Paying your bills is what we all want to do. No one likes the idea of not paying debt we incurred. The idea of drowning in debt is scary and the mentioning the “b” word is even scarier. Human beings are all the same. At heart, I believe most of us would rather claw our own eye balls out than not pay our bills. And yet, life interferes with our best plans. 

One of the worst things about having money problems is the feeling people with these problems have that they are alone and isolated - that no one else has these problems. It is easy, if you are in a situation where debt problems have overwhelmed you, to feel as though you are the only person facing these problems. Nothing could be further from the truth. The truth is that many famous people have filed for bankruptcy protection. Some well-known people filed bankruptcy before they became well-known; some filed at the height of their fame. It’s good to know that even people who seem to have everything have money problems. And it’s very good to know why a well-known person filed bankruptcy case - that can help explain the circumstances in which bankruptcy can help individuals with financial problems. Let’s take a look at some familiar names who have filed a bankruptcy case, and why.

Once you have completed the process of Filing Bankruptcy in Roseville and have been granted your discharge you may be under the impression your work is done and for the most part this is true. However there still remains the important task of assuring your credit information is reported correctly and updated with credit reporting agencies. This is an essential component to beginning your renewed financial stability because most of us will eventually need new credit and financing following our bankruptcy discharge.

This is not easy stuff folks. The amount of courage it takes to reach out for help cannot be understated. Most of our clients in Minneapolis are embarrassed to find themselves in debt and often scared to reach out for help. However, equally nerving is not being able to pay your bills and worrying that you might be living in a card board box soon. There is hope. Debt is simply a problem to be solved and nothing more. It’s no different than having an infection in a really embarrassing location. The medical staff does not find it embarrassing, they just need to find the solution to the problem. That is the same for Minneapolis Bankruptcy Lawyers . Our laser focus is to solve your debt problem for good.

Filing a bankruptcy case in Minnesota is, for almost everyone, a fairly straight-forward process: a person facing financial difficulties meets with an MN Bankruptcy Attorney well-versed in bankruptcy practice and, during that (or subsequent) meetings, the person decides to file a bankruptcy case. Once the lawyer is retained, the lawyer’s office, with the assistance of the bankruptcy client, prepares a petition, schedules and statements identifying the debtor, listing assets, liabilities, income and expenses, together with disclosures of any financial transactions in which the debtor has engaged during defined periods prior to filing the bankruptcy case.

Are you struggling with overwhelming debt? Has it become too difficult to manage? If so, these struggles have probably taken toll on the rest of your life as well. When dealing with a major debt problem it can be very difficult to stay happy and focused. Fortunately, if you’re dealing with overwhelming debt right now there are a few easy ways out that our Roseville MN Bankruptcy Lawyers can help you with. One of the easiest, available to all who qualify, is a Chapter 7 Bankruptcy. In this article we will discuss the key components of a Chapter 7 Bankruptcy so that you can learn what to expect during the process and determine if Chapter 7 would be a good option for you.

Ok, so you know you need to file for bankruptcy, but still want to know what’s going to happen to your debt?  More importantly, you want to understand what’s going to happen to your belongings?  Well, the annoying answer to these questions is “it depends.”  In Minneapolis, you are fortunate to have the option of using the rules provided for in the federal bankruptcy code or the benefits provided for under Minnesota Statute.  Depending on your specific situation, it may be more advantageous to use one set of rules over the other.  Before we dive into the discussion about your assets, we’ll take a look at what type of debts you can discharge through bankruptcy.

Kain & Scott has been in existence since 1972. As Minnesota’s oldest Bankruptcy Law Firm, our MN Bankruptcy Lawyers have seen a thing or two about the Bankruptcy Process evolution that has taken place in Minnesota over the years. I can remember when I came aboard the firm in 1997, we would file bankruptcy cases with the bankruptcy court my mailing 3 copies of the petition and schedules to the bankruptcy court. You never knew which day was going to be your date of filing because you never knew exactly when the bankruptcy court would receive your package of copies.

