s primary role is to administer the Chapter 7 Bankruptcy case. This means that once assigned a Chapter 7 case by the US Trustee’s Office, a Chapter 7 trustee must review the schedules, question the debtor at a 341 meeting, and generally make sure debtor’s schedules are verified by debtor themselves.

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(Video) WHAT ARE REDEMPTION AGREEMENTS IN CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on October 30

We have discussed what reaffirmation agreements are in Chapter 7 Bankruptcy but what is a redemption agreement in a Chapter 7 Bankruptcy? The best way to illustrate a redemption agreement is to give you an example. Say you own a vehicle worth 5k but you owe 12k on the underlying loan.

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(Video) STATE RESIDENCY REQUIREMENTS TO FILE CHAPTER 13 BANKRUPTCY

Posted by Wesley Scott on October 29

While Section 109(a) describes who can file a Chapter 13 Bankruptcy, we want to know now where can the bankruptcy be filed?

It is not possible to move from one state to another and file Chapter 13 Bankruptcy the next day. 28 U.S. Code Section 1408 states that debtor may file a bankruptcy in the bankruptcy court of the federal judicial district in which the person filing bankruptcy has his/her principal residence, place of business, or principal assets. The domicile has to be where you were domiciled the greater part of the last 6 months and so, where you have been domiciled the last 91 days.

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(Video) MOST COMMON OBJECTION TO A DEBT BEING DISCHARGED IN CHAPTER 7 BANKRUPTCY

Posted by Wesley Scott on October 28

What is the goal of filing a Chapter 7 Bankruptcy? Getting a Chapter 7 discharge. Getting a Chapter 7 discharge means the debt is wiped out, tax free, forever. Are there situations where creditors can object to you discharging a debt? You bet there is. Section 523 of the Bankruptcy Code outlines several reasons a creditor could object to you discharging a debt made with the creditor.

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(Video) FINALLY- A GOVERNMENT SPONSORED DEBT CONSOLIDATION PLAN IN ST PAUL, MN

Posted by Wesley Scott on October 27

Minnesotans are always amazed to find out that there really is a government sponsored debt consolidation plan. Most Minnesotans are not aware of this. If you live in St Paul, Minnesota and you are suffering from overwhelming debt and you are currently in a traditional debt consolidation plan, you are wasting your time. You read this right, you are wasting your time. Why? Because the government sponsored debt consolidation plan is much better for you and your family.

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(Video) HOW DO I GET RID OF JUDGMENTS AFTER A CHAPTER 7 BANKRUPTCY DISCHARGE?

Posted by Wesley Scott on October 24

Unfortunately, when you receive a Chapter 7 Bankruptcy discharge, there is no little bankruptcy dude that runs throughout the state and erases public records. I wish this were true, but it’s not. When you receive a discharge in Chapter 7 Bankruptcy, the public record needs to be cleaned up. The judgments you received before you filed Chapter 7 Bankruptcy on pre-petition debt still linger in the public records after you receive your discharge.

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DID YOU KNOW THE GOVERNMENT HAS A DEBT CONSOLIDATION PLAN?

Posted by William Kain on October 23

A lot of people have no idea the government has a debt consolidation plan. Did you know that? Probably not. What if I told you this debt consolidation plan is limited to 3-5 years, you pay what you can afford to pay, and at the end of the plan whatever doesn’t get paid off, gets wiped out, tax free? Peeks your curiosity doesn’t it?

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Common Terms in Consumer Bankruptcy - Part Two

Posted by William Kain on October 21

In Part One of this series, we began reviewing some common terms you may hear during a consumer bankruptcy case. It is important to understand what is happening in your bankruptcy, which is possible with the help of an experienced Minnesota bankruptcy lawyer at Kain & Scott. Below, find brief explanations of additional common bankruptcy terms.

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Common Terms in Consumer Bankruptcy - Part One

Posted by William Kain on October 20

While bankruptcy can provide many benefits for consumers struggling with debt, the process can be a confusing one. Specifically, you may hear many terms during your case with which you may not be entirely familiar. It is important to have the assistance and guidance of an experienced bankruptcy attorney who can explain every step of the process, including key bankruptcy terms. In the meantime, the following are some brief definitions of common terms in consumer bankruptcy cases. For information regarding your specific situation, call the Minnesota bankruptcy attorneys at Kain & Scott today.

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(Video) IS IT POSSIBLE FOR MY CHAPTER 7 BANKRUPTCY TO BE DENIED?

Posted by Wesley Scott on October 19

There are numerous reasons why a Chapter 7 Bankruptcy discharge can be denied. Section 727 of the Bankruptcy Code outlines these reasons.

Section 727(a)(2) states that if debtor, with the intent to hinder, delay, or defraud a creditor or an officer of the estate has removed, destroyed, mutilated or concealed A) property of debtor within 1 year prior to filing the bankruptcy or B) property of the estate after filing the bankruptcy, your discharge may be denied.

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(Video) CAN I CONVERT MY CHAPTER 7 BANKRUPTCY TO A CHAPTER 13 PRIOR TO DISCHARGE?

Posted by Wesley Scott on October 18

Sometimes, when a debtor files Chapter 7 Bankruptcy, there is a desire to convert to a Chapter 13 Bankruptcy. Maybe, it is because debtor’s income has risen or the US Trustee’s Office has a brought a motion to dismiss debtor’s Chapter 7 Bankruptcy for abuse. What does that mean? In English, it means the US Trustee’s Office believes debtor has the ability to pay back creditors something over a 3-5 year Chapter 13 plan.

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(Video) CAN I BE DISCRIMINATED AGAINST BECAUSE I FILED CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on October 17

Section 525 of the Bankruptcy Code provides protections against discriminatory treatment. Section 525(b) of the Bankruptcy Code provides that a private employer may not terminate the employment of, or discriminate with respect to the employment of a person who has or will file Chapter 7 Bankruptcy.

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(Video) CAN A CREDITOR ASK TO TERMINATE THE CHAPTER 7 AUTOMATIC STAY?

Posted by Wesley Scott on October 16

We have discussed the fact that the filing of a bankruptcy petition with the bankruptcy court is an order for relief. And that order for relief triggers the automatic stay provisions of section 362 of the Bankruptcy Court. This automatic stay is a court order that bars creditors from doing most anything to collect on a pre-petition debt with debtor. Of course, that is the general rule, there are exceptions to this rule like the enforcement of child support or alimony for example.

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(Video) CAN MY CHAPTER 7 BANKRUPTCY BE DISMISSED?

Posted by Wesley Scott on October 15

Variations of this questions get asked all the time. Can a Chapter 7 Bankruptcy be denied? Is there anything that can cause my Chapter 7 Bankruptcy to go away? The short answer is yes. However, the reasons for dismissal are limited.

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(Video) HOW DOES A CHAPTER 7 BANKRUPTCY START? WHAT IS A PETITION FOR RELIEF?

Posted by Wesley Scott on September 23

Section 301(a) of the Bankruptcy Codes states that a voluntary Chapter 7 Bankruptcy is commenced with the filing of a petition with the bankruptcy court. A petition, simply put, is a formal written request, signed by you, appealing to the bankruptcy court for relief.

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(Video) NEVER MEET WITH A PARALEGAL REGARDING CHAPTER 7 BANKRUPTCY

Posted by Wesley Scott on September 22

I am not sure everyone understands the role of a paralegal. Paralegals are not licensed lawyers. They cannot give you legal advice, sign you up, or even quote you a fee without violating state law and many ethical rules.

