Like so many Minnesotans that call us every day, we hear one common concern over and over again. Minnesotans worry about how bankruptcy affects their credit score and credit life after the bankruptcy is filed. If you are contemplating Filing Chapter 7 Bankruptcy in Minnesota, but you just need a better handle on how bankruptcy affects your credit, here it is. The obvious question so many ask about their credit relates to their future dreams and ambitions.

Many Americans seek financial recovery each year through the liquidation proceedings involved with Chapter 7 Bankruptcy yet few are aware what Chapter 7 Bankruptcy involves.  In a Chapter 7 Bankruptcy any non-exempt assets the debtor possesses will be liquidated by the trustee as allowed within the US Bankruptcy Code and the revenue is to be divided among creditors based on the priorities set forth within the bankruptcy code.  The vast majority who seek relief through Chapter 7 Bankruptcy have no non-exempt assets to be liquidated or perhaps the cost and effort involved addressing these assets is deemed impractical by the trustee when compared to their potential value to creditors.  But what about our investments and our ideas; what about these seeds we have sown which may someday still bear fruit?  Where do they stand throughout the bankruptcy process?

You are like me. I am high anxiety and have unrealistic fears about different things. Most of us would have a normal fear about speaking to a bankruptcy attorney about a debt problem. Why? We humans have a problem with losing, defeat, and not paying our bills right? It causes us to be embarrassed, feel defeated, and just generally really crappy inside.

Chapter 7 Bankruptcybegins once an individual seeking debt relief files a petition with the Bankruptcy Court. Here in Minnesota all of our counties are divided up and assigned to a small number of divisional offices. For example, anyone residing within Hennepin County would file their Bankruptcy Petition with the Minneapolis office. There are also several other pieces of required information which will need to be submitted and reviewed in order for your bankruptcy to be approved and your debts discharged

When you are digging into what a Chapter 7 Bankruptcy Trustee in Minnesota looks like, have you ever wondered who this person is and what on earth do they do? I am a veteran MN Bankruptcy Attorney and when I first started out many years ago, I wondered myself what the Chapter 7 Trustee does. If you file a Chapter 7 Bankruptcy in Maple Grove, Minnesota, or anywhere else in Minnesota the United States Trustee’s Office will assign a Chapter 7 Trustee to your Bankruptcy Case.

Beginning the process of filing bankruptcy can seem like an overwhelming task but at http://kainscott.com we have several great resources readily available to any Minnesotan seeking relief from their financial hardships.  Our team of expert MN Bankruptcy Attorneys are always happy to address any and all of your specific concerns because we always want to ensure that you are well-informed and comfortable throughout the process. 

When many of us are asked to describe the type of people who we think Contact MN Bankruptcy Lawyers we often begin to apply very negative associations with what we view a bankruptcy debtor to be.  Many people believe those who seek debt relief through bankruptcy are irresponsible with their finances or indigent because of a lack of effort on their part to better their circumstances.  In Minnesota we take great pride in our earning ability, possessions and financial stability yet these things do not define who we are as individuals nor is anyone invulnerable to sudden financial hardship regardless of their prior success, finances or possessions. 

So, you are sitting at home wondering about your debt right? You are wondering how it is that end the end of each paycheck you have no money left. By the time you make minimum payments on your credit cards and other expenses that’s it- money all gone. This is especially true if you have fallen into the pay day loan trap. I have been there myself when I was in college. You sell your soul to get a few bucks today but what you pay back is far more than you borrowed- it makes you physically sick just thinking about it.

I bet most of my readers did not know that there is a government sponsored debt consolidation plan. In fact, when I meet with Minnesotans from all walks of life they are surprised to learn that there really is a government sponsored debt consolidation plan. Not only does it exist, it has been around for decades. Why then do most people not know it exists? In a nutshell, because people do not look any further if it involves the “b” word. I wish the government would not call this debt consolidation plan a chapter 13 bankruptcy. I wish they would instead call it what it is, a government sponsored debt consolidation plan. I first want to walk you through the nuts and bolts of a chapter 13 bankruptcy and how it works and then I want to walk you through a real “live” (as my 4 year old son used to say) example of a chapter 13 bankruptcy at work.

Declaring Bankruptcy and wiping out mountains of unmanageable debt can be a great catalyst for financial recovery and stability.  Many financial obligations can be completely discharged under Chapter 7 Bankruptcy, and Chapter 13 Bankruptcy offers easy repayment plans for those who are ineligible for Chapter 7 yet still experiencing financial hardships.

Lets take a closer look at the steps you and your MN Bankruptcy Lawyer will take when you file because there are countless individuals and families who find themselves facing financial hardships unexpectedly and these people are often unsure of their options. The bankruptcy process is federally regulated and put in place for those who find themselves in these difficult financial circumstances. Many people are concerned with the complexities involved in legal matters and are apprehensive because of this that's why it's best to seek the knowledge and experience of a trained legal professional but it is equally important that you understand the undertaking.  

Life is so amazingly humbling. One minute you are feasting on life, good relationships, good money, and all seems like it is clear blue skies ahead. And then suddenly, the sky turns black, and your life seems to be on a never ending bumpy path filled with stressed relationships, debts, and heartache. It can happen fast. It usually does.

For one Minnesota couple the journey was not that rosy from the start. We will keep their names confidential, of course, but it started out shortly after (fictional names) Greg and Lisa’s wedding over 22 years ago.

Many people are concerned about how a bankruptcy will reflect on them and what impact it will have on their life and finances moving forward. Because of the stigma surrounding Bankruptcy, a legal process designed to provide US citizens with a means for financial recovery when needed, many people don’t talk about their financial hardships or their experience going through the Bankruptcy Process. We will be talking Dean in this segment and gaining the insight of an average Minnesotans experience Filing Bankruptcy with a MN Bankruptcy Lawyer and addressing their finances immediately following the discharge of their Bankruptcy. This is intended to shed some light on what can be expected and to debunk some of the common myths and misconceptions so let’s begin.

So, you are a Minnesota lawyer with a clientele from all walks of life. How many times have you heard a client say they have overwhelming debt? The answer is probably a lot right? And how many times has the suggestion to solve the problem been maybe you should consider debt consolidation? The answer agin is probably a lot right?

There are many reasons someone might be considering Bankruptcy and at Kain & Scott our MN Bankruptcy Attorneys believe it is important to understand the causes and ways you can prevent these circumstances from impacting your life moving forward after Bankruptcy. Everyone is offered credit cards and department store cards, America has an extremely lucrative credit industry with several types of financing available for any individual. But not all lenders are invested in their customers. The lines of credit or loan options offered by some lenders are not always intended to aid the consumer but rather provide additional revenue to the lender through hidden fees and adjustable rates that were not disclosed to the customer.