So you live in Roseville MN and you had one of the 5 events happened to you which resulted in overwhelming debt: 1) business failure; 2) income drop; 3) divorce or relationship break up; 4) medical problems; 4) bad financial decisions (we have all made them). You are stressed out because you are falling behind and you can’t keep up. That uneasy feeling of slowly drowning in debt, suffocating, and you can’t seem to pull out of it. If you are a human being you will feel your tummy churning and just a depression hanging over your head. 

Bankruptcy is a well-established financial tool that has been a means of successful financial recovery and ongoing stability for many people all across Minneapolis.  Many Minneapolis residents will File Bankruptcy this year so that they can start 2017 with a fresh new financial start.  Among the many bankruptcies that will be filed a small percentage of them might be attempted to be filed “pro se” without the aid of an experienced Minneapolis Bankruptcy Lawyer.  Although it’s not required by law to retain a Bankruptcy Lawyer in order to File Bankruptcy in Minneapolis there are many advantages to doing so.

You are sick of the financial chaos and uncertainty. You are tired of worrying about opening the latest onslaught of bills coming in. It’s time to do something about it. You have gone to a website that lays your choices out well- that is, how do you solve an overwhelming debt problem for good. You make the courageous decision to put your family first and your creditors second. You decide it’s time to get your life back and move on with living instead of constant worrying. You should be proud of yourself!

Last week I wrote a second installment about Exemptions Available To Bankruptcy Debtors, under both the Federal Bankruptcy Code or state law. Last week, I looked at a number of exemptions available to debtors to protect tools of the trade, life insurance policies and the several exemptions that exist to protect the right of a debtor to receive government benefits, child support and maintenance. This week we’ll look at a few more Bankruptcy Exemptions. We’ll also try to draw a clear distinction between the exemption provisions of the Bankruptcy Code and Minnesota Statutes - and what do the differences say about the policies of the United States Congress (Bankruptcy Code) and Minnesota State Legislature (Minnesota Statutes).

In Roseville, the vast majority of us don’t think to seek help from the strain of an overwhelming debt problem until it has eroded away so many great aspects of our lives. We’ll forgo home and automotive expenses just so that we can buy food and clothing. This “rob Peter to pay Paul” financial black hole can be very easy to fall into and even more difficult to climb out of. Unfortunately, usually by the time you think to turn to a Roseville MN Bankruptcy Lawyer for help you’re already left with nothing. In these circumstances Filing Chapter 7 Bankruptcy would generally be advised but what if you would have looked to Bankruptcy for financial relief at the onset of your struggles?

Last week, I wrote about the Bankruptcy Exemption Laws contained in both the Federal Bankruptcy Code as well as the exemptions contained in Minnesota’s debtor-creditor statutes. As noted, Minnesota is one of 15 states that are “opt-in” states - states that allow bankruptcy debtors to choose between the Bankruptcy Code exemptions or state law to protect property in a bankruptcy case. We also covered the exemptions available for commonly-owned property: homestead real estate, motor vehicles, household goods and furnishings, clothing and personal effects and jewelry. This week we’ll take a look at the exemptions available to people filing a bankruptcy case for property that is not quite as commonly present for most people. And we’ll look at what the differences and similarities in the state statutes and the Code tell us about the philosophy of bankruptcy law.

Bankruptcy is an outstanding tool for restructuring your debts and getting out from under financial hardship but can be very difficult to do on your own.  Many people who file cases on their own, without an attorney (“pro se” filers) abandon the bankruptcy process part-way through filing because of the complexities and requirements.  It can be very difficult and a lot of work for an individual to tackle on their own, that’s why at Kain & Scott we advise working with a professional such as one of our experienced bankruptcy experts.  Let’s take a look at some of the more difficult and complex aspects Filing Bankruptcy in Minnesota!