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(Video) Statutory Presumptions of Fraud Under The Bankruptcy Code

Posted by Wesley Scott on September 21

We have blogged on this topic before. The general consensus in the Bankruptcy Code favors discharging unsecured debt. However, there are reasons why creditors can object to you discharging a debt with them and they are contained in Section 523 of the Bankruptcy Code. Generally, a creditor has the burden of proving that the debt owed to them is not dischargeable, say under Section 523(a)(4) of the code for fraud.

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(Video) Preference Defenses Available to Creditors

Posted by Wesley Scott on September 20

We have already discussed how the code defines preferences both to general unsecured creditors and insider creditors, but what are the common defenses to a preference? We will cover that in this blog but first, let’s refresh our memories and make sure we know what a preference is.

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(Video) WHAT DEBTS GET PAID FIRST OR AS “PRIORITY” IN CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on September 19

Unless you have filed a Chapter 7 Bankruptcy and had non-exempt assets trustee sells and uses to pay creditors, you may never have wondered about this question. Why would you? I mean you have a life and you don’t worry about these things- but now it is happening and the question is relevant. Who gets paid first if a Chapter 7 trustee has money to disburse to creditors? Do all creditors share in the distribution regardless of who they are? What if debtor owes 50k in child support and 50k in credit card debt, do they share the distribution equally?

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(Video) Trustee Preferences: The Chapter 7 Clawback

Posted by Wesley Scott on September 18

You file a Chapter 7 Bankruptcy right? You know going into it that you made a preferential payment of 7k to your dad, no surprise there. Your local bankruptcy lawyer has prepped your case well. But, it dawns on you, what happens to the money the Chapter 7 trustee claws back from your dad? Where does the 7k go to?

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(Video) WHAT DOES IT MEAN FOR A CHAPTER 7 TRUSTEE TO ABANDON ASSETS?

Posted by Wesley Scott on September 17

Section 554 of the Bankruptcy Code outlines a Chapter 7 trustee’s right to abandon assets in a Chapter 7 Bankruptcy case. There are one of two ways an asset gets “abandoned” in a Chapter 7 Bankruptcy case. First, trustee files a notice of abandonment with the bankruptcy court or second, presumptively abandoned by trustee. If an asset was listed but not administered by trustee when the case is closed, the asset is deemed abandoned.

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(Video) WHAT HAPPENS TO “EXEMPT ASSETS” IN CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on September 16

Bankruptcy Rule 4003(a) requires debtors to disclose assets debtor claims to be exempt. Pursuant to Bankruptcy Rule 4003(b) Chapter 7 trustees have 30 days after the meeting of creditors or whenever an amendment has been filed to the exemptions to object to an exemption, whichever is later. If exemptions are not objected to, title to the assets revert back to debtor. In other words, after this period of time, debtor’s assets, once owned by the estate, revert back to debtor.

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(Video) Common Creditor Objections To A Chapter 7 Discharge

Posted by Wesley Scott on September 15

With most unsecured debts in Chapter 7 Bankruptcy, there is a presumption in favor of discharging the debt in bankruptcy. The presumption in favor of discharging the debt in Chapter 7 Bankruptcy goes against the back drop of a creditor’s right to object to discharge under Section 523 of the Bankruptcy Code.

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(Video) WHAT IS A FRAUDULENT TRANSFER IN A CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on September 14

Section 548 of the Bankruptcy Code addresses fraudulent transfers. The look back period is 2 years. If, within 2 years before you filed your Chapter 7 Bankruptcy case, you gave or transferred any asset to anyone else for less than fair market value that is a fraudulent transfer.

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(Video) What Are Considered Assets in Chapter 7

Posted by Wesley Scott on September 13

Section 541(a) of the Bankruptcy Code defines assets of the Chapter 7 Bankruptcy estate. Essentially, it is all legal and equitable interests’ debtor has in the world on the date the bankruptcy petition is filed with the bankruptcy court.

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(Video) COMMON CAUSES OF CHAPTER 7 BANKRUPTCY- MEDICAL PROBLEMS

Posted by Wesley Scott on September 12

This is one of the saddest blogs I think I will ever do. People hate seeing the doctor no matter what. Males are especially notorious for not going to the doctor. I don’t have to tell women the dignity you lose at the hospital because they already know. Men don’t go to the doctor until it’s absolutely necessary- and if it is something embarrassing, they would almost rather die! NO lie!

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(Video) STATE BASED CLAIMS FOR FRAUDULENT TRANSFERS IN CHAPTER 7

Posted by Wesley Scott on September 11

Section 548 lays out the Bankruptcy Code’s basis for a fraudulent transfer. Section 548 limits the period to 2 years immediately preceding the commencement of the Chapter 7 Bankruptcy case. However, there are some state based claims Chapter 7 trustees can sometimes latch on to and pursue

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(Video) Debts That Are And Are Not Dischargeable in Chapter 7

Posted by Wesley Scott on September 10

There are unsecured debts in Chapter 7 Bankruptcy that do not get discharged. Nobody has to object or say a word, debtor remains liable on the debt. Section 523 of the Bankruptcy Code lists a number of exceptions to discharge. In other words, the general rule is debtor’s unsecured debts get discharged or wiped out. However, Section 523 lists those debts that do not get discharged regardless of whether creditor objects or not.

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(Video) What Assets Are Not Part Of The Chapter 7 Estate?

Posted by Wesley Scott on September 9

Yes, there are. While Section 541(a) of the Bankruptcy Code broadly outlines the extent of the bankruptcy estate, and it includes almost all assets of the debtor, there are assets that are not part of the bankruptcy estate. By that, I mean the assets never become part of the bankruptcy estate, and therefore, do not get administered by the trustee.

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(Video) COMMON DEBTS THAT ARE DISCHARGEABLE IN A CHAPTER 7 BANKRUPTCY

Posted by Wesley Scott on September 8

This is the whole purpose of filing Chapter 7 Bankruptcy to begin with. Getting rid of overwhelming debt. Many people want to know, well what can I include in a Chapter 7 Bankruptcy? Can I get rid of medical bills? What about trade payables? What about utilities even?

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(Video) COMMON CAUSES OF CHAPTER 7 BANKRUPTCY- INCOME DROP

Posted by Wesley Scott on September 7

How many of us have lost income at one point or another? I bet we all have. Losing income is about as American as apple pie and baseball. How many plants have closed and gone over seas? How many times has an employer eliminated over time? How often have you changed careers and started over at lower pay? It’s call life, the humility of being alive.

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(Video) WILL FILING CHAPTER 7 BANKRUPTCY NEGATIVELY AFFECT MY SPOUSE?

Posted by Wesley Scott on August 7

No, just because you are married, if one spouse files a Chapter 7 Bankruptcy, that will not negatively affect your spouse. Your spouse has not filed Chapter 7 Bankruptcy, you have. The Chapter 7 Bankruptcy will go on your credit report, not your spouses.

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(Video) WILL I BE ABLE TO RENT AGAIN AFTER FILING CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on August 6

If you are a renter, or know you will become one, one of your concerns filing Chapter 7 Bankruptcy will be can I rent after I file Chapter 7 Bankruptcy? We people with high anxiety worry about being able to rent and the ultimate fear of will I be out on the street? With the gift of high anxiety comes the “worst case” scenario thinking. We always go to the extreme. You know- if I file Chapter 7 Bankruptcy, I will be living on the street because no one will rent to me.

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(Video) How Does Chapter 7 Bankruptcy Affect My Cosigner?

