There are endless fines and fees associated with all walks and circumstances of life, just seems to be the theme these days. Typically, bankruptcy can assist in getting rid of the unwanted and unrelenting debt that plagues many people in society. But what about the miscellaneous fees and fines, from parking tickets, restitution, or reimbursement expenses?

Relationship break-up is one of the most common reasons why people end up filing for bankruptcy, and it is easy to put your personal finances on the back-burner while coping with the stress of losing your partner in life. The problem is, that bills still keep coming due, and your creditors are not very sympathetic and understanding when your finances (and life in general) are in flux.

Under Minn. Stat. § 550.37, subd. 4, “[a]ll wearing apparel, one watch, utensils, and foodstuffs of the debtor and the debtor's family; and (b) household furniture, household appliances, phonographs, radio and television receivers of the debtor and the debtor's family...” are exempt. See In re Irwin, 232 B.R. 151 (Bankr. Minn. 1999).

Your location is important in a bankruptcy, because it will determine the district you file in and applicable exemptions.

When a person neglects or refuses to pay their tax debt, the IRS can obtain a lien on the tax payer’s property. The federal tax lien attaches to every interest in property that the taxpayer has or acquires during the time of the lien in effect. The IRS obtains the perfected security interest in the person’s property by filing a Notice of Federal Tax Lien with the county recorder’s office. The lien remains in effect until it is satisfied or becomes unenforceable by the lapse of time.

Unfortunately, one of the main reasons for filing bankruptcy is a failing business. I often meet with clients that are business owners that know that their business is failing, but have yet to close the business.

There are usually many questions surrounding when to close a business. Here are some general tips on the best timing for closing a business and filing for bankruptcy.

I received a phone call from someone who had recently filed a bankruptcy case by herself. She had read all of the information she could find regarding the bankruptcy process and filing bankruptcy without using a lawyer,

She had prepared the bankruptcy petition, schedules and statements to the best of her ability. She was calling me now after she had received a phone call from an assistant for the bankruptcy trustee who had been assigned to her case – and the questions the assistant asked her was making her nervous. She was looking for help.

A trust is an estate planning tool. Trusts can allow individuals to protect assets, avoid taxes, avoid probate and ensure that the grantor’s assets are distributed according to the grantor’s specifications.

Once a trust is created, it needs to funded. This means that the grantor, the person with the assets, needs to move assets into the trust. If the asset is real estate, the deed to the property needs to be re-deeded in the name of the trust, if the asset is a bank account, the funds need to be moved into an account titled in the name of the trust.

Kain & Scott has 9 office locations in Minnesota. 7 out of the 9 are staffed full time by real live Kain & Scott people. Rochester and Mankato are staffed by appointment only. In our St. Cloud, Minnesota office we have 3 Chapter 7 and 13 Bankruptcy lawyers and numerous staff that are waiting to help you get your life back now.

Kain & Scott has been protecting St. Cloud, Minnesota residents from their creditors since 1972, longer than any other Minnesota bankruptcy law firm. What have we learned about bankruptcy since 1972? We have learned that our guests love to get their lives back and never regret the decision to file Chapter 7 Bankruptcy.

Minnesota’s largest bankruptcy law firm has an office in Eden Prairie, MN that is staffed full time. This is not one of those pretend law office locations to trick Google into appearing on Google Maps “Law Offices”. This is a fully functional and staffed bankruptcy law firm right in Eden Prairie, MN, right where you live.

While you would normally have to go to court when filing bankruptcy, COVID-19 restrictions have changed the game. It is now possible to file bankruptcy without ever having to physically go to court in Minnesota.

With the election of a new president, many people are wondering what may change under a Biden presidency. In many areas of policy there may be significant changes. In regards to bankruptcy, consumer attorneys are not expecting many changes in this area of law. In 2005, then Senator Biden was instrumental in changes to the bankruptcy code, and in fact the legislation helped out big banks and creditors more so than it did consumers.

If you have filed a bankruptcy, or are considering filing a bankruptcy, and have done any research, you may have come across the phrase “preference payment” and asked yourself, “what does that mean?” Well, rest assured, you are not alone in asking this question. This post will discuss preference payments and what they mean with respect to a bankruptcy filing.

One of people’s biggest concerns when trying to decide whether they should file for bankruptcy is whether they will be able to keep their vehicle or not. After all, it is typically one of the most valuable assets people have and often their sole means of transportation.

Chapter 13 bankruptcies allow people to keep their property in exchange for agreeing to a 3-5 year payment plan, in which they make monthly payments towards their debts. Chapter 7 bankruptcies typically last up to 4 months and do not require any payments towards debt. The catch is that any property that is not specifically “exempt,” that is protected under the law, can be taken by the bankruptcy trustee to be sold to pay towards your debts.

The Means Test is used to determine whether your income will allow you to file a chapter 7 bankruptcy.

Due to the ongoing COVID-19 pandemic, many mortgage lenders have allowed homeowners to take advantage of putting their mortgage payments into forbearance for varying amounts of time, and hundreds of thousands of individuals have taken advantage of these programs. With respect to these forbearance plans, the most common question that clients and potential clients are asking is: What happens when the forbearance period ends?