I am sorry you are experiencing overwhelming debt of any kind. Having overwhelming debt is stressful on anyone. Many Roseville, MN residents, when faced with crippling debt rightly turn to a Chapter 7 Bankruptcy to get their lives back and solve the problem once and for all. The goal of any Chapter 7 Bankruptcy is to get your life back. Technically speaking, we are looking for your debts to be “discharged” under section 727 of the Bankruptcy Code. A discharge of the debts means your liability for those debts is gone and the creditor cannot collect on those debts ever again.

Last week I started talking about little “surprises” that can happen after someone files a bankruptcy case. At the end of last week’s blog, I started discussing the issues that arise after (and sometimes significantly after) a person has received a bankruptcy discharge when someone who filed a bankruptcy attempts to refinance a mortgage that was in existence at the time the bankruptcy case was filed. Often, the mortgage company will continue to report the mortgage as “in bankruptcy” long after the bankruptcy case is done and over. Some, not all, mortgage companies do this - although the companies that do report mortgages as “in bankruptcy” are often the large, nation-wide mortgage issuers.

One of the most rewarding experiences an individual can have is to start and grow his own business. Our economy depends on people deciding to become entrepreneurs. And people with a plan, good financing, attention to detail and a strong work ethic can position themselves to do well financially. But any successful entrepreneur will tell you besides all these attributes, the successful business owner needs a big helping of good luck. Good fortune does not visit every small business. And no matter how diligently a business owner follows processes designed to successfully start and grow a business, bad luck might dash all of the hopes and dreams the business owner had when she set out to start the business.

Filing a MN Bankruptcy can seem like an overwhelming process and it certainly can be in some instances. But it is critical for individuals considering relief through bankruptcy to take the time to consider the hardships they already have, and then to think about the benefits bankruptcy may offer. When we consider the long-term effects of defaulted agreements and financial obligations and how this may impact our future needs we can begin to see the immediate benefits to filing bankruptcy rather than continuing to struggle with financial hardship. There is a great deal of misinformation out there; much of it is the product of the credit industry in an effort to discourage individuals and businesses from seeking the relief they need. Let’s take a closer look at some of the common concerns many people consider when determining if bankruptcy is right for them. Don’t be fooled by aggressive creditors; know the facts and know your rights!

Did you know that all of my clients are Minnesotans like yourself? Live in Central Minnesota or the Twin Cities? Work hard to pay their bills on time every month? It's true. In almost all cases the actions of my clients wasn't the reason they've gotten into such a financial mess. None of them planned to be meeting with a MN Bankruptcy Lawyer to File Bankruptcy. But there is one thing they all have in common - they want to take control of their finances again and get their life back. Each year my colleagues and I help hundreds of Minnesotan Debtors just like you get their lives back. In this blog i'm going to share with you a few stories of our past clients. Most likely by the end of it you'll realize that your not alone. 

Imagine a world in which the phones are quiet, the mail box is not full of past due collection letters, and you are not worried about how you are going to make your mortgage payment or buy groceries. It can happen to you. At Kain & Scott our Roseville MN Bankruptcy Attorneys help thousands of Minnesotans every year get exactly that. After Filing Bankruptcy the fear and anxiety of it quickly dissipates into a wondrous world free from overwhelming debt. Our Roseville MN Bankruptcy Attorneys never hear clients regretting to File Bankruptcy. Rather, they regret waiting so long to file bankruptcy. Once you get on the other side of this thing, this overwhelming debt, life is so magically beautiful and less stressful.

At Kain & Scott, our MN Bankruptcy Lawyers have been filing bankruptcies in Minnesota since 1972. In that time, we have filed many thousands of bankruptcy cases. After a while, you can see patterns that Minnesotans go through before they file for bankruptcy protection. It’s almost like clock work really. So, if you see yourself doing one of the five common things people do before they file bankruptcy in Minnesota, you should ask yourself, is this me too?