Posted by Wesley Scott on August 5

This part sucks. Having debt in your name is one thing, but when you have someone else on the hook for the same debt- well, that sucks.  Occasionally, people think well if I file bankruptcy then the debt is wiped out as to me and my co-debtor right? Wrong! The reason banks want co-signors is if you default, co-signor is still on the hook and has to pay. Remember, if you file a Chapter 7 Bankruptcy, YOUR liability for the debt goes away, but your co-signor’s does not.

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(Video) What Should Come First... Divorce or Bankruptcy?

Posted by Wesley Scott on August 4

It is one of the big triggers for Chapter 7 Bankruptcy. Not every relationship stays together. This, is a fact of life. Not shocking stuff right? But, the aftermath of a divorce can leave you financially and emotionally devastated. The question naturally becomes, do I get a divorce first or start my Chapter 7 Bankruptcy first?

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(Video) IS THERE A MINIMUM AMOUNT OF DEBT I NEED TO FILE CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on August 1

Legally no. There is no legal requirement that you must have so much debt before you qualify for a Chapter 7 Bankruptcy. In theory, you could file Chapter 7 Bankruptcy on $500.00 in debt. Now, you wouldn’t do this because it wouldn’t make any sense.

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(Video) Are Chapter 7 Bankruptcies Made Public?

Posted by Wesley Scott on July 31

Yes, Chapter 7 Bankruptcy is public information. To get this information you would have to know the website to go to, create an account, and link a credit card to it so you can be charged for documents you download. One of the more pervasive concerns Americans, suffering from overwhelming debt have is, is bankruptcy public information and who will know I filed Chapter 7 Bankruptcy? We get that concern completely. But, like most concerns, the way it works in reality is not what you think.

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(Video) What Will My Credit Score Be After Chapter 7?

Posted by Wesley Scott on July 29

We have talked about many issues surrounding the impact of filing Chapter 7 Bankruptcy on your credit reports, credit score, and credit profile. But, in this blog I am going to write about what actually happens to your credit reports when you file Chapter 7 bankruptcy? Like, when you actually file a Chapter 7 Bankruptcy what do your credit reports say? What do they say when the bankruptcy is done? What happens if the credit reports are incorrect?

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(Video) HOW LONG DOES CHAPTER 7 BANKRUPTCY REMAIN ON MY CREDIT REPORT?

Posted by Wesley Scott on July 28

The impact a Chapter 7 has on your credit reports is a paramount concern for anyone in the United States who is considering filing a Chapter 7 Bankruptcy. There are a lot of misconceptions about how long a Chapter 7 Bankruptcy remains on your credit reports. I have heard everything you can imagine but the single most common misconception is that a Chapter 7 Bankruptcy remains on your credit report for 7 years. Not true.

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(Video) How Long Does It Take For Chapter 7 To Be Discharged?

Posted by Wesley Scott on July 27

What an exciting time in your life!? I know that sounds strange to say but once you summon that courage to tackle an overwhelming debt problem, you naturally want to know okay, how long does this take? The process starts with setting up a consultation with a competent bankruptcy lawyer. Never, and I mean never, ever, contact or meet with a paralegal or an out of state “sales person” who is a non-lawyer. Only lawyer can give you legal advice. Most will do it for free at the first consultation.

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(Video) Business Failure: One Common Cause of Chapter 7 Bankruptcy

Posted by Wesley Scott on July 25

It is the America dream. Quit your miserable job and start out on your own. Stretch and try to reach new heights while having a blast and making gobs of money right? I am not sure there is a person alive who has not had the flicker of running their own business at one point.

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(Video) Buying A House And Car After Filing Chapter 7 Bankruptcy

Posted by Wesley Scott on July 24

A common concern for so many people is can I get financing for homes/vehicles after I file Chapter 7 Bankruptcy? Now, this is a good question although ponder this question- Can you get financing to purchase a home/car now?  Most cannot. For those that can, I ask if you could get financing for a home/car now would you pay higher interest or need a co-signer in order to get the financing? Most say yes.

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(Video) Can My Chapter 7 Bankruptcy Be Denied?

Posted by Wesley Scott on July 23

You sit back and think to yourself, ok if I summon the courage to do this, can my Chapter 7 Bankruptcy be denied? The answer is yes, but it is very rare. The vast majority of Chapter 7 Bankruptcies go through and debtors receive a discharge- i.e. their debts get wiped out, tax free, forever! Occasionally, Chapter 7 Bankruptcy filings can go awry.

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(Video) Can I Get Credit Cards After Filing Chapter 7 Bankruptcy?

Posted by Wesley Scott on July 22

Filing Chapter 7 Bankruptcy is public information. There are numerous companies who purchase this public information to solicit you immediately after filing Chapter 7 Bankruptcy. Credit card companies are notorious for sending credit card solicitations to debtors immediately after filing. Why would they do this? Because, upon discharge, you are debt free, which means you will then have the ability to repay your debts to the new credit card. Crazy right? I know!

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(Video) What Assets Must Be Disclosed In Chapter 7?

Posted by Wesley Scott on July 21

This is a common question we get. Do I have to disclose all my assets? Yes, when you file Chapter 7 Bankruptcy, you are required to sign the disclosures you make under penalty of perjury that all of the information contained in the disclosures are true, correct, and complete. In other words, you are required to disclose all your assets including your home and vehicles.

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(Video) What Is A Chapter 7 Bankruptcy?

Posted by Wesley Scott on July 20

A Chapter 7 Bankruptcy is an asset based bankruptcy. Debtors do not make payments back to their creditors. Instead, debts get wiped out or discharged to the extent there are no non-exempt assets to liquidate and disburse to creditors. The vast majority of Chapter 7 Bankruptcies are what we call no-asset bankruptcies. That is, debtor have no non-exempt (unprotected) assets they would lose to a Chapter 7 trustee.

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(Video) Do You Have To Include All Debt In Chapter 7?

Posted by Wesley Scott on July 19

You don’t make payments back to your creditors in a Chapter 7 Bankruptcy. This is the opposite of a Chapter 13 Bankruptcy where you make regular monthly payments back to your creditors through a Chapter 13 Bankruptcy trustee.

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(Video) Do Creditors Get Paid In Chapter 7?

Posted by Wesley Scott on July 18

You don’t make payments back to your creditors in a Chapter 7 Bankruptcy. This is the opposite of a Chapter 13 Bankruptcy where you make regular monthly payments back to your creditors through a Chapter 13 Bankruptcy trustee.

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(Video) Why Is Chapter 7 Referred to as a "Fresh Start" Bankruptcy?

Posted by Wesley Scott on July 17

You have heard this before right? A Chapter 7 Bankruptcy is sometimes referred to as a “Fresh Start” bankruptcy? But what does this mean? It means this- it means that in a Chapter 7 Bankruptcy, you do not make payments back to your creditors. At the end of about a 4 month process your liability on your debts is wiped out (discharged), forever, tax free! Now, that sure seems like a “Fresh Start” to me, how about you?

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(Video) What Is A Chapter 7 Bankruptcy Discharge?

Posted by Wesley Scott on July 17

Not sure why, but when I think of the word “discharged” I think you have been discharged from duty in the military sense. Obviously, that is not what discharge means in the Chapter 7 Bankruptcy sense. When we say you have been “discharged” in the Chapter 7 Bankruptcy sense, we are referring to what happens with respect your personal liability on your debts. A discharge is granted under Section 727 of the Bankruptcy Code.

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(Video) What Does It Mean To Liquidate Assets In A Bankruptcy?

