Don’t have any idea how bankruptcy works or what it can do for you? You’re not alone – many of our clients tell us during their free initial consultation that all they know about bankruptcy is that it is a way to get rid of debt, but are unsure how bankruptcy works and how it will affect their lives.

Last week, I wrote about the nuts and bolts of bankruptcy - how bankruptcy “works.” In doing so, I concentrated on the paperwork any bankruptcy debtor has to file with the court: the bankruptcy petition, schedules and statements.  And I wrote about those documents through the lens of the two goals of bankruptcy: to treat a debtor’s creditors fairly, and to allow the debtor to live with dignity.  This week, I want to take a deeper look at how bankruptcy law attempts to satisfy those two goals.

What happens when the unexpected happens? You are going along and unexpectedly (or perhaps it is expected), your parent passes away without a will, leaving their home to you as the beneficiary. You are now trying to juggle the mortgage payment on your parent’s home in an effort to keep the home in the family, in addition to another mortgage and your own debt. Pretty soon you realize that your parents were behind on their mortgage payments when they passed away and you get that dreaded foreclosure notice. You were barely making ends meet before and now you need to come up with additional money to save the house.

Many seniors—perhaps after a lifetime of responsible spending and financial planning—find themselves in debt later in life. Typically, an upsurge in medical bills and related expenses causes seniors to fall behind on payments; because most seniors are on a fixed income, they sometimes lack the additional resources needed to pay for ongoing treatment or hospitalizations. With constant harassment from creditors and worries about liens and other aggressive collections actions, instead of enjoying your retirement you may end up even more stressed about money than ever before.

When you are contemplating a MN Bankruptcy filing, there are several things that you should not do before filing your petition. Taking certain actions immediately prior to filing for bankruptcy relief can hurt your bankruptcy case and turn a simple bankruptcy into a complicated case, at risk of having your bankruptcy discharge denied.

Most Americans are worried about money. In fact, for about a quarter of people dealing with debt issues, the stress is bad enough to create PTSD-like symptoms. Sometimes, a few hours of moonlighting per week and some financial sacrifices in other areas are sufficient to restore financial sanity. But in many other cases, that method will not work because there is simply too much debt. Making matters worse, moneylenders call and send letters almost daily, and each new communication is a little more threatening than the last one.

I meet with prospective clients every day to speak with them about their financial problems and if and how filing a Chapter 7 or Chapter 13 bankruptcy case would help resolve the specific problems confronting them.  At Kain & Scott, our MN Bankruptcy Lawyers have a structure to these meetings - the lawyers do what is in essence an intake interview. 

If you are a resident of Minnesota, be careful about getting sucked into using services of an out of state marketing company, or out of state law firm trying to help you File Bankruptcy in Minnesota. Some of these companies have www.glassdoor.com reviews from their former employees that are scathing.

Does it seem like an oxy-moron to you that a person who has debt has to pay for St Paul Bankruptcy Lawyer? I know, I used to feel the same way. It seems like when you are broke, there would be no way to pay for fees to begin with. However, when you are no longer paying on debt, that will typically create some room to pay for fees.

Medical bills are the worst kind of debt there is. They are impossible to predict and certainly not preventable. I have a relative who is a young woman who has brain cancer. Do you have any idea how huge the medical bills are for something like this? That is not to mention the amount of other debt incurred along with medical bills.

Filing Chapter 7 Bankruptcy in Roseville, Minnesota is a life changing event. To me, there is no better way to get your life back than to push the reset button and move on with your life. Living with overwhelming debt is terrible and very stressful. Living without overwhelming debt is beautiful and happy. Still, the question remains- how long will this affect me? How long will a Chapter 7 filing remain on my credit in Roseville?

It can happen to anyone. You fall behind on your mortgage payments and you start to panic. And trust me, there are not many things that can make you panic like the thought of losing your Bloomington home because you fell behind on the payments. However, with Bankruptcy you are in luck. Bankruptcy stops foreclosure and here's how...

One of the five most common reasons that individuals living in Minneapolis might choose to file bankruptcy is as the result of a failed, or failing, business. Given the state of the economy over the past several years, many small business owners are struggling to continue to operate their businesses. Many of those business owners then begin to wonder what their options are regarding their financial struggles. One common question is whether a “business bankruptcy” is a good option.

At Kain & Scott, our team of bankruptcy specialists are out in the real-world talking to real people about bankruptcy every day. After thousands of conversations with Minnesota residents, there are certain questions that come up over and over again in our discussions that, although the answers have a significant impact on the lives of those who are Filing Bankruptcy seem to be off-limits and therefore never addressed on most bankruptcy websites.

So, you live in or around Monticello, Minnesota and you know you need to file bankruptcy but you are not sure which bankruptcy you need to file. There are some simple questions to ask to figure out which bankruptcy makes sense for you.

Why do Minnesotans choose Kain & Scott to file bankruptcy? Simple. Kain & Scott has the best customer service experience than any other bankruptcy law firm in Minnesota. But, don’t take my word for it, read what our former and current guests say about us online with google reviews. Kain & Scott is Minnesota’s highest Google reviewed bankruptcy law firm- period.