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.


      Charles Nguyen

      Recent Posts

      Bankruptcy Terms

      Posted by Charles Nguyen on May 6

      Previously, I wrote about different individuals you’ll come across in your bankruptcy.  Here, I want to discuss and provide common terms you’ll come across as well.

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      Calculating a Chapter 13 Payment Amount

      Posted by Charles Nguyen on May 4

      Chapter 13 bankruptcy, also known as a reorganization bankruptcy, offers a lifeline for individuals struggling with debt. Unlike Chapter 7, which involves liquidating assets to repay creditors, Chapter 13 allows you to create a structured repayment plan, typically spanning three to five years. An essential aspect of this plan is the minimum monthly payment, which is a required amount you must pay monthly towards your debts.


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      The Individuals in Your Bankruptcy

      Posted by Charles Nguyen on May 2

      When you decide to file bankruptcy there are other individuals and terms that are used when describing the process and your case.  Here are a few different parties you’ll come across during your bankruptcy.

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      What Can and Cannot Happen In a Chapter 7 and Chapter 13 Bankruptcy

      Posted by Charles Nguyen on April 23

      Here is what CAN occur in a Chapter 7 Bankruptcy:

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      Your Options Before Filing Bankruptcy

      Posted by Charles Nguyen on April 19

      There are many options to try and resolve an abundance of debt.  Many of our clients seek these options before filing bankruptcy and that’s okay, since bankruptcy can be an intimidating process.  So, let’s breakdown your other options.

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      Debt Collection and Bankruptcy

      Posted by Charles Nguyen on April 15

      If you owe money to your credit card company, and if you stop paying them, they can sue you for the amount owed.  If that same credit card company obtains a judgment from a court, they can take that judgment and garnish your wages.

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      What Debts Aren’t Discharged in a Bankruptcy

      Posted by Charles Nguyen on March 24

      One of the most important parts of filing a bankruptcy is the ability to get rid, or discharge your debts.  

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      Bankruptcy and Your Inheritance

      Posted by Charles Nguyen on March 8

      If you receive an inheritance before filing bankruptcy, whether it’s cash or physical property, then those items may become part of your bankruptcy.  

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      Tax Debt and a Chapter 13 Bankruptcy

      Posted by Charles Nguyen on February 18

      Typically, you can’t get rid of tax debt in a Chapter 7 bankruptcy.  But, if you can afford the payments, then a Chapter 13 bankruptcy is a great tool to help you with this type of debt.  This is because you’re allowed to pay your tax debt through a Chapter 13 repayment plan, which lasts 3 or 5 years.  Even if your tax debt is considerably large, filing a Chapter 13 may still make financial sense, since you’re not incurring interest and penalties during your bankruptcy.  Plus, you’re not paying back your credit credits, unsecured loans, and medical bills, and those debts will go away once you’re finished with your Chapter 13 plan! 

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      What Questions Are Asked At Your 341 Meeting?

      Posted by Charles Nguyen on February 10

      Your 341 Meeting or the Meeting of Creditors is the opportunity for your Trustee and creditors to ask you questions about your petition and schedules, while under oath.  

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      Can You Keep Debts Out Of Your Bankruptcy?

      Posted by Charles Nguyen on February 2

      A very common question I get when I speak to potential clients is – can I keep one credit card out of my bankruptcy?  In short, no.  This is due to the fact that you have to list all your debts.  This includes unsecured debt, so all your credit cards, and unsecured loans, your tax debt, domestic support obligations, such as child support, and all secured debt, including your home and cars. 

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      Your Credit Union and Bankruptcy

      Posted by Charles Nguyen on January 31

      You may think that your credit union is the same as a typical bank, and in many respects, it is; but, there are some differences. For example, your credit union is a nonprofit, whereas a bank like Huntington Bank, is for profit.

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      How Do I Repair My Credit After I File For Bankruptcy?

      Posted by Charles Nguyen on January 27

      Two common questions I get when I speak to clients are – what happens to my credit and how do I repair it after I file my bankruptcy? Bad news first, your credit will suffer negatively when you file. Now the good news, filing bankruptcy is often the fastest way to repair credit and obtain better financing.

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      What Information Is Included When I File for Bankruptcy?

      Posted by Charles Nguyen on January 21

      When you file for bankruptcy, you’re seeking relief from your debts, but you’re also declaring and disclosing all your assets, liabilities and income. You must submit your petition and complete 10 different schedules, a complete statement of financial affairs and calculate a means test. The purpose of the means test is to see whether or not you can file a chapter 7 bankruptcy.

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      Who or what is a bankruptcy trustee?

      Posted by Charles Nguyen on December 16

      There are a number of parties when you decide to file for bankruptcy.  There’s you, the debtor.  Your attorney, if you choose to hire one, who represents you.  There are your creditors, companies or individuals you owe money to.  And, there’s a trustee.  A trustee is an individual who reviews and investigates your bankruptcy petition and schedules.  They are supervised by the courts and the United States Trustee Program, which is a part of the Department of Justice.

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      Secured Vs Unsecured Debts

      Posted by Charles Nguyen on November 22

      Within your bankruptcy schedules, there are two types of debt that the bankruptcy court require you to disclose – secured and unsecured.  Understanding what type of debt a bankruptcy debtor has will help them understand their bankruptcy better and with their finances once they’ve completed their bankruptcy. 

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