Posted by Wesley Scott on July 17

The language of bankruptcy attorneys can seem like Greek to the non-attorney. What does it mean for a Chapter 7 trustee to “liquidate” assets? When would the trustee do such a thing anyway? When we say, a Chapter 7 trustee will “liquidate” assets, we mean the Chapter 7 trustee will sell the assets and reduce the physical assets to money. You can’t take physical assets and distribute those assets to creditors. Instead, you sell the assets, reduce the assets to money, and disburse those proceeds to creditors pro rata and based on a set of priorities.

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(Video) What is a Chapter 7 “No-Asset” Case?

Posted by Wesley Scott on July 17

So you are reading up on Chapter 7 Bankruptcies and you come across the term “no-asset case” and you wonder what that means. The vast majority of Chapter 7 cases filed in the United States are what we lawyers refer to as “no-asset cases”.

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(Video) Are Debts Discharge In Chapter 7 Taxable?

Posted by Wesley Scott on July 16

This is a great question to ask. Normally, debts that are forgiven are taxable income to you. For example, if you had 100k in debt and your creditors all said- forget about it and wiped it out that is fantastic, except, you now will have to pay taxes on the 100k. Why? Anytime an entity writes off a loss on their taxes it is income to someone else. Make sense?  Now, let’s be clear, paying taxes on 100k is better than paying 100k. If your tax bill is 35k you just saved 65k.

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(Video) WHAT YOU NEED TO KNOW ABOUT DECLARING BANKRUPTCY

Posted by Wesley Scott on July 10

I am a proponent of erring on the side of filing bankruptcy. Why? Because hitting the reset button is good for you mentally and physically. Who among us wants to live with overwhelming debt that results in stress and worry that sometimes doesn’t end for years? Not me. I have high anxiety. I don’t necessarily mind problems, but I cannot have no solutions. I also don’t want solutions that delay getting relief. For, me delayed relief from a problem, is no relief.

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(Video) Filing Chapter 7 Bankruptcy in Minnesota

Posted by Wesley Scott on July 9

If you live and work around Woodbury, Minnesota, and you are contemplating filing a Chapter 7 Bankruptcy, there are some things you should know. Sometimes things are not how they appear at first sight. Have you ever had the experience of thinking in your mind something was going to be really scary and then you did it, and found out it wasn’t as scary as you thought. Heck- you might have even enjoyed yourself a little!?

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(Video) WHY YOU SHOULD NEVER MEET WITH A PARALEGAL ABOUT BANKRUPTCY

Posted by Wesley Scott on July 6

I am starting to see a disturbing trend occur in the legal field. Some law firms seem to think they can hire non lawyers to do lawyer’s jobs. Thing is- we lawyers are licensed to give legal advice to clients, non-lawyers are not.

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(Video) HOW DOES BANKRUPTCY WORK?

Posted by Wesley Scott on July 5

The idea of bankruptcy for most is a scary proposition. But once you find out how it works, it softens the blow. For me, bankruptcy is a business tool, as Trump would say, to solve a business problem. That is, bankruptcy is a tool, to solve an overwhelming debt problem. Okay, well how does it solve the overwhelming debt problem?

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(Video) USE ONLY BANKRUPTCY FIRMS THAT HAVE YOU MEET WITH LAWYERS, NOT PARALEGALS

Posted by Wesley Scott on July 4

It is sad for me to watch as some law firms protect their bottom line over the interest of the clients. If you think this doesn’t happen in Minnesota, think again. There is one firm, that rhymes with locker, that has five lawyers and five paralegals. Now, this firm advertises for Minnesota guests to come in to see them for a free “bankruptcy analysis”.

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(Video) What Makes Kain & Scott MN's Best Bankruptcy Law Firm?

Posted by Wesley Scott on July 3

I have a cynical personality. I don’t trust easily and I want proof of statements made. Sound like you too? I think many of us are a bit cynical. Now, you shouldn’t be like my grandpa who was so cynical that he didn’t trust anyone. But a healthy dose of cynicism in the market place is ok! When you are looking for an awesome bankruptcy lawyer is Minnesota, look no further than Kain & Scott. Why? Here is the proof!

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(Video) Chapter Bankruptcy 13 Facts

Posted by Wesley Scott on July 2

What is a Chapter 13 Bankruptcy? How does it work? How does it look on my credit? These are all wonderful questions with straight forward answers. Here are some Chapter 13 facts you will find useful.

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(Video) WHAT YOU NEED TO KNOW ABOUT FILING A CHAPTER 13 BANKRUPTCY

Posted by Wesley Scott on June 20

From the oldest bankruptcy law firm in Minnesota, since 1972, comes Kain & Scott to explain what you need to know about filing Chapter 13 Bankruptcy. Very few people realize the government actually has a government sponsored debt consolidation plan. It’s called a Chapter 13 Bankruptcy. And if you knew how it works, no one would do traditional debt consolidation.

Here is what you need to know about filing a Chapter 13 Bankruptcy:

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(Video) HOW OFTEN CAN YOU FILE BANKRUPTCY?

Posted by Wesley Scott on June 19

Have you ever had a bad thing happen to you? Of course right? Have you ever had a bad thing happen to you twice? Of course right? Bad things happen to good people. Businesses fail, incomes drop, medical problems happen, relationships break up, we all make bad financial decisions, so what right?

Sometimes, life deals you a blow and you may need to file another bankruptcy.  You can file another Chapter 7 Bankruptcy 8 years after you filed your previous Chapter 7 Bankruptcy. Section 727 of the Bankruptcy Code limits you to filing Chapter 7 Bankruptcy every 8 years. It used to be every 6 years until the Republicans changed the law in 2005.

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(Video) CHAPTER 7 BANKRUPTCY FACTS

Posted by Wesley Scott on June 18

In a world full of confusion, wouldn’t it be nice just to have some straight forward facts about Chapter 7 Bankruptcy? I think so too. So, what follows are facts about Chapter 7 Bankruptcy.

First, Chapter 7 Bankruptcy is on your credit report for 10 years- period. Second, Chapter 7 Bankruptcy improves your credit profile. Why? Because you have no debt! Think about it- if you are a bank would you lend someone money who is in debt say 100k in credit card debt? Hardly. Now, would you lend the same person money if they had no debt? Why not!? They have no debt!

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(Video) CHAPTER 7 VS. CHAPTER 13 BANKRUPTCY

Posted by Wesley Scott on June 5

What are the main differences between a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy?  Sometimes, it helps to peel the onion back, layer by layer, and go back to the basics. What are the primary differences between a Chapter 7 and Chapter 13 Bankruptcy? We will leave the question of which one you should file for a different day.

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(Video) WHAT IS A CREDITOR?

Posted by Wesley Scott on June 4

It seems like such a simple question doesn’t it? What is a creditor? A creditor is someone who you either owe money to or claims you owe money to.

For example, you might have a 10k balance on your Master Card account. Master Card is a creditor of yours. You owe them 10k and they would like you to pay them 10k.

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(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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(Video) WHAT CREDITORS DON’T WANT YOU TO KNOW ABOUT FILING CHAPTER 7 BANKRUPTCY

Posted by Wesley Scott on June 1

Ah the great state of Minnesota in the summer. Fishing, barbeques, fireworks, the sound of loons. I love it. But, if you are suffering from overwhelming debt in Minnesota, these things may not have the same meaning for you. It’s hard to enjoy Minnesota summers when all you can think about is your overwhelming debt.

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(Video) How Will Filing Bankruptcy In Woodbury Affect My Credit?

