Congratulations on making the decision to eliminate your debt and take control of your finances by filing for bankruptcy! You’ve already chosen to erase your debt and get a fresh financial start; the next step in your journey is to find the best bankruptcy lawyers in Minnetonka, Minnesota.

Let’s be clear, there are numerous causes of bankruptcy. Many times, there is no single reason that pushes someone to push the reset button on their life. We have been practicing bankruptcy law in Minnesota since 1972, we have seen a thing or two about what causes people to need to push the reset button and get their lives back.

Among the eligibility requirements to file a Chapter 7 Bankruptcy, the Means Test is used to determine whether or not a debtor has the resources available to satisfy their financial obligations. When a debtor fails to satisfy the requirements of the Means Test, they have the option of filing a Chapter 13 bankruptcy instead. However, there are exceptions to the Means Test which provide certain debtors the option of filing a Chapter 7 bankruptcy despite having too high of income. If the majority of your debts are non-consumer debts, you are a disabled veteran, or you are a military Reservists/Guardsmen, you may qualify for Chapter 7 bankruptcy regardless of your income.

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.

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.

When you file for bankruptcy in Minneapolis, Minnesota, you want the best bankruptcy team by your side. That’s why at Kain & Scott, our legal team is comprised of the Best Bankruptcy Attorneys in Minneapolis who use their specialized bankruptcy know-how to help our clients become debt-free and repair their credit – FAST.

Is the cost of filing for bankruptcy keeping you from getting your life back? If you are struggling with debt and think you can’t afford to file bankruptcy in Duluth, Minnesota, the truth is, you can’t afford not to! 

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.

An order for relief in bankruptcy is the official court ruling that initiates the bankruptcy process after a petition is filed. It immediately triggers the automatic stay, which halts all creditor collection efforts, including lawsuits, wage garnishments, and foreclosure actions.

.

Do you cringe when your cell phone rings, afraid to answer in case it is a creditor harassing you for money? Have you been turned down for auto or home financing because of your credit score and outstanding debts? Are you overwhelmed with bills and accounts in collections?

Tired of waiting for your Duluth, Minnesota bankruptcy? The typical bankruptcy process involves a tremendous amount of waiting: first, you have to wait for an appointment with an attorney…then wait in traffic…then wait in a lobby…then wait for your attorney to file your petition…and then wait for your discharge.

What’s worse, being at the doctor’s office or preparing to be at the doctor’s office? When you set up a doctor appointment, what is the first thing you need to check before you set up an appointment..... your home or work schedule right? First, you have to coordinate your schedules and “fit” it in. Second, you need to block out enough time to get to the doctors office and return from the appointment and leave yourself enough room so you are not rushed- right? And then third, you finally go to the appointment right? Geez- that is a lot of fuss for a 10 minute doctor appointment!

Most of our Minnesota guests have a lingering concern about credit should they decide to file a Chapter 7 Bankruptcy. If you are thinking about filing a chapter 7 bankruptcy in Monticello, Minnesota, this is a concern you naturally have.

Wondering if I can explain to you what a Chapter 7 and Chapter 13 Bankruptcy is so that you can understand it in English? Of course, I can! After all, I am the managing partner at Kain & Scott, Eagan, Minnesota’s oldest bankruptcy law firm - since 1972. Let's start by taking a closer look at the basics of how a Chapter 7 and Chapter 13 bankruptcy actually work.