Thinking about whether or not to file Chapter 7 Bankruptcy often takes our guests some time to think about. They, of course, want to deliberate and let it sink in and make sure it makes the most sense for themselves and their family.

Overwhelming debt causes stress, relationship issues, and sleepless nights. Bankruptcy can help resolve all of this. Let’s face it, nobody wants to file bankruptcy, but instead of focusing on the negative, let’s focus on how we go about solving the problem in front of you. Whether you have been struggling with overwhelming debt for five years or five months, bankruptcy may be a great option to help you get your life back.

1. What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is also known as the “fresh start” bankruptcy. Chapter 7 Bankruptcy provides debtors (an individual who files bankruptcy) with the opportunity to escape liability on certain types of secured and unsecured debts. Upon successfully receiving a discharge, debtors are no longer liable for money owed on most debts.

If there is one aspect that scares most people about a Chapter 7 Bankruptcy it is the prospect of losing assets when you file bankruptcy. Is it obvious that no one wants to lose assets? Yes, that should be obvious. When you are down and out and can’t pay your bills and you have lost so much already, the last thing you want is to lose even more.

We get this question all the time. Wes, What Is Chapter 7 Bankruptcy? How does it work? Do I lose assets? Can I get rid of all debt? What about taxes? What about student loans? These are all great questions. The saying is knowledge is power. That is what we believe at Kain & Scott as well. The more you know, the more empowered you feel about your own circumstances. When we explain to people that what they think happens is not really what happens you can see our guests lay further back in the chairs and relax.

Every day, the MN Bankruptcy Lawyers at Kain & Scott see people who are in financial distress - the people with whom we meet find themselves in debt situations that are not easily resolved. Of course, the degree of the financial problem varies from client to client, but our clients come to meet with us because they know that their problems can’t be solved easily.

Every year, roughly 10-12,000 Minnesotans file bankruptcy. I think there are twice that number who should file bankruptcy every year but don’t. I am always amazed at how tough Minnesotans really are. By that I mean they put up a good fight for a long time before they turn to bankruptcy. Mind you- I am not at all suggesting they should wait long to file bankruptcy because quite frankly, that is the number one regret we hear from our guests all the time.

Over the past month, I’ve written about the History of Bankruptcy - from its ancient, biblical origins, through the ancient world and in Europe during the Renaissance period. I’ve paid particular attention to the history of bankruptcy in the United States. I’ve written about the inclusion of bankruptcy in the Constitution as the exclusive legislative prerogative of Congress, and looked at the attempts Congress made to pass a national bankruptcy law in 1800, 1841 and 1867 - all attempts at having an orderly system of bankruptcy in the United States, all eventually politically unpopular and all, eventually, repealed.

It’s not easy researching which MN Bankruptcy Law Firm to use for your bankruptcy case. There are so many where do you start? It seems overwhelming and so many claim to do bankruptcy work. Do I just throw a dart and hope the one I pick is the right one for me? Hell to the no! Spend some time researching law firms. When you do, you will find the right one for you.

Let me tell you the story of a former client of mine. She lived in Eden Prairie, Minnesota. I will call her Eve Padonk. Eve was an office worker at a local high school. She is a very nice person with a story to tell.

We are all somewhat familiar with bankruptcy. We know it can be used to eliminate or reduce the majority of unsecured debts. But there are many ways beyond the obvious benefits that many of us don’t know about. Lets taking a closer look at some of the lesser-known benefits to filing bankruptcy and how a MN Bankruptcy Lawyer can help you with your overwhelming debt problems by taking a more proactive approach.

Operating as a Sole Proprietor can be exciting and stressful at the same time. One of the biggest reasons it can be stressful is because you are personally liable for what happens. Unlike having an LLC, corporation, or partnership, you are personally on the hook for anything that happens. When debts become due, creditors can come after you directly to collect.

No matter which of our eight Law Firms you decide to visit, we guarantee you receive the most professional and polite treatment around. As we have said for many years: we don’t judge you, we help you get your life back. This is much more than a tagline. We truly believe in helping you get your life back. Let’s unpack what exactly “we help you get your life back” means.

At Kain & Scott, we get this question a lot. Do I qualify for Chapter 7 or 13 bankruptcy? Financial problems come in different sizes and varieties. Generally speaking if you are looking at a bankruptcy website, then bankruptcy is something you should consider. Why do I say this? Because you are obviously struggling with some debt or you would not be searching for solutions right?

I know how to dance, but I don’t think I have ever learned how to 2 step- have you? Forget dancing for now, if you are up to your eyeballs in debt, you want simple solutions. No bullshit, no big talk, give it to me straight....how can I get my life back? At Kain & Scott our Eagan MN Bankruptcy Lawyers understand that. Dealing with overwhelming debt is crushing on your mental and physical spirit. Most of our guests have been dealing with overwhelming debt for years. If you live in Eagan and you are saddled with overwhelming debt, there is hope because we have developed a process of getting your life back that is comforting to our guests. Our promise to our guests is timeless.