Posted by Wesley Scott on May 27

Out of all of the questions we get asked, this is by far and away the single biggest question we get at Kain & Scott. Everyone, and rightly so, wants to know if I file bankruptcy how will this impact my ability to get future credit. And what you think happens, does not. If you live in Woodbury, Minnesota, or anywhere else in Minnesota, read on.

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(Video) What You Need To Do Before Filing A Woodbury Bankruptcy

Posted by Wesley Scott on May 26

Many of our guests simply know they need to file bankruptcy. What they don’t always know is who should they hire to help them get their lives back. Recently, we put together a 15 minute video to help with answering the question of who should you hire to help you get your life back. 15 minutes could save you a lot of headache and money! You will soon see the video on our website at www.kainscott.com.

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(Video) The Main Reasons Why You Want To File Woodbury Bankruptcy

Posted by Wesley Scott on May 25

Have you ever listened to the supposed “gurus” on debt who tell you to avoid filing bankruptcy? Why do you suppose they tell you to avoid filing bankruptcy? Perhaps it is because the so called “guru” is making money on you not filing bankruptcy. That is right, how many programs are being sold or seminars held telling you to avoid filing bankruptcy but then proffering some lame program to keep you mired in debt for years? Some of these “gurus” have even filed bankruptcy themselves!

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(Video) Why Hire The St Cloud Bankruptcy Lawyers At Kain & Scott

Posted by Wesley Scott on May 24

Kain & Scott is St Cloud, Minnesota’s highest google reviewed Bankruptcy Law Firm, St Cloud, Minnesota’s largest bankruptcy ONLY law firm, St Cloud, Minnesota's oldest Bankruptcy Law Firm and St Cloud, Minnesot'a only Bankruptcy Law Firm to help Minnesotan's get debt free and repair their credit using our exclusive FREE 90 Day Credit Repair Program. Exciting? We think so!

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(Video) Can My Minneapolis Bankruptcy Lawyer Get Rid Of My Medical Debt?

Posted by Wesley Scott on May 8

Having a medical problem is awful enough- but just wait until you get home and receive the medical bills. If you didn’t want to die before, you will now. It shouldn’t be this way. You should not have to go bankrupt to protect your family from medical problems. And yet, our health insurance coverages get worse and the medical out of pocket costs grow larger.

Apart from politicians and large medical providers, who else benefits from a system like this? No one! The problem with overwhelming medical debt is it’s so unpredictable and uncontrollable. You can’t help medical problems for the most part.

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(Video) BANKRUPTCY JUDGE SANCTIONS UPRIGHT LAW AND SOME GOOGLE REVIEWS CALL THEM A SCAM

Posted by Wesley Scott on April 5

Recently, a Bankruptcy Judge sanctioned UpRight law and some of it’s “partners” and banned UpRight and some of its “partners” from filing bankruptcy cases in the Western District of Virginia. UpRight also heavily solicits Minnesotans suffering from overwhelming debt too. I am cautioning every single person I know to be very suspicious of UpRight and its’ business model.

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(Video) Where To Find The Best Information about MN Bankruptcy

Posted by Wesley Scott on April 5

Are you like me in that you hate going to multiple sites just to piece together the information you are looking for on a topic? I hate that. That is why Kain & Scott put together a website at www.kainscott.com so Minnesotans researching bankruptcy in Minnesota could find answers to all their questions in one spot! Novel? We think so!

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(Video) THE MOST SHOCKING THING ABOUT FILING CHAPTER 7 BANKRUPTCY IN MINNEAPOLIS, MN

Posted by Wesley Scott on March 23

Chances are, if you are considering filing Chapter 7 Bankruptcy in Minneapolis, MN, you are thinking that filing bankruptcy would be terrible for your credit score and profile. If you believe this, you are like the vast majority of Minnesotans. When most Minnesotans think about bankruptcy, and its’ impact on ones’ credit score, you think that bankruptcy would be devastating. Guess what? You are all wrong!

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WHAT TO DO WHEN A BUSINESS IS IN FINANCIAL TROUBLE

Posted by William Kain on March 22

In our day-to-day practice at Kain & Scott, our attorneys will typically field a few contacts every month from business owners who are financially stressed.  The business owners typically have this, or a variation of this question: my business is in financial trouble, should the business file a bankruptcy?  It’s such a simple, and such a common question. One of the reasons the United States has a bankruptcy law is to provide a safety net from small business owners - to allow the business owners to take financial risks without having to worry about financial ruin if the business experiences significant reverses.  But while the question is simple, the answer is usually at least a little complicated. Let’s look at the factors that should be considered in making a decision as to whether to have a business file a bankruptcy case.

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(Video) ONE MINNESOTA BANKRUPTCY LAW FIRM OFFERS AN ANTIDOTE FOR ANXIETY ABOUT DEBTS

Posted by Wesley Scott on March 22

Our Minnesota guests are proof. Proof of what? Proof that Kain & Scott has an antidote for anxiety caused by overwhelming debt. How do I know this to be true? Because our guests say it all the time. It goes something like this- I was so nervous about bankruptcy and my debts before I met with Kain & Scott, and then once I met with the people at Kain & Scott, my anxiety went away and I felt like I could get through this with their help!

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How Often Can You File Bankruptcy In Minnesota?

Posted by William Kain on March 21

Legally, people in Minneapolis can file bankruptcy as many times as necessary. There are no filing limits. Multiple filings do have some adverse consequences, as set out below. However, this fallout is not as bad as some people think it is.

Besides, if properly done, bankruptcy is usually a once-in-a-lifetime proposition. A voluntary petition is a fresh start in almost every sense of the phrase. Actor Gary Busey, who is well-known for his “Buseyisms,” may have put it best in the wake of his own 2012 filing. He described bankruptcy as Bringing A New Knowledge Regarding Understanding Past Tribulations Concerning Yourself. That’s a very long way of saying that you have the power to reverse your financial fortunes, even though the filing itself was probably not your fault.

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How Much Does It Cost To File Bankruptcy In Minnesota?

Posted by William Kain on March 20

Bankruptcy is an investment for our clients. When finances are tight, anything is a significant investment. But the investment always pays off. The amount of money the client pays is nearly always inconsequential when compared to the tens of thousands of dollars of debt that is discharged. Furthermore, bankruptcy gives Minnesota families a fresh financial start. That’s something which is almost literally priceless.

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(Video) THE MINNESOTA BANKRUPTCY LAW FIRM WITH THE BEST CUSTOMER SERVICE

Posted by Wesley Scott on March 16

I know that customer service sounds like a cliché, but it happens to be highly relevant. I know, every Minnesota bankruptcy law firm says they have excellent customer service or treats their clients well, blah blah blah. The problem is these statements don’t always square with what is said about them in Google reviews or by former employees in Glassdoor reviews.

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(Video) 2 THINGS TO AVOID WHEN HIRING A MINNESOTA BANKRUPTCY LAW FIRM

Posted by Wesley Scott on March 15

How does one go about choosing a Minnesota bankruptcy law firm that is kind, helpful, professional, and has exceptional customer service? Spend your time researching different firms and reviewing lots of google reviews. Today, I want to discuss two things you should avoid when hiring a Minnesota bankruptcy law firm.

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FINANCING A CAR AFTER BANKRUPTCY

Posted by William Kain on March 13

One of the reasons people file bankruptcy cases is to preserve vehicle ownership. If the client has a car loan, a chapter 13 case in which the terms of the vehicle loan can be re-set to make the payment more affordable is often attractive.  Or some clients prefer the liquidation approach of a chapter 7, in which other, unsecured debts are discharged, thus freeing up money in the monthly budget to make the car payment easier to afford.

