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.

 

    5 Things To Avoid When Hiring A Bankruptcy Lawyer in Minnesota

    Posted by Wesley Scott on August 4

    When a Minnesota resident is looking into Bankruptcy, you have a wide variety of choices amongst lawyers and bankruptcy preparer vendors. The spectrum of services provided range dramatically. Remember only Lawyers can dispense legal advice. So calling the paralegal service on a park bench is probably not the best move. They cannot give you ANY legal advice. Why? They are not lawyers. If they do give you legal advice without a law license, they are committing a crime- the unauthorized practice of law.

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    How Chapter 13 Bankruptcy Can Help with Your Second Mortgage

    Posted by Erick Bohm on August 3

    If you’re under water on a second mortgage, you may be in luck. Chapter 13 Bankruptcy provides two options for solving this issue. Those two options are referred to as lien strip and cramdown. Both options can be advantageous to the property owner who has real estate valued at less than the amount owed on a first mortgage. These options are provided for under the law to promote property ownership while protecting individuals from overwhelming debt. Depending on your situation, one option may be more beneficial than the other. Ultimately, the question comes down to whether or not the property is your homestead.

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    Chapter 7 vs. Chapter 13 Bankruptcy

    Posted by William Kain on August 2

    When you make the decision to file for bankruptcy in Minnesota, you are making the decision to erase your debts and change your life for good. But knowing which type of bankruptcy to file – Chapter 7 or Chapter 13 – can be confusing. Each type has the power to erase your debts and which is right for you is determined by your unique financial situation.

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    What Happens After Filing Chapter 7 Bankruptcy?

    Posted by William Kain on August 1

    You’ve taken a major step in regaining your financial freedom by filing Chapter 7 Bankruptcy. Congratulations on being well on your way to becoming free from debt!

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    What Does Bankruptcy Mean for My Future?

    Posted by Wesley Scott on July 31

    There are many misconceptions and myths about filing bankruptcy. The biggest bankruptcy myth is that you will lose everything you own if you file for bankruptcy relief. Another popular bankruptcy myth is that you will never recover your good credit rating and never be able to obtain a loan after filing a bankruptcy. While there may be some truth intermingled with the bankruptcy misconceptions that clutter the internet, the fact is that filing bankruptcy does have both benefits and a few temporary disadvantages. Wondering what bankruptcy means for your future is a valid concern that many clients have when first consulting a bankruptcy attorney. It is with the help of an experienced bankruptcy attorney that many people find the answer to their question, “What does bankruptcy mean for my future?”

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    What is a Bankruptcy Discharge and How Will it Help Me Out of Debt?

    Posted by Wesley Scott on July 30

    Most clients ask similar questions during a bankruptcy consultation. One familiar question that I am asked is “What is a bankruptcy discharge?” The immediate follow-up question is “How can it help with my debts?” Before I answer either of these questions, I tell my clients that a bankruptcy discharge is the ultimate goal for any debtor in a bankruptcy case and it is my job as an attorney to assist you through the bankruptcy process to achieve that goal. Below is a brief discussion that answers these two questions more thoroughly.

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    Choosing Chapter 13 Bankruptcy: Minnesota Family Shares Their Story

    Posted by William Kain on July 29

    We see individuals and families of all shapes and sizes in need of help due to financial instability and hardship. In order to portray the “true story” of filing bankruptcy in Minnesota we want to share some of our experiences with people just like you, looking for a way out of debt and a fresh start. We are going to add generalizations and change the personal details for privacy purposes. However, many debtors experience similar situations and circumstances, so these stories are likely shared by many.

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    These Types of Bankruptcy Can Help You Find Financial Relief

    Posted by Wesley Scott on July 28

    When debts turn into a vicious cycle that threatens to never end, filing for bankruptcy can be a wise and prudent choice to move toward financial freedom. There are multiple types of bankruptcy that suit different situations.  The best choice for you will mainly depend on your debts, assets and current income.

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    5 Traits You Will Find In The MN Bankruptcy Attorneys at Kain & Scott

    Posted by Erick Bohm on July 27

    Accordingly to past clients, Kain & Scott attorneys are knowledgeable, courteous, empathetic, professional, and easy going. This is different than what most people have to say about other MN Bankruptcy Attorneys. Most people describe attorneys as arrogant, rude, pompous, etc. Well, sometimes that’s exactly right. Here at Kain & Scott, however, we pride ourselves on focusing outward on the client, not inward on ourselves. Your legal representation should be focused on you, not us. These five traits you will find in each of our Kain & Scott attorneys.

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    “Happily Ever After” with the Best Bankruptcy Law Firm in Woodbury, MN

    Posted by Margaret Henehan on July 26

    Do you dream of a fairytale ending to your quest for a great bankruptcy lawyer to help you erase your debts in Woodbury, Minnesota?

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    A True Story Of One Woodbury, MN Couple Who Filed Chapter 7 And Won!

    Posted by Wesley Scott on July 24

    Did you ever think it was possible to win at filing chapter 7 bankruptcy? It is. Recently, one couple in Woodbury, Minnesota found out how. It doesn’t matter who you are, life is humbling. This was especially true for one Woodbury couple who we recently met with.

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    Escape Debt Danger With The Best Bankruptcy Lawyers in Woodbury, MN

    Posted by William Kain on July 23

    Does your debt make you feel like you are walking on a tightrope without a safety net? Are you in constant danger of falling further behind on your bills as you struggle living paycheck-to-paycheck?

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    How A Bankruptcy Can Stop Foreclosure Proceedings

    Posted by Kelsey Quarberg on July 21

    In Minnesota, the foreclosure process takes a pretty long time. The average non-judicial (most common) Minnesota foreclosure lasts anywhere from 9 to 12 months, sometimes even longer! When faced with foreclosure, a homeowner has a few options 1) surrender the home to the bank (and potentially file Chapter 7 Bankruptcy), 2) redeem the home, or 3) file Chapter 13 Bankruptcy. Here I will discuss the pros and cons to each of these options.

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    What Debt Consolidation Programs Conveniently Forget to Tell You

    Posted by Wesley Scott on July 19

    When you meet or discuss with a debt consolidation company they may not explain the “fine print” associated with their programs. At first glance debt consolidation programs seem appealing but before you sign the dotted line, make sure you know the fine details of the program you are signing up for. Here is a summary of details some debt consolidation companies try to gloss over to make their programs more appealing:

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    3 Steps to Answer the Question, "Should I File Bankruptcy?"

    Posted by Wesley Scott on July 18

    As a bankruptcy attorney, I know that individuals and couples go through several stages when they are answering the question “Should I file bankruptcy?” While most consumers follow a similar process when tackling this question, not every person will follow the same exact path to decide whether or not bankruptcy is right for them. This is because each person’s or couple’s financial situation is unique; however, through years of experience and by helping thousands of clients through the bankruptcy process, my partner and I have learned that most debtors go through at least three stages before deciding if they should file bankruptcy. While not all three steps are necessary, and many may skip to the last and most important step, there is some value in each of the following steps.

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    MN Bankruptcy Lawyer Explains: What Happens When You Default On Credit

    Posted by William Kain on July 18

    Most of the potential clients our MN Bankruptcy Lawyers meet with at Kain & Scott have defaulted on at least one of the accounts they hold. For many of the people I meet, they have been able to stay current on some accounts, but because of their financial circumstances, they have not been able to maintain current payments on all of their accounts.

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