For many people, the thought of buying a house after bankruptcy is one of the reasons why they want to avoid filing for relief from their debts. They assume that once they file bankruptcy they will not be able to obtain any type of credit, including a mortgage, because of the bankruptcy.  Unfortunately, this fear keeps some people from filing a bankruptcy case or delays the decision to file bankruptcy until matters are much worse.  The bankruptcy myth that a debtor will never qualify to buy a house after bankruptcy is simply that — a myth.  

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.

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!?

If you have filed bankruptcy, you have taken the first step toward recovering and rebuilding your finances. Bankruptcy gives you a fresh start, and one of the best ways to regain strong financial health is to set short term financial goals.

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.

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?

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”.

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!

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.

Each year, the federal government collects over $3 trillion in individual income taxes. Some people may think that’s because taxes are so high. That probably has something to do with it. The country’s high voluntary compliance rate (82 percent) may have even more to do with it.

But it’s not all good news. A lot of money, some $320 billion according to the IRS, goes uncollected. The Service states that the main problems are underreported income, underpayment of taxes, and nonfiling. The IRS has a lot of resources with which to collect this money. Even in the downsized IRS, there are agents and accountants whose sole job responsibility is collecting that unpaid tax. These individuals have a lot of tools at their disposal. In most cases, the IRS does not need a court order to garnish wages, file property liens, or even garnish bank accounts.

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:

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.

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!