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Buying a Home or Car After Chapter 7 Bankruptcy in Minnesota

Posted by William Kain on March 8

If you’re afraid that filing Chapter 7 bankruptcy will prevent you from purchasing your dream home or concerned that you’ll be unable to replace a vehicle that was repossessed, don’t be! While some conditions do apply, it is still possible for you to buy a new house or car after filing for Chapter 7 in Minnesota.

And, if you file for Chapter 7 with Kain & Scott, you can take advantage of our Free 90 Day Credit Repair Program that will help you raise your credit score and obtain financing from one of our trusted Minnesota lenders to help you purchase the things your family needs.

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HOW LONG DOES IT TAKE TO FILE A CHAPTER 13 BANKRUPTCY - PART 2

Posted by William Kain on March 5

Last week I wrote about why being able to file a chapter 13 bankruptcy case quickly is advantageous to debtors. Chapter 13 is often the “emergency” bankruptcy - in many cases that end up being filed as chapter 13s, a mortgage foreclosure is days away, or the repossession agent has been out looking for a client’s car to repossess.  Or in some cases, the repossession has already taken place and the owner has a short period of time in which to redeem the vehicle prior to the vehicle being sold at an auction.  So there are numerous situations in which time matters, and the time is short.  Being able to file quickly is an advantage - and at Kain & Scott we can file a case quickly and professionally.  So the question is, what is there about the Kain & Scott law firm that enables the firm to file a case quickly?

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(Video) WHAT TO BE CAREFUL OF WHEN FILING A BLOOMINGTON BANKRUPTCY

Posted by Wesley Scott on March 2

If you live in Bloomington, Minnesota and are considering filing a bankruptcy this is a lesson in buyer beware! At Kain & Scott our Bloomington Bankruptcy Lawyers have seen several bankruptcy services advertised on park benches, back pages of newspapers, and from out of state companies. Take our word for it, here’s the main thing you need to watch out for…

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(Video) HOW OFTEN CAN YOU FILE BANKRUPTCY IN ST CLOUD, MINNESOTA?

Posted by Wesley Scott on March 1

It can happen to any one of us. One catastrophe can happen after another. You might have started a business 10 years ago that failed miserably right? That caused the first bankruptcy. 5 years ago you might have been diagnosed with brain cancer. While you beat it, the illness left you with an insurmountable pile of medical debt. That led to the 2nd bankruptcy… Now what?

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(Video) 2 THINGS YOU SHOULD NEVER DO BEFORE FILING BANKRUPTCY IN ST PAUL

Posted by Wesley Scott on February 28

There are some universal truths in the world. These are things that always apply no matter what. When you are contemplating filing a bankruptcy in St Paul, Minnesota, I can tell you there are 2 things you should NEVER do before filing bankruptcy.

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Can Bankruptcy Protect You From A Lawsuit In Minnesota?

Posted by William Kain on February 28

Just like consumer bankruptcy can stop home foreclosure, wage garnishment, vehicle repossession, and most other types of adverse creditor action, bankruptcy can also stop lawsuits. Even if the trial is scheduled for tomorrow, bankruptcy can halt it.

For many people, a creditor lawsuit is a remote, theoretical possibility. They know it can happen, but they do not believe it will ever happen to them. Suddenly, there’s an unfamiliar knock on the door at an unusual hour and someone, usually a Minnesota peace officer, delivers a summons.

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HOW LONG DOES IT TAKE TO FILE A CHAPTER 13 BANKRUPTCY?

Posted by William Kain on February 26

It is so common in my practice to meet with clients who have been experiencing financial distress for a long time. The clients have been fighting to keep their financial heads above water for, it seems to them, forever.  I’ve told many people I meet in conference that my best clients are the people who have fought hard to stay out of a bankruptcy and resolve their financial issues informally with their creditors.

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(Video) Are St Paul Minnesota Bankruptcy Records Public?

Posted by Wesley Scott on February 23

Yes, bankruptcy records are public information in general. It’s no different than your divorce records or criminal records which are public too. But, when is the last time you went down to Ramsey County and checked out your neighbor’s criminal or divorce records? Likely never right?

Most people have too many concerns and worries in the world themselves- they don’t have time to worry about someone else’s problems, because they have enough problems themselves.

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HOW BANKRUPTCY WORKS - PART 6

Posted by William Kain on February 21

For the past six weeks we’ve taken a pretty “deep dive” into the nuts and bolts of bankruptcy. This week, I’ll try to wrap this up with a look at the function of the bankruptcy discharge - the “finish line” for bankruptcy. Again, the lens through which I will look at this issue is the twin policy goals of bankruptcy - to treat creditors fairly and to allow debtors to live with dignity.

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Can Bankruptcy Be Filed On Medical Bills In Minnesota?

Posted by William Kain on February 19

Hundreds of your neighbors want to know the same thing, because medical bills are the leading cause of consumer bankruptcy in Minneapolis. For various reasons, these expenses have increased much faster than the cost of other goods and services, so the size of these bills catches many people off guard.

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(Video) WHAT IS BANKRUPTCY AND WHY SHOULD I FILE?

Posted by Wesley Scott on February 16

There are a lot of talking heads on tv and the radio who will tell you to try and avoid filing bankruptcy. I say nuts! I say you should err on the side of filing bankruptcy and getting your life back. Why? Look, we all want to pay our bills okay, so can we just take that off the table right now? If you could pay your bills, you wouldn’t be reading this blog! Am I right?

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(Video) HOW LONG DOES IT TAKE TO GET A CHAPTER 7 BANKRUPTCY DISCHARGE?

Posted by Wesley Scott on February 14

Once you have made the decision to get your life back, by filing a Chapter 7 Bankruptcy, you want to know how long is this going to take to get your life back right? When people make up their minds to file a Chapter 7 Bankruptcy, they are so excited to get their lives back they always want to know when? When do I get my life back, improve my credit profile, and live for the future!

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Protecting Your Privacy During a Minnesota Bankruptcy

Posted by William Kain on February 9

One of the main concerns our clients have about filing for bankruptcy in Minnesota is the protection of their privacy.

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How Does Bankruptcy “Work” - Part 4

Posted by William Kain on February 8

For the last three weeks, I’ve written about the function of bankruptcy to serve the twin purposes Congress set out in passing bills that codified bankruptcy law into the Bankruptcy Code: treating creditors fairly and allowing debtors to live with dignity.  I’ve written about why the bankruptcy debtor has to list assets and liabilities accurately in her schedules, about the specific features of chapter 13, the benefits of the automatic stay in bankruptcy and the requirement that the bankruptcy debtor list all of her creditors in her bankruptcy paperwork.  This week, I’ll continue to look at how bankruptcy law and procedure seeks to meet the policy goals of Congress.

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How Does Bankruptcy "Work" - Part 3

Posted by William Kain on January 31

In the last two weeks I’ve written about how bankruptcy "works" - the nuts and bolts of bankruptcy law so that the policy goals of bankruptcy law can be met. The two main underpinnings of bankruptcy are to treat creditors fairly and to allow debtors to live with dignity. My first blog dealt with the contents of the bankruptcy petition, schedules and statements - documents that must be filed in every bankruptcy case - and how the information contained in these documents further the policy goals of bankruptcy.

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How Much Does Filing for Bankruptcy in Minnesota Cost?

