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.

 

    James Jensen-Kowski

    Recent Posts

    What Happens at My First Meeting of Creditors?

    Posted by James Jensen-Kowski on December 21

    Bankruptcy can offer financial relief in a variety of different ways, and related to this, there are a number of different chapters of bankruptcy that you can file under which will offer different benefits with regard to your financial circumstances.  Regardless of which chapter of bankruptcy that you file, you will always attend something called a “First Meeting of Creditors” which is also commonly referred to as a “341 hearing”.  Upon hearing the term, you might naturally wonder what this meeting entails, as well as who will be in attendance and what format the meeting will occur in.  This blog will explore these topics and serve as a brief guide to navigating the process of preparing for and attending a first meeting of creditors.

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    How do I Begin the Bankruptcy Process?

    Posted by James Jensen-Kowski on December 9

    When contemplating the possibility of bankruptcy, many often wonder how this process begins and what the necessary steps to move forward with it might be.  Curiosity on this point is very understandable, as bankruptcy can be a completely new experience, and we naturally want to know more about how a journey begins before we embark on it.  This blog will provide context on the opening phases of the bankruptcy process, and will guide you through the steps necessary to begin them.

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    Can My Child Keep Their Car When I File Bankruptcy?

    Posted by James Jensen-Kowski on December 3

    One of the first things that many people consider when contemplating a bankruptcy is the effect the filing will have on any vehicles that may be co-owned by their children, or registered in the parent’s name on the child’s behalf.  There are many reasons that we might find ourselves co-signing on a vehicle for our children.  Often, a child may still be a minor when a vehicle is purchased preventing them from registering it in their own name on the title.  Conversely, a parent may also co-sign on a vehicle for one of their adult children for the purpose of assisting with the financing process. Regardless of the reason however, the ultimate result is that the parent will be included on the title to the vehicle, and if applicable, will be co-signed on any loans taken out to finance it.

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    Debt Collectors: Who Are They And What Can I Do About Them?

    Posted by James Jensen-Kowski on December 1

    Receiving a notice or a demand from a debt collector can be jarring.  You might wonder who they are, or why they are contacting you.  In many circumstances it can be difficult to tell why they are reaching out or even who they might be collecting on behalf of, especially if the debt they are be pursuing is old or traces from a closed account.  The good news in this circumstances is twofold.  First, that you always have the right to demand that a debt collector verify what debt they are trying to collect on, and second, that in most circumstances, bankruptcy can be a tool to help you deal with their ongoing efforts to collect from you!  

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    Who Gets Included When I File Bankruptcy?

    Posted by James Jensen-Kowski on November 15

    When filing bankruptcy, it is common to wonder which creditors will be included in the filing.  Related to this, it is also very common to wonder how various loans will be treated or resolved.  In certain circumstances there may be a specific creditor that you do not wish to discharge a debt with.  Similarly, there may be a specific loan, such as a mortgage, car loan or retirement account loan that you do not wish to discharge either.  One of the many benefits of the bankruptcy process is that it does not require you to treat all debts in exactly the same way; herein we shall examine a few of the ways in which this principle is observed.  

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    Protected Income in a Chapter 13 Bankruptcy

    Posted by James Jensen-Kowski on November 9

    When filing a Chapter 13 Bankruptcy, many often wonder how payments are calculated and to what extent their financial means will be considered in the process of determining that payment.  Fundamentally, payments are calculated according to two principles: the best interests test, (also referred to as the BIT) and the best efforts test.    

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    Can I Pay Off My Car Loan Through Bankruptcy?

    Posted by James Jensen-Kowski on November 6

    Something that many people wonder when they file bankruptcy is how the filing will effect a car loan that exists at the time that the bankruptcy is filed.  It is a natural question, and one that is highly important in the context of ensuring that you are able to keep your vehicle after the bankruptcy is filed.  Ultimately, the treatment of the car loan will depend on the chapter of bankruptcy that you file, but in most circumstances you will be able to retain the vehicle and continue to make payments on the related loan.  

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    How Do I Choose an Attorney for Bankruptcy?

    Posted by James Jensen-Kowski on November 1

    Any time that someone is contemplating on whether they will need to hire an attorney to assist with a legal matter, one of the first things that they will consider is how to determine who to work with.  This is as true in bankruptcy as it is in any other area of the law; ultimately, the attorney and the law firm that you work with are going to play a critically important role in the way that your case is handled.  To that end, there are a few things that you may wish to consider when deciding who to hire.

