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!

Like so many Minnesotans that call us every day, we hear one common concern over and over again. Minnesotans worry about how bankruptcy affects their credit score and credit life after the bankruptcy is filed. If you are contemplating Filing Chapter 7 Bankruptcy in Minnesota, but you just need a better handle on how bankruptcy affects your credit, here it is. The obvious question so many ask about their credit relates to their future dreams and ambitions.

Many Americans seek financial recovery each year through the liquidation proceedings involved with Chapter 7 Bankruptcy yet few are aware what Chapter 7 Bankruptcy involves.  In a Chapter 7 Bankruptcy any non-exempt assets the debtor possesses will be liquidated by the trustee as allowed within the US Bankruptcy Code and the revenue is to be divided among creditors based on the priorities set forth within the bankruptcy code.  The vast majority who seek relief through Chapter 7 Bankruptcy have no non-exempt assets to be liquidated or perhaps the cost and effort involved addressing these assets is deemed impractical by the trustee when compared to their potential value to creditors.  But what about our investments and our ideas; what about these seeds we have sown which may someday still bear fruit?  Where do they stand throughout the bankruptcy process?

Credit reporting is big business. Bigger than it's ever been in years past. There are mobile apps to track your credit score, credit cards designed to provide you with a free credit score every month and agencies you can hire specifically to help re-build your credit score. All these businesses that have popped up in the last few years only prove to us how important your credit really score is.

Financial difficulty brings with it a lot of distress. A person who is facing overwhelming debt is searching for ways to cope with, and eventually, overcome the financial challenges with which he or she is dealing. Many individuals dealing with the stress of debt that cannot be serviced look at bankruptcy as an option to resolve financial problems. But in considering whether to file a bankruptcy case, these individuals often worry about whether the property that they own ­ whether it is real estate or personal property ­will be protected if the individual decides to file a bankruptcy case.

One of my clients largest concerns is what will the future look like after bankruptcy. How will my credit be affected? Will I be able to get lending again? Will I be able to buy a car? Will I be able to buy a house? This blog will address renting and buying a house after filing a bankruptcy.

You are like me. I am high anxiety and have unrealistic fears about different things. Most of us would have a normal fear about speaking to a bankruptcy attorney about a debt problem. Why? We humans have a problem with losing, defeat, and not paying our bills right? It causes us to be embarrassed, feel defeated, and just generally really crappy inside.

The past two weeks I’ve written about the Bankruptcy Code’s provisions that govern who can file a bankruptcy case and in what state a bankruptcy case may be filed. I looked at the definitions of who may be a debtor - and noted the differences between the very inclusive chapter 7 and the much more exclusive chapter 13. I discussed the venue of a case last week - and noted the requirements in Title 28 of the United States code that governs venue of a bankruptcy case: residence, domicile and the existence of the principal place of business and/or the location of the principal assets of a business.

Chapter 7 Bankruptcybegins once an individual seeking debt relief files a petition with the Bankruptcy Court. Here in Minnesota all of our counties are divided up and assigned to a small number of divisional offices. For example, anyone residing within Hennepin County would file their Bankruptcy Petition with the Minneapolis office. There are also several other pieces of required information which will need to be submitted and reviewed in order for your bankruptcy to be approved and your debts discharged

When you are digging into what a Chapter 7 Bankruptcy Trustee in Minnesota looks like, have you ever wondered who this person is and what on earth do they do? I am a veteran MN Bankruptcy Attorney and when I first started out many years ago, I wondered myself what the Chapter 7 Trustee does. If you file a Chapter 7 Bankruptcy in Maple Grove, Minnesota, or anywhere else in Minnesota the United States Trustee’s Office will assign a Chapter 7 Trustee to your Bankruptcy Case.

Beginning the process of filing bankruptcy can seem like an overwhelming task but at http://kainscott.com we have several great resources readily available to any Minnesotan seeking relief from their financial hardships.  Our team of expert MN Bankruptcy Attorneys are always happy to address any and all of your specific concerns because we always want to ensure that you are well-informed and comfortable throughout the process.