Having a family brings with it many responsibilities and obligations. We all want to do the very best we can for our loved ones. Unfortunately, unexpected hardships and financial difficulties are almost inevitable with the limited resources that many of us must contend with. Bankruptcy proceedings are designed specifically as a solution for those faced with such hardships so that they may again find financial stability and bring comfort for those we love, cherish and care for. MN Bankruptcy Lawyers can provide you with a fresh start to your finances and immediately halt any actions being taken against you by many of your creditors so that you may begin the process of recovery and family stability.

I remember the conversation clearly, even though it took place more than 10 years ago: I had just finished meeting with a client - let’s call him “Josh” - to review a draft of the petition and schedules our office prepared for his Chapter 7 Bankruptcy. We reviewed the draft carefully to make sure that we were listing all of the assets Josh owned and that he had listed all of the creditors to whom he owed money. We took a good look at his payroll records to make sure that his monthly income was being reported accurately. We made sure that any unusual financial transactions that took place shortly before our meeting were disclosed, and the requisite detail provided. Once we knew the information was accurate, Josh signed the papers...  

Bankruptcy has many negative connotations and is often perceived by society to be a sign of one’s failure to manage one’s finances effectively. But this could not be farther from the truth when we take a careful look at many of the contributing factors which force individuals to turn to Minneapolis MN Bankruptcy Lawyers for financial relief. Many institutions and lenders have gone through great lengths to structure their agreements and contracts with consumers so that the lenders may profit greatly from potential hardships a consumer may unexpectedly face.

So much is written about the process of bankruptcy IE what happens when you file, what is a meeting of creditors, what happens after you file to your credit score, but very little is written about what to do, or in many cases not to do, BEFORE you file bankruptcy. I can’t tell you how many times I uttered the words, “I wish you would have called me before you did that.”

For the past two weeks, I’ve written about the issue of timing in bankruptcy cases. Two weeks ago I looked at timing from the perspective of collection by creditors in my blog, How our Minneapolis Bankruptcy Lawyers Know When You Should File. Last week, I looked at timing as a function of the Bankruptcy Code, and talked specifically about timing the filing of a chapter 7 case. This week I want to discuss timing issues with chapter 13 cases.

Last week I discussed the timing of the filing of a Chapter 13 Bankruptcy case specifically in relation to mortgage defaults and foreclosure. Chapter 13 Bankruptcy is commonly filed by people with debt problems who are facing defaults in secured loans, such as home mortgage loans. The most common secured loan, though is a vehicle loan. Because of the retail price of both new and used cars, many if not most consumers have to finance the purchase of a vehicle.

Chapter 7 Bankruptcy is also commonly referred to as the “fresh start” bankruptcy. Chapter 7 is the most commonly filed consumer Bankruptcy in Minnesota for several good reasons. Immediately after you file a Chapter 7 you’re protected from any creditors trying to take property that secures a debt. Creditors are prohibited from obtaining a judgment for unsecured debt that can be turned into a lien against your property. You also get the option to keep any property that secures a debt or give it up to your creditor without having to pay them. Chapter 7 Bankruptcy can really give you some comforting power over your creditors. Here’s how:

At Kain & Scott, one of the biggest concerns that our clients have is what’s going to happen to their house when they file bankruptcy. However, there’s no need to be alarmed because most of the cases that our MN Bankruptcy Lawyers file are considered “no asset” cases. That means you get to keep everything, including your house. No matter where you live in Minnesota there are either state or federal bankruptcy exemptions designed to protect your property. And fortunately in MN our MN Homestead Exemptions are rather generous compared to most other states.

All right, it’s time to get out of this financial turmoil. You’re over your head in debt and you’re trying to stay current on your payments yet you just can’t do it anymore. Creditors don’t stop calling and harassing you and it’s extremely overwhelming. You’ve came to the conclusion that the only way out is bankruptcy. So you get online and start searching for a MN Bankruptcy Lawyer. The second you type in the query MN Bankruptcy Lawyer in Google and press enter, you get hundreds of results. Uh oh, now what?