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!

In many ways, federal and state laws outside bankruptcy are very pro-creditor. For example, a moneylender in Minnesota may begin the auto repossession process after just one late payment. Most creditors will try to work something out with the borrower before they resort to repossession. But, there are no guarantees. The same thing applies to late mortgage or rent payments.

In these situations, Minneapolis families basically have two options. First, they can hope that the moneylender shows some degree of patience and mercy. Second, they can take control of their finances and begin the Chapter 13 bankruptcy process in Minnesota.

Since the early 1800s, the Supreme Court has consistently held that bankruptcy is designed to give honest but unfortunate debtors a fresh start. Many notable individuals and businesses, from Henry Ford in the early 1900s to General Motors in the early 2000s, have used bankruptcy to get this fresh start. You can do the same thing.

From start to finish, the Chapter 7 bankruptcy process usually takes a little less than a year. A lot of things happen in these nine or ten months. This post highlights some of the key points.

In many cases, a mortgage lender begins home foreclosure proceedings after just two missed payments. Sometimes the Minnesota lender is a little more patient, but that’s certainly not true in all cases.

Pre-foreclosure basically starts a financial landslide. The moneylender usually sends an acceleration notice very early in the process. Once the lender issues that notice, the bank no longer accepts partial payments. So, the homeowner goes further and further into delinquency with each passing week.

The first thing that happens when you file bankruptcy is you feel an immediate sense of relief. Why? Because as soon as you file a bankruptcy, your creditors are banned from contacting you to collect on a pre-existing debt. There is peace in the valley, your phones no longer lite up and your mail box is full of junk mail - NOT bills!