Posted by Kelsey Quarberg on January 30

You may have heard or seen advertisements claiming that this firm or that firm offers low-cost bankruptcy filing. But do you know what that advertised “low price” will actually cost you?

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Are Bankruptcy Discharged Debts Taxable In Minnesota?

Posted by William Kain on January 29

Typically, if someone else pays a person’s debts, the IRS considers such payments to be taxable income. Prominent exceptions include certain student loan repayments and gift repayments. Based on that analysis, many people think the answer to this question is a resounding “yes.” But it is actually a surprising “no,” because bankruptcy discharge is different from debt repayment.

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How Does Bankruptcy “Work” - Part 2

Posted by William Kain on January 24

Last week, I wrote about the nuts and bolts of bankruptcy - how bankruptcy “works.” In doing so, I concentrated on the paperwork any bankruptcy debtor has to file with the court: the bankruptcy petition, schedules and statements.  And I wrote about those documents through the lens of the two goals of bankruptcy: to treat a debtor’s creditors fairly, and to allow the debtor to live with dignity.  This week, I want to take a deeper look at how bankruptcy law attempts to satisfy those two goals.

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Can I File Bankruptcy For my Deceased Parent’s Home in Walker, MN?

Posted by Misty Myers on January 22

What happens when the unexpected happens? You are going along and unexpectedly (or perhaps it is expected), your parent passes away without a will, leaving their home to you as the beneficiary. You are now trying to juggle the mortgage payment on your parent’s home in an effort to keep the home in the family, in addition to another mortgage and your own debt. Pretty soon you realize that your parents were behind on their mortgage payments when they passed away and you get that dreaded foreclosure notice. You were barely making ends meet before and now you need to come up with additional money to save the house.

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How Minnesota Bankruptcy Helps Senior Citizens Get Debt Relief

Posted by William Kain on January 20

Many seniors—perhaps after a lifetime of responsible spending and financial planning—find themselves in debt later in life. Typically, an upsurge in medical bills and related expenses causes seniors to fall behind on payments; because most seniors are on a fixed income, they sometimes lack the additional resources needed to pay for ongoing treatment or hospitalizations. With constant harassment from creditors and worries about liens and other aggressive collections actions, instead of enjoying your retirement you may end up even more stressed about money than ever before.

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MN Bankruptcy Lawyer Explains How Bankruptcy "Works"

Posted by William Kain on January 15

I meet with prospective clients every day to speak with them about their financial problems and if and how filing a Chapter 7 or Chapter 13 bankruptcy case would help resolve the specific problems confronting them.  At Kain & Scott, our MN Bankruptcy Lawyers have a structure to these meetings - the lawyers do what is in essence an intake interview. 

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What Happens to Your Tax Debt After Bankruptcy?

Posted by Margaret Henehan on September 20

Many people I speak with are interested in finding out what debts are not dischargeable in a bankruptcy. Meaning what debts will still remain after a bankruptcy. Tax debt is the most tricky debt to deal with in bankruptcy because there are so many rules in place that must be followed in order to determine whether tax debt can be discharged in a chapter 7 bankruptcy.

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How To Find The Best Bankruptcy Law Firm In Mankato, MN

Posted by Margaret Henehan on August 30

Are you on the hunt for an experienced bankruptcy law firm in Mankato, Minnesota, but think you have a better chance of finding Bigfoot than a bankruptcy law firm that erases your debt and repairs your credit?


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5 Things To look For In Your Minnesota Bankruptcy Lawyer

Posted by Wesley Scott on August 9

I know, it’s hard to know who to trust in a field full of companies peddling debt solution services and lawyers offering bankruptcies. When you start to research who to hire it is easy to get confused and overwhelmed. However, what if I told you there are about 5 criteria you should always consider when hiring a Bankruptcy LawyerIt’s true, choosing a bankruptcy lawyer to hire in Minnesota is easy as looking at 5 criteria.

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Beat The Debt Heat With The Best Bankruptcy Law Firm in St Paul, MN

Posted by Margaret Henehan on August 8

Are you sweating your unpaid debt? Are creditors turning up the heat and you need a fast and easy way to freeze your debt for good? As St Paul’s summer heat reaches its prime and the sweltering temperatures of August set in, there are tips to “beat the heat” everywhere you turn. From dips in the local pool to shaved ice binges, there are countless ways for Minnesota residents to cool off once the heat index rises.

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The 5 Main Reasons Minnesotan's File Chapter 7 or 13 Bankruptcy

Posted by Wesley Scott on June 1

Let’s be clear, there are numerous causes of bankruptcy. Many times, there is no single reason that pushes someone to push the reset button on their life. We have been practicing bankruptcy law in Minnesota since 1972, we have seen a thing or two about what causes people to need to push the reset button and get their lives back.

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MN Bankruptcy Lawyers That HELP You Get Debt Free & Repair Your Credit

Posted by Erick Bohm on May 5

At Kain & Scott our MN Bankruptcy Lawyers process is all about you. We want to help you in two amazing ways: get rid of your debt and help you repair your credit after bankruptcy. Our process is entirely focused on treating you the way you deserve to be treated.

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Why You Need to Talk to Our MN Bankruptcy Lawyers Now Not Later

Posted by Margaret Henehan on January 30

Many people continue to struggle for years with overwhelming debt because of the negative stigma surrounding Bankruptcy. At Kain & Scott our MN Bankruptcy Lawyers speak with clients every day that have one regret - they wish they would have filed sooner!

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2 Steps That You Always Want Your MN Bankruptcy Attorney To Take

Posted by Wesley Scott on January 25

There is no secret about this, many Minnesotans suffer from overwhelming debt. It can happen to any of us at anytime for any reason. Life is humbling. When debt falls upon you, you stress out about paying it back and the fact that often you have no way of paying it back.

However, at Kain & Scott, when our guests start to think about whether bankruptcy makes sense for them or not, they don’t always worry about the act of filing or hiring a MN Bankruptcy Attorney, although that is a concern too. What they worry about more than anything, is how a bankruptcy will impact their credit long term.

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Behind on Utilities? Here’s How a MN Bankruptcy Attorney Can Help

Posted by Erick Bohm on January 14

If you’re grappling with your finances and trying to stay afloat, it’s quite possible you have fallen behind on your utility bills. Well, if you have, you’re certainly not alone. When you’re living paycheck to paycheck, it’s tough deciding which bills you pay and which ones you don’t. Often times you take turns paying your debts. If you’ve fallen behind on utilities, don’t worry. When you file for bankruptcy we can make sure you’re protected from the past due amounts that are owed. After the bankruptcy, there may be a few things you have to do to keep your services, but we’ll talk about that too. The main thing I want you to know is, it’s all going to be ok. No matter what you’re faced with, we can help you manage the obstacles in front of you. Take a look at the scenario below and then read about how the MN Bankruptcy Attorneys at Kain & Scott helped Tony with his situation.

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How to Find, Qualify and Get a Good MN Bankruptcy Lawyer Online

Posted by Margaret Henehan on January 13

For many of us one of the most difficult aspects of ending an overwhelming debt problem is knowing where to begin. If you use an internet search for Minnesota Bankruptcy Lawyers, you will find page after page on the internet of lawyers offering debtors the help that they need. Sometimes these lawyers can provide the traction you need to get your finances back on track, but how can you truly rest assured that you’ve found a good lawyer without taking a complete shot in the dark?

