The Office is one of my favorite TV shows of all time. In one of the more memorable episodes, Michael Scott tries to “declare bankruptcy” simply by shouting it for everyone in the office to hear. Bankruptcy law dates back to 1542 in England, but even back then, I don’t think shouting that you declare bankruptcy would be enough to put your creditors on notice.

When individuals are faced with crushing debt, and unable to meet their monthly obligations, one of the logical questions they struggle with is whether they should use their retirement funds to pay the debt. There are few things about my job that break my heart more than hearing clients that are at, or close to, retirement age have used their retirement funds to pay their debt.

I commonly meet clients that have really high auto loan payments, who are wondering if we can help by reducing their monthly payments in a chapter 13 bankruptcy. The short answer is Yes, but there are criteria that need to be met.

Bankruptcy can discharge a lot of different types of debt. With debt like a traffic ticket, this is debt that is owed to either the city, county, or the state depending on where the citation was issued. In other words, this is debt owed to the government.

When you have filed and received a bankruptcy discharge in a prior chapter 7 or chapter 13 in Minnesota, timing matters if you want to receive a discharge in a new bankruptcy case.

Read on for the time restraints on filing Chapter 7 or Chapter 13 after a previous bankruptcy. Take note that the times are different depending on which chapter, chapter 7 or chapter 13, you previously filed.

From the ancient Mississippian people who grew crops near present-day Winona, to European immigrants farming in Jordan, and to present-day family farms, Minnesota has a rich farming history.

One of the most common questions that we hear around this time of year is whether potential clients will lose their tax refunds if they decide to file a Chapter 7 bankruptcy.. The short answer is that it really depends on each individual situation, but in a great many of the cases that we file, the tax refunds can be protected. 

Generally, the answer is “no,” with a few exceptions. First, I will explain what happens to your debts when you die. After that, I will cover the few exceptions to the rule for surviving spouses in Minnesota.

In Minnesota, contractors, laborers and material suppliers are entitled to file a mechanics’ lien against real estate they have “improved” – by constructing, remodeling or repairing structures on the property – and for which the property owner has not paid. Filing bankruptcy before or after a mechanics lien can cause different scenarios.

Whether there is a minimum debt requirement to file bankruptcy is a common question. The answer is no, there is no legally defined minimum amount of debt you need to file either a chapter 7 or chapter 13 bankruptcy. 

One of the great features of Chapter 13 bankruptcy is that the monthly payment the debtor makes is based on the debtor’s budget. In theory, the Chapter 13 payment is always affordable for debtors. Unfortunately, because your circumstances may change, your Chapter 13 payments may become unaffordable. We can help.

Chapter 13 bankruptcy cases are repayment plans that can be an effective tool to use to resolve financial problems in a variety of scenarios. Chapter 13 gives people a way to restructure their finances while being able to retain their home, their car, and other assets that would otherwise have to be turned over to creditors.

Just down the road from you is St. Cloud, MN where you will find Kain & Scott, Minnesota’s HIGHEST Google reviewed bankruptcy law firm. We can meet you in person or we can meet with you via phone, Skype, or even Zoom. If you find yourself a resident of Foley, Minnesota, or the surrounding area, and you are suffering with debt, Kain & Scott is nearby, and we can help you get your life back!

Most people like to choose a bankruptcy professional that is not from their hometown for privacy reasons. I totally understand this as I like my privacy as well. Reaching out to Kain & Scott in nearby St. Cloud, Minnesota gives you the closeness you want, but yet the confidentiality you demand too. Over the years, Kain & Scott has helped numerous residents of Foley and the surrounding area get their lives back by smacking the reset button and moving on with your life.

At Kain & Scott, we understand the courage it takes to reach out for help, and we honor that courage by having the most kind, helpful, professional staff that deliver the best customer service of any other bankruptcy law firm in the state of Minnesota. Want proof? Just read our Google reviews and see for yourself what our clients and former clients have to say about our level of service to our guests. You will read words like friendly, kind, helpful, professional, etc.

By reading our Google reviews you don’t have to take our word for it, take the word from your own family and friends that have used Kain & Scott to get their lives back over the years too.

The concept of discharge can prove to be a bit confounding to individuals not directly involved in the field of bankruptcy, especially when it comes to how that debt is taxed or not taxed.

Essentially, discharge means the debt is forgiven or canceled, and the creditor has either agreed to the debt being wiped out or the creditor is prohibited from pursuing future payment. Bankruptcy can only cancel debts that exist at the time the petition is filed.

One of the most common concerns people have when considering filing for bankruptcy is whether they will be able to keep their house. Bankruptcy law provides a great deal of protection for the homes of those who file for bankruptcy (aka debtors), particularly in the state of Minnesota.

Maybe chapter 13 has been mentioned to you or maybe you googled it. You know that a chapter 13 is different than a chapter 7, but how does it really work?

When you file bankruptcy, a chapter 13 or a chapter 7 filing, you will be required to attend a meeting of creditors. The meeting is conducted by the trustee, who is charged with administering the estate. But your creditors can and sometimes do attend this meeting. Very few creditors actually attend the meeting, and most of the time a bankruptcy debtor can expect that no creditors will be present.