It all seems like greek to me right? Should I file a chapter 7 or chapter 13 bankruptcy? Which one makes the most sense for me? Which one is better for me? Isn’t there an easy way to tell?

We are in an age of consumer convenience. Consumers insist on meeting/speaking with professionals in much more convenient ways than yesteryear. I want to be very clear, I still think a face to face meeting is the best way to meet with a bankruptcy attorney.

Have you ever wondered why there is such a stigma associated with bankruptcy? After all, companies file bankruptcy all the time and reorganize themselves to live another day. The number of companies that have filed bankruptcy only to rise out of the ashes of debt are way too numerous to even mention.

Here at Kain & Scott our professional, kind and helpful team of Minneapolis Bankruptcy Lawyers are truly honored to help each and every one of our clients get their lives back. Our client satisfaction and peace of mind is our top priority which is why we strive to continuously build upon our reputation as the nicest (most kind and helpful) Bankruptcy Law Firm in Minneapolis and the greater Twin Cities area. We know that the Bankruptcy Process doesn’t end with filing your case, so here’s some helpful information to give you a better understanding of how to begin rebuilding your credit score after you’ve received your discharge.

Last week, I wrote about some of the reasons a bankruptcy debtor can be denied a general discharge, or can lose a discharge after the court has entered it. The loss of a debtor’s discharge is a serious matter, and it usually can only happen when there has been active misconduct of a criminal, or at the very least quasi-criminal nature by the debtor relating to the bankruptcy proceedings, or the debtor’s assets. Since the reason people file bankruptcy cases is to receive a discharge of their debt, debtors need to know what kind of behavior leads to revocation of discharge so debtors do not put their discharge at risk.

Bankruptcy is our core – it’s not just what we do, it’s all we do. We believe it is a tool that should be used to help people get their lives back. Most clients come into our office feeling hopeless, helpless and defeated, but leave feeling invigorated and free. Bankruptcy allows debtors to recover and rebuild after a financial crisis, or in other words, get their lives back. However, our commitment to our clients does not stop at the filing of their bankruptcy case.

You made up your mind that you are going to going to start 2017 debt free. Smart decision! You live in Minneapolis and you have 40k in unsecured debt, your credit is shot, and you already have 2 judgments against you and the phone is ringing off the hook! To top if off, you are really worried that the creditor is going to find out where you work now because you are finally making decent money and you don’t want your wages being garnished. Of course, you don’t want the creditor calling your new employer either. That is embarrassing and could potentially cost you your job. What do you do? 

There is a moment in many client conferences I have where the prospective client asks the question: “what if this bankruptcy doesn’t go through?" What if we can’t get this relief that we need financially?” It’s a common anxiety and I try to be reassuring to clients. If we (and by we I mean both our clients and our office) do our jobs properly, they don’t have to worry about “losing” a bankruptcy case. The case is filed properly, the client participates in the process appropriately and at the end of the process, whether in a chapter 7 or chapter 13 bankruptcy case, the client receives the benefit of a bankruptcy discharge.

One of the concerns we address with almost every client is the fear of losing assets in bankruptcy. The belief that you will lose your property when you file bankruptcy is a myth perpetuated by creditors and others to instill fear so you will not consider bankruptcy as a solution to your debt. However, here is the truth: your assets can be protected during personal bankruptcy.

In fact, filing a bankruptcy case can even SAVE your assets from being seized and sold by creditors. Individuals who may potentially face foreclosure or repossession can file bankruptcy to keep their house, vehicles and personal property. When you file a bankruptcy case, the automatic stay prevents creditors from continuing or starting actions to foreclose or repossess your property.

Bankruptcy and divorce are two concepts that most people never entertain as they are beginning their adult life. As we step out into the adult world to begin building our life, we never dream that one day we may be facing overwhelming debts that we cannot pay and a failing marriage. Bankruptcy and divorce can crush your dreams, your spirit and life as you know it.

I have high anxiety. I get the anxiety and courage it takes to even think or say the word bankruptcy. While it is easier for me to think or say that word, one, I do bankruptcy work for a living and two, I am not now facing a bankruptcy. I respect those two very important distinctions between us. Many Minnesotans facing overwhelming debt are on the fence about whether they should think about bankruptcy as an option. Often times, some sort of debt consolidation wins out instead so we can say we are avoiding bankruptcy. While that is true, in the short term, long term many of those people end up filing bankruptcy anyway. Here are some of the factors we think you should consider before going down an alternative path instead of choosing bankruptcy first.