Unfortunately, we have seen clients inherit money from the passing of a relative after filing bankruptcy in Minnesota. The impacts of the inheritance on your bankruptcy depend on which chapter of bankruptcy you are in and how much you inherit.

The good news about Chapter 13 bankruptcy is that your life does not need to remain at a standstill once we file your case. You are allowed to live! Get married! Get pregnant! Move! We can always adjust your Chapter 13 plan through what is called a motion to modify the plan.

When you file Chapter 7 or Chapter 13 bankruptcy in MN, you must list and value all of your assets at the time of filing. After listing and valuing your assets with you, your experienced Kain & Scott bankruptcy attorney will help make sure as much of, if not all of, your assets are protected from your bankruptcy trustee.

The short answer to this question is simple: no, you cannot choose which debts are in your bankruptcy and you cannot leave any out. When you file bankruptcy, you must list all of your debts, including any secured debts, domestic support obligations, tax debts, and general unsecured debts. You are asked in both your filing paperwork, and while under oath at your 341 meeting, if you included all of your debts and you need the answer to be a simple: “yes.”

Generally, the answer is “no,” with a few exceptions. First, I will explain what happens to your debts when you die. After that, I will cover the few exceptions to the rule for surviving spouses in Minnesota.

If you file a Chapter 7 bankruptcy in Minnesota, any secured lenders listed in your schedules are likely to send you a reaffirmation agreement to sign. More often than not, it is a bad idea to sign a reaffirmation agreement.

One of the best reasons to file for Chapter 13 bankruptcy in Minnesota is to help with tax debt. Typically, tax debt that you incurred in the last few years or from a late filed return is not dischargeable in bankruptcy.

Unfortunately, one of the main reasons for filing bankruptcy is a failing business. I often meet with clients that are business owners that know that their business is failing, but have yet to close the business.

There are usually many questions surrounding when to close a business. Here are some general tips on the best timing for closing a business and filing for bankruptcy.

One of the most frequent questions I get from prospective clients in Eden Prairie, Minnesota is: “What happens to my credit after filing bankruptcy?” Oftentimes, my Eden Prairie, Minnesota clients are asking because they are worried that a bankruptcy filing will hurt their credit or make it more difficult for them to get approved for financing in the future. One of the greatest benefits to filing bankruptcy is that it is often the quickest way to improve your credit and get quality financing.

Sports fans have been anxiously waiting and the time is almost here: March Madness. As you gear up for a series of exciting games and limitless chicken wings, there’s one preparation that any dedicated basketball fan takes very seriously: picking a winning bracket.

If you’re one of the thousands of Minnesota residents who is considering filing for either Chapter 7 or Chapter 13 bankruptcy, follow these simple tips to help you get the most out of your Minnesota bankruptcy.

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?

Has Mother Nature caught you off guard with unprecedented winter storms?

No matter how prepared you think you are for winter, chances are when an unexpected snowstorm hits, you find that there was something you forgot: extra batteries, driveway salt, or the ever-important loaf of bread and gallon of milk may make the difference between enjoying the winter wonderland outside or cursing the swirling white fury outside your window.

Has your debt landed you on the naughty list this year?

It’s that time of year when Santa is making his annual inventory of all the good and bad Minnesotans. But Santa isn’t alone: many Minnesota families are also taking a good hard look at their finances and wondering how much crunch they will feel once their credit card statements come in January. According to a recent report, the average American family spent almost $1,000 on just gifts during the 2016 holiday season and the projected expense of the 2017 season is expected to be even higher. For Minnesota families that are already struggling financially, the added cost of the holidays can turn a bad situation into a dire one.

The term “full-service” is all the rage in business marketing: whether a hair salon, caterer, car wash, or accountant, every business pushes to be a one-stop solution to meet their customer’s needs. But what exactly is a full-service Minnesota bankruptcy law firm?

Technically, all bankruptcy records are public through the federal court’s internet-based Public Access to Court Electronic Records (PACER) service. In order to access bankruptcy records through PACER, one needs an account set up. Those in Minnetonka can create their own PACER accounts, but the average Minnetonka resident doesn’t know that. One typically is in some sort of legal field in order to know about PACER access. Further, those with PACER access would need to search your name in order to find your bankruptcy filing. The chances of one of your Minnetonka friends or relatives having a PACER account and actually searching your name is pretty low. Plus, anyone that tries to access documents through PACER must pay a fee per page that they try to access. This acts as a natural deterrent from people casually searching through PACER.