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    How Will Bankruptcy Affect a Co-Signer?

    Posted by James Jensen-Kowski on October 23

    A common question that many people ask when filing bankruptcy is how the bankruptcy will affect any co-signers that they may have at the time of filing.  Depending on the circumstances, the impact will differ.  If, for example, two spouses are both filing bankruptcy together and they are co-signed on a number of shared debts, then the fact that they are co-signers with one another will not have a significant impact on the bankruptcy.  Alternatively, if you are filing bankruptcy and have a co-signer who is not also filing, the impact on the co-signer will be different than it would for two spouses filing jointly.   

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    Will I have to appear in court during my bankruptcy?

    Posted by James Jensen-Kowski on October 5

    When filing bankruptcy, one of the first things that many people will ask is whether they will need to make an appearance in court related to the filing. 

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    I Just Found Out That a Loved One Put Me on the Deed to Their House – Can I still File Bankruptcy?

    Posted by James Jensen-Kowski on October 2

    In recent years, it has become increasingly common for parents, grandparents or others who may be going through the process of estate planning to add the names of loved ones to the deed of a home or other parcel of real estate which they intend to leave to them one day.  This may be done for a variety of reasons, but most typically takes place for the purpose of simplifying the transfer of the property after the passing of the person that it originally belonged to.  However, adding the name of a loved one to a deed also inherently changes the ownership status of the property; rather than the property passing to the heir upon the death of the person who originally owned it, it now instead belongs to both the grantor and heir jointly at the time that the new name is added to the deed.

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    Should Spouses File Bankruptcy Together?

    Posted by James Jensen-Kowski on September 24

    When married couples contemplate filing bankruptcy, one of the first things that they often consider is whether they should file bankruptcy together.  Or to take the question one step further back, a married couple might begin by wondering whether it is even possible to file a bankruptcy jointly rather than as two separate, individual cases.  In most cases, the answer to this query is yes.  In this brief examination of jointly filed bankruptcies we will explore why this is case, as well as the specific reasons why it may be beneficial for spouses to file together.    

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    Modified Chapter 13 Bankruptcy Plans – What Are They and What Do They Do?

    Posted by James Jensen-Kowski on September 13

    Modified plans, also sometimes referred to as mods, are a common term often heard in the context of a bankruptcy.  Specifically, they are frequently referenced or invoked when discussing a Chapter 13 bankruptcy and the related Chapter 13 bankruptcy plan.  Upon hearing the term you might ask, “What is a modified plan” and the related question, “What does a modified plan do?”  At the most basic level, a modified plan is a Chapter 13 bankruptcy plan that has been altered in some way to better suit the needs of the person who filed it.  A modified plan can be beneficial in a broad number of ways, and can be implemented for a wide variety of different reasons, but the basic purpose of a modified plan is to make the process of the Chapter 13 more feasible, to increase its probability of success, or to make it more impactful for the filer.  

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    Can Bankruptcy Help With Back Taxes?

    Posted by James Jensen-Kowski on September 9

    For many, taxes are one of the single biggest financial obligations that we face on a weekly, monthly and yearly basis.  Deductions for taxes are withheld from our paychecks, and every spring we are required to file returns to determine what our total obligation is for the year.  Even with this process of withholding, many people still find themselves owing in additional funds when spring rolls around and the yearly return is filed.  If you find yourself in this situation, you may be wondering: “What Happens Next”?

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    Can Bankruptcy Help With My Utility Bill?

    Posted by James Jensen-Kowski on September 3

    Home utilities play a very prominent role in day to day life.  They provide us with the power to heat and cool our homes, cook and refrigerate our food, and power the devices that we used to stay connected with both our loved ones and the world at large.  In short, utilities are fundamental to providing for our families and protecting our homes.  Unfortunately, utilities can also sometimes be a heavy burden on our budgets, something which has become increasingly true in light of rising energy prices.  This can in turn cause us to sometimes fall behind on utility bills, as we seek to balance their cost alongside other daily bills and the necessary expenses of living.  

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    Should I Think About Filing Bankruptcy?

    Posted by James Jensen-Kowski on August 30

    When faced with the prospect of unmanageable debt, many consider the options available to help them address the situation and the benefits that these options may entail. When they do this, bankruptcy is often one of the first things that comes to mind.  

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