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How Kain & Scott's MN Bankruptcy Attorneys Helped Protect Nickie

Posted by Erick Bohm on January 11

First, let me tell you a little bit about Nickie. In one word – Wow! She is an extremely impressive, hardworking, mother. She works three jobs and has a teenage daughter at home. Can you imagine having to work three jobs, raise a teenager by yourself, and still pay off your debts?! Yikes! Despite Nickie’s tenacity, she fell victim to overwhelming debt. She made every effort to pay off her debts, but finally reached “the point”. If you reach “the point” when it comes to your debt, you’ll know exactly what I’m referring to. Nickie started receiving court summons in the mail that eventually turned into judgments. As she knows, the next step is wage/bank garnishment. Once that happens, the creditors will start taking up to 25% of her paychecks. Our MN Bankruptcy Attorneys simply could not let this happen.

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How Kain & Scott's MN Bankruptcy Attorneys Helped Mike Get His Life Back

Posted by Erick Bohm on January 10

Recently, a man Mike approached our experienced MN Bankruptcy Attorneys at Kain & Scott with concerns about his paychecks being garnished. No fault of his own, Mike fell severely behind on medical bills after having surgery about a year ago. Because of the type of surgery, Mike has been unable to work a full 40 hour week since. Before the surgery Mike was an experienced electrician making very good money. Unfortunately, his surgery has prevented him from performing his trade as he once did. Since the surgery, Mike has only been able to earn about 30% of what he once did.

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The Residency Requirements for Filing Bankruptcy in MN

Posted by Margaret Henehan on November 8

Bankruptcy is something many of us have thought about during our most difficult financial hardships. It is a wonderful tool designed specifically to help people with money problems gain the financial foothold they need to begin recovery. There are those who would exploit this legislation however which has led to a number of revisions in the bankruptcy code over the last several years. The most notable updates to the bankruptcy code in recent date came in 2005 which not only made the process more difficult to abuse but also more difficult to qualify for to those who truly need the financial help and recovery. We will be examining the rules surrounding residency and their purpose so that you may understand how this applies to your specific case. It is always best to consult with experienced MN Bankruptcy Lawyers to be sure your individual circumstances are address which our friendly staff would be happy to do for you but first let’s get started with the basics of how residency affects filing bankruptcy in Minnesota.

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Gone Fishin’ - Rule 2004 Exams in MN Bankruptcy

Posted by William Kain on October 27

Filing a bankruptcy case in Minnesota is, for almost everyone, a fairly straight-forward process: a person facing financial difficulties meets with an MN Bankruptcy Attorney well-versed in bankruptcy practice and, during that (or subsequent) meetings, the person decides to file a bankruptcy case. Once the lawyer is retained, the lawyer’s office, with the assistance of the bankruptcy client, prepares a petition, schedules and statements identifying the debtor, listing assets, liabilities, income and expenses, together with disclosures of any financial transactions in which the debtor has engaged during defined periods prior to filing the bankruptcy case.

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MN Bankruptcy And How It Affects Our Future

Posted by Wesley Scott on October 3

Many Americans seek financial recovery each year through the liquidation proceedings involved with Chapter 7 Bankruptcy yet few are aware what Chapter 7 Bankruptcy involves.  In a Chapter 7 Bankruptcy any non-exempt assets the debtor possesses will be liquidated by the trustee as allowed within the US Bankruptcy Code and the revenue is to be divided among creditors based on the priorities set forth within the bankruptcy code.  The vast majority who seek relief through Chapter 7 Bankruptcy have no non-exempt assets to be liquidated or perhaps the cost and effort involved addressing these assets is deemed impractical by the trustee when compared to their potential value to creditors.  But what about our investments and our ideas; what about these seeds we have sown which may someday still bear fruit?  Where do they stand throughout the bankruptcy process?

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Filing Chapter 7 Bankruptcy in MN From Beginning to End

Posted by Wesley Scott on September 21

Chapter 7 Bankruptcybegins once an individual seeking debt relief files a petition with the Bankruptcy Court. Here in Minnesota all of our counties are divided up and assigned to a small number of divisional offices. For example, anyone residing within Hennepin County would file their Bankruptcy Petition with the Minneapolis office. There are also several other pieces of required information which will need to be submitted and reviewed in order for your bankruptcy to be approved and your debts discharged

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A Starter's Guide To Filing Bankruptcy In Minnesota

Posted by Wesley Scott on September 16

Beginning the process of filing bankruptcy can seem like an overwhelming task but at http://kainscott.com we have several great resources readily available to any Minnesotan seeking relief from their financial hardships.  Our team of expert MN Bankruptcy Attorneys are always happy to address any and all of your specific concerns because we always want to ensure that you are well-informed and comfortable throughout the process. 

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The Truth Behind MN Bankruptcy

Posted by Wesley Scott on September 14

When many of us are asked to describe the type of people who we think Contact MN Bankruptcy Lawyers we often begin to apply very negative associations with what we view a bankruptcy debtor to be.  Many people believe those who seek debt relief through bankruptcy are irresponsible with their finances or indigent because of a lack of effort on their part to better their circumstances.  In Minnesota we take great pride in our earning ability, possessions and financial stability yet these things do not define who we are as individuals nor is anyone invulnerable to sudden financial hardship regardless of their prior success, finances or possessions. 

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The Definitions of the Bankruptcy Code Every MN Debtor Should Know

Posted by William Kain on September 7

MN Bankruptcy Law is very much rooted in the provisions of the Bankruptcy Code - the laws passed by Congress to regulate bankruptcy in the United States. There really isn’t a “common law” of bankruptcy - that is, there aren’t court decisions that establish substantive law and procedure in bankruptcy cases; rather, court decisions simply interpret the provisions of the bankruptcy code that governs the filing, administration and discharge of cases.

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MN Bankruptcy: Know The Facts And Common Misconceptions

Posted by Wesley Scott on August 3

Filing a MN Bankruptcy can seem like an overwhelming process and it certainly can be in some instances. But it is critical for individuals considering relief through bankruptcy to take the time to consider the hardships they already have, and then to think about the benefits bankruptcy may offer. When we consider the long-term effects of defaulted agreements and financial obligations and how this may impact our future needs we can begin to see the immediate benefits to filing bankruptcy rather than continuing to struggle with financial hardship. There is a great deal of misinformation out there; much of it is the product of the credit industry in an effort to discourage individuals and businesses from seeking the relief they need. Let’s take a closer look at some of the common concerns many people consider when determining if bankruptcy is right for them. Don’t be fooled by aggressive creditors; know the facts and know your rights!

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Here’s What Happens to Your Home When You File Bankruptcy In MN

Posted by William Kain on July 11

At Kain & Scott, one of the biggest concerns that our clients have is what’s going to happen to their house when they file bankruptcy. However, there’s no need to be alarmed because most of the cases that our MN Bankruptcy Lawyers file are considered “no asset” cases. That means you get to keep everything, including your house. No matter where you live in Minnesota there are either state or federal bankruptcy exemptions designed to protect your property. And fortunately in MN our MN Homestead Exemptions are rather generous compared to most other states.

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6 Ways To Prepare For Bankruptcy In Minnesota In 2016

Posted by William Kain on July 6

So your life is upside down and in financial turmoil. You can’t afford to satisfy your debts anymore and creditors are calling screaming at you for payments. You feel guilty, stressed out and depressed but at the same time you’re asking yourself, “What in the world am I supposed to do?” After realizing that doing nothing isn’t going to make things better and debt consolidation is a waste of time you come to the conclusion that filing bankruptcy is the best and/or only solution for you. Now you need a MN Bankruptcy Lawyer... So what’s next?

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