The MN Bankruptcy Blog | Learn the Bankruptcy Process & More

William Kain

I have been practicing law for over 30 years, more than 20 of those have been with Kain & Scott, P.A. I continue to enjoy helping those who fall into unfortunate financial situations get back on their feet. St. Cloud is the community where I live, work and play, and I take great pride in helping and supporting my fellow community members in their time of need.

Pros and Cons of Bankruptcy, from a Filer's Perspective

Posted by William Kain on July 15

Nancy*, one of my previous clients, went into her bankruptcy kicking and screaming. Here is how she tells her story today: Filing a bankruptcy case was the last thing I wanted to do, but I had lost my job and the bills began to pile up. There was no end in sight. I hated imagining what my parents, neighbors, co-workers and friends would think when they found out that I filed bankruptcy. I tried to find another way out of debt; however, nothing I tried helped and some solutions even made the situation worse.

How Does Debt Consolidation Work?

Posted by William Kain on July 14

Debt consolidation can be a very confusing concept. Generally speaking, debt consolidation works by combining all of your debts into one payment, often extending your repayment period, resulting in an increased total amount paid. There are four options commonly sought by those looking to get out of a difficult financial bind through debt consolidation and each works in its own way.

8 Pros and Cons of Bankruptcy

Posted by William Kain on July 6

If you are struggling with debts and dealing with creditor harassment, you are not alone. Many Americans are facing the same situation because they are unable to meet their financial obligations due to the loss of a job, a medical illness or the loss of a spouse. Whatever the reason, stress from unpaid bills is draining both emotionally and physically.

MN Bankruptcy: Finding The Best Bankruptcy Lawyer In Champlin

Posted by William Kain on June 27

Are you in danger of drowning in debt in Champlin, Minnesota? Do you think bankruptcy is the lifeline you need to save yourself from being swept away by thousands of dollars in unpaid balances?

Collection Agency Collection Tactics

Posted by William Kain on June 26

If you do not make payments to your creditors they may choose to hand over or sell your debt to a collection agency. If this happens you now owe the collection agency that money you owed your creditors. Collection agencies function to collect the money you owe. The debt collection industry has gained a bad reputation for performing illegal collection and scare tactics to get you to give them money. They do have the right to make attempts at collecting on your debt, but there are guidelines and parameters they must respect.

How To Get Credit After Filing Chapter 7 Bankruptcy - Part 2

Posted by William Kain on June 24

Last week, I wrote about the challenges of accessing credit after filing a Chapter 7 Bankruptcy case. I concentrated on retail charge cards and revolving credit cards as two commonly-desired credit products that can be accessed after a bankruptcy case has been filed, and the debtor has received a discharge. This week I will look at the mechanics of obtaining approval for credit cards. Then I will look at the challenges of larger credit products - particularly vehicle loans and real estate mortgage loans.

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5 Ways to Stop Creditor Harassment

Posted by William Kain on June 23

Do any of the following situations sound familiar?

Do you have creditors breathing down your neck, constantly applying pressure on you for payment?
Are you at the point where you have stopped answering the phone, hoping the important callers will leave a message, just to avoid talking to your creditors?
Are you constantly worried when your employer will be contacted and your paycheck will start being affected?

What Not To Do During The Bankruptcy Process in Minnesota

Posted by William Kain on June 22

When you enter into the Bankruptcy Process in Minnesota, or in any state, you should avoid making these common mistakes. Working with a bankruptcy attorney, if you are open and honest and trust your lawyer, will generally ensure you don’t unintentionally do anything you shouldn’t.

What Are My Options for Personal Bankruptcy | Chapter 13

Posted by William Kain on June 15

Chapter 13 Bankruptcy is right for you if you are experiencing a temporary setback causing you to be unable to make your payments. This option provides time, allowing you to get back on schedule with your finances. You will make monthly payments though they will be reduced, interest-free and your life will be void of collection agency harassment. Chapter 13 protects your property, prevents foreclosures and repossessions and prohibits wage garnishments.

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The Chapter 13 Bankruptcy Process In Minnesota

Posted by William Kain on June 14

You begin a Chapter 13 Bankruptcy by filing a petition. Following the petition you must also file the following documents with the court:

How to Stop Wage Garnishment in Minnesota

Posted by William Kain on June 12

When your debt goes unpaid for an extended period of time, creditors begin to take severe action to get their money from you. Depending on the nature of your debt, creditors may initiate foreclosure, repossession, bank levies or wage garnishment. Foreclosure and repossession are reserved for secured debt, meaning creditors can take back the property you secured against your loan. A bank levy, also referred to as non-wage garnishment, occurs when your bank account is frozen due to a creditor seeking payment from you. This and wage garnishment are common tactics used to collect on unsecured debt, such as credit card debt.

What Are My Options for Personal Bankruptcy | Chapter 7

Posted by William Kain on June 11

Chapter 7 Bankruptcy is right for you if you have no assets to lose and, after paying basic monthly expenses, you have no money left to pay off debts. It gives you a fresh start and can alleviate your stress by removing your liability for repaying debt. Primary priorities for Chapter 7 filers should be to keep exempt assets and be relieved of all liability for as many debts as possible.

The Difference Between An Average And Great Bankruptcy Lawyer in Plymouth, MN

Posted by William Kain on June 6

If you’re filing for bankruptcy in Plymouth, Minnesota, you’ve probably imagined how much better life will be once your debts are erased. You’ll have a comfortable home, nice car and a little money in the bank. Best of all, you can relax knowing that you are completely debt-free and have a fresh start to begin rebuilding your life.

Getting Access To Credit After a Chapter 7 Bankruptcy

Posted by William Kain on May 30

I meet with many people every month who are struggling financially. Most of these people want to know if filing a Chapter 7 or Chapter 13 bankruptcy case is right for them. Some ask me “what would you do?” in their situation. The complete, thorough answer to this question requires me and my clients to look at their current situation carefully, and then analyze what the outcomes will be to them if they take no affirmative action to resolve their financial problems, what the outcomes will be if the clients decide to attempt an informal agreement with their creditors to pay back all or part of the debt owed without filing bankruptcy, and what the outcomes will be if they file a bankruptcy case - either Chapter 7 or a Chapter 13 case.

What Are The Requirements To File Chapter 13 Bankruptcy?

Posted by William Kain on May 26

For the past three weeks, I’ve written about the requirements that are needed to file a chapter 7 bankruptcy case, and what is required to receive a chapter 7 discharge. Chapter 7 Bankruptcy is the most common chapter that consumer debtors use when they file a bankruptcy case. Chapter 7 is a relatively quick, cost-effective way to discharge debt for people who are being overwhelmed by their financial situation. Chapter 7 uses a “liquidation” approach to financial problems - a chapter 7 debtor does not repay her creditors in whole, or in part, and a chapter 7 trustee is appointed to liquidate any non-exempt property owned by the debtor.

Requirements To File A Chapter 7 Bankruptcy - Part 3

Posted by William Kain on May 19

The past two weeks, I’ve written about what the requirements are to file a chapter 7 bankruptcy. But as I wrote last week, it is one thing to be able to file a chapter 7 bankruptcy if a person is experiencing significant financial difficulty. But the reason to file is to receive a discharge of debt. So last week we looked at what a chapter 7 debtor needs to do after the case is filed to secure that bankruptcy discharge. This week we’ll wrap up the requirements to receive a discharge.