Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

    The Equifax Data Breach: How To Ensure It Doesn’t Affect Your Credit Score

    Posted by Margaret Henehan on September 26

    That’s probably what a lot of people thought when they first heard of the Equifax breach last week. After a bankruptcy rebuilding your credit score quickly is important. You don’t want anything getting in the way like a data leak. There have been a lot of mixed messages on what to do to protect yourself, now that most likely, your social security number, birth date, address and other personal information is floating around the universe. The breach affected 143 million people, which is basically every adult living in the United States.

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    Wesley Scott & Al Franken Discuss Student Loan Discharge In Bankruptcy

    Posted by Wesley Scott on September 25

    Wesley Scott is the managing partner at Minnesota’s oldest bankruptcy law firm, Kain & Scott. On September 14, 2017, Mr. Scott met with Senator Franken’s team, in Washington D.C., to discuss discharging student loan debt in bankruptcy.

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    How to File for Chapter 13 Bankruptcy

    Posted by William Kain on September 23

    If you’re filing Chapter 13 bankruptcy in Minnesota, you may be aware of the stress and time-commitment required when filing your bankruptcy petition without an attorney. But did you know that with the wrong bankruptcy attorney the process can still be long, difficult, and stressful?

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    Why You Shouldn't Fear Filing for Bankruptcy in Minnesota

    Posted by Erick Bohm on September 22

    Fear of the unknown is one of the most difficult emotions to grapple with. When it comes to bankruptcy, most people are fearful because they don’t know what the future has in store. Let me be the first to tell you, everything is going to be ok. People are fearful of bankruptcy because of what they’ve heard from others. There’s a good chance, however, these people don’t know what they’re talking about. Bankruptcy is a great option for individuals who are overwhelmed with debt. If you’re tired of the overwhelming pressure debt has caused in your life, we can help.

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    What is a Priority Creditor - Part 2

    Posted by William Kain on September 21

    Last week, I wrote about priority debt - the type of unsecured debt that Congress decides should take priority over general unsecured debt in a bankruptcy case. Holding priority debt can be very beneficial for creditors, since in a chapter 7 case, all priority debt is paid, in full (if there are sufficient funds available) before any general unsecured debt is paid, and in a chapter 13 case, all priority debt must be paid in full in order for a chapter 13 plan to get confirmed and for the chapter 13 debtor to receive a discharge.

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    What Happens to Your Tax Debt After Bankruptcy?

    Posted by Margaret Henehan on September 20

    Many people I speak with are interested in finding out what debts are not dischargeable in a bankruptcy. Meaning what debts will still remain after a bankruptcy. Tax debt is the most tricky debt to deal with in bankruptcy because there are so many rules in place that must be followed in order to determine whether tax debt can be discharged in a chapter 7 bankruptcy.

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    (Video) Filing Chapter 7 Bankruptcy In Eden Prairie, Minnesota

    Posted by Wesley Scott on September 19

    What is a Chapter 7 bankruptcy in Eden Prairie, Minnesota? It is the same thing it is all throughout the state of Minnesota. Bankruptcy law is based on federal bankruptcy statutes, not state law. So, what Chapter 7 bankruptcy is in Eden Prairie, Minnesota is the same thing it is all across Minnesota. Chapter 7 bankruptcy is like hitting a reset button on your financial life.

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    Why Should I File Chapter 13 Bankruptcy?

    Posted by Wesley Scott on September 18

    If there was a win-win solution for your debt, would you take it?

    In life, as well as in finances, there are very few circumstances that could be properly called a “win-win.” As such, it is normal to be wary of promises of a win-win solution, especially in terms of eliminating your debt.

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    5 Questions to Ask an Attorney During a Free Debt Consultation

    Posted by Wesley Scott on September 16

    Making the decision to file bankruptcy is not easy. Most people struggle with how to handle their financial problems and only come to the conclusion to file bankruptcy after considering all other alternatives. By the time you arrive at a bankruptcy attorney’s office for a free debt consultation, you’ll have dozens of questions to ask the attorney about the bankruptcy process. While you will likely have questions to ask an attorney that are specific to your situation, it is beneficial to add the following questions to your list of topics to discuss:

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    Is Debt Settlement a Good Alternative to Bankruptcy?

    Posted by Margaret Henehan on September 15

    When a potential client comes in for an initial consultation, one of the available options for a client with a debt problem is debt settlement. But is it a good alternative to bankruptcy? The answer is mainly no, it’s not, the reasons of which are spelled out below.

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    What is a Priority Creditor?

    Posted by William Kain on September 14

    When the lawyers at Kain & Scott file bankruptcy cases, one of our jobs is to “classify” debt. There are three classes of debt in bankruptcy cases: unsecured, secured and priority.

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    How To File For Chapter 7 Bankruptcy

    Posted by Erick Bohm on September 13

    Don’t you wish there was a fast and easy way to erase your debt in Minnesota?

    It’s easy to get into debt: the loss of your job, change of circumstances, an unstable market, and serious illness are just a few reasons you may have fallen behind on your payments. Once you fall behind on your payments, the amount of your debt grows quickly as penalties and interest are added.

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    (Video) How To Tell The Difference Between The Real IRS or Scam Artist?

    Posted by Kelsey Quarberg on September 12

    I often receive panicked phone calls and emails from clients stating they received a call from the IRS threatening to arrest them for failure to pay taxes. After looking into each client’s case, more often than not I find that the call or email was a scam. When you are faced with overwhelming debt, it can be difficult to distinguish between what is real and what is fake. You may be receiving a mix of calls from real debt collectors and fake debt collectors. The fake collectors take advantage of people that have other, real types of debt in the hopes that they will accidentally get paid. Here are some signs and tips to avoid IRS scams:

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    What is Chapter 13 Bankruptcy?

    Posted by Wesley Scott on September 11

    When you file for bankruptcy in Minnesota, it’s important to know which type of bankruptcy is right for you. Each type of bankruptcy has its advantages and can help your family get back on track, but chances are, one type is more suitable for your family than others. While an experienced bankruptcy lawyer can best help you decide which type of bankruptcy is appropriate for your unique situation, below we explore the reasons why Chapter 13 bankruptcy is popular among debtors and may be the debt solution you need to regain control over your finances.

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    What Happens If You Transfer Money Prior To Filing Bankruptcy?

    Posted by William Kain on September 8

    Last week, I wrote about a common concern that people have when thinking about a bankruptcy filing: the entanglement of family members in the potential client’s financial affairs. I wrote about the effect a bankruptcy has on a non-filing spouse and the issues in bankruptcy that come up when a relative has co-signed on a financial obligation with a bankruptcy debtor.

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    How Can I Keep My Family Out Of My Bankruptcy?

    Posted by William Kain on September 7

    Most of the people that I see at my office who are experiencing financial problems are feeling a significant amount of stress about their money problems. And many of the people with whom I meet are concerned about what will happen to family members if they choose to file bankruptcy. The concerns come from many fact situations.

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