Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

    What is a Bankruptcy Discharge and How Will it Help Me Out of Debt?

    Posted by Wesley Scott on July 30

    Most clients ask similar questions during a bankruptcy consultation. One familiar question that I am asked is “What is a bankruptcy discharge?” The immediate follow-up question is “How can it help with my debts?” Before I answer either of these questions, I tell my clients that a bankruptcy discharge is the ultimate goal for any debtor in a bankruptcy case and it is my job as an attorney to assist you through the bankruptcy process to achieve that goal. Below is a brief discussion that answers these two questions more thoroughly.

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    Choosing Chapter 13 Bankruptcy: Minnesota Family Shares Their Story

    Posted by William Kain on July 29

    We see individuals and families of all shapes and sizes in need of help due to financial instability and hardship. In order to portray the “true story” of filing bankruptcy in Minnesota we want to share some of our experiences with people just like you, looking for a way out of debt and a fresh start. We are going to add generalizations and change the personal details for privacy purposes. However, many debtors experience similar situations and circumstances, so these stories are likely shared by many.

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    These Types of Bankruptcy Can Help You Find Financial Relief

    Posted by Wesley Scott on July 28

    When debts turn into a vicious cycle that threatens to never end, filing for bankruptcy can be a wise and prudent choice to move toward financial freedom. There are multiple types of bankruptcy that suit different situations.  The best choice for you will mainly depend on your debts, assets and current income.

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    How A Bankruptcy Can Stop Foreclosure Proceedings

    Posted by Kelsey Quarberg on July 21

    In Minnesota, the foreclosure process takes a pretty long time. The average non-judicial (most common) Minnesota foreclosure lasts anywhere from 9 to 12 months, sometimes even longer! When faced with foreclosure, a homeowner has a few options 1) surrender the home to the bank (and potentially file Chapter 7 Bankruptcy), 2) redeem the home, or 3) file Chapter 13 Bankruptcy. Here I will discuss the pros and cons to each of these options.

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    3 Steps to Answer the Question, "Should I File Bankruptcy?"

    Posted by Wesley Scott on July 18

    As a bankruptcy attorney, I know that individuals and couples go through several stages when they are answering the question “Should I file bankruptcy?” While most consumers follow a similar process when tackling this question, not every person will follow the same exact path to decide whether or not bankruptcy is right for them. This is because each person’s or couple’s financial situation is unique; however, through years of experience and by helping thousands of clients through the bankruptcy process, my partner and I have learned that most debtors go through at least three stages before deciding if they should file bankruptcy. While not all three steps are necessary, and many may skip to the last and most important step, there is some value in each of the following steps.

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    MN Bankruptcy Lawyer Explains: What Happens When You Default On Credit

    Posted by William Kain on July 18

    Most of the potential clients our MN Bankruptcy Lawyers meet with at Kain & Scott have defaulted on at least one of the accounts they hold. For many of the people I meet, they have been able to stay current on some accounts, but because of their financial circumstances, they have not been able to maintain current payments on all of their accounts.

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    Pros and Cons of Bankruptcy, from a Filer's Perspective

    Posted by William Kain on July 15

    Nancy*, one of my previous clients, went into her bankruptcy kicking and screaming. Here is how she tells her story today: Filing a bankruptcy case was the last thing I wanted to do, but I had lost my job and the bills began to pile up. There was no end in sight. I hated imagining what my parents, neighbors, co-workers and friends would think when they found out that I filed bankruptcy. I tried to find another way out of debt; however, nothing I tried helped and some solutions even made the situation worse.

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    6 Steps To Getting Your Life Back Through Bankruptcy in MN

    Posted by Erick Bohm on July 13

    When was the last time you sat down and asked yourself, “how did I get here”? Chances are you say this to yourself all the time, but, truly, when was the last time you sat down and forced yourself to answer the question? If you’re like most people, you don’t spend much time with self-reflection. Self-reflection is incredibly important so you can truly understand the situation you’re in, how you got there, and how to get you where you want to be.

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    Should I File Bankruptcy In MN?

    Posted by Wesley Scott on July 7

    If you’re asking yourself this question, you may feel like you’re literally drowning in debt. You struggle to keep your head above water, but in fact, you’re barely staying afloat. If you’re feeling this bogged down with stress over debt, it’s time to take action. Consider the many benefits of filing a Chapter 7 bankruptcy. Many people dread the very thought of filing for bankruptcy, when in fact it is a positive way out to get a fresh start. Do not feel like a failure; you’re doing the right thing.

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    8 Pros and Cons of Bankruptcy

    Posted by William Kain on July 6

    If you are struggling with debts and dealing with creditor harassment, you are not alone. Many Americans are facing the same situation because they are unable to meet their financial obligations due to the loss of a job, a medical illness or the loss of a spouse. Whatever the reason, stress from unpaid bills is draining both emotionally and physically.

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    Get Debt Free through These Types of Bankruptcy

    Posted by Wesley Scott on July 3

    Constantly feeling like you are trying to catch up, while preventing yourself from falling further behind, is exhausting. The longer this drags on, the more tired and discouraged you become. Financial stress is known for causing personal health problems as well as relationship issues.

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    Get Debt Free With Brooklyn Park, Minnesota's Nicest Bankruptcy Law Firm

    Posted by Erick Bohm on July 2

    Are you ready to seize your financial independence from debt in Brooklyn Park, Minnesota, this Fourth of July?
    Independence Day is here and, in addition to fireworks, cookouts, and family, the holiday has many Americans considering the true meaning of independence. Sure, you may have your own house, car, job, and lifestyle, but are you really independent? Or are you shackled by the weight of outstanding debt?

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    How Do I Reduce My Minimum Payment to Creditors?

    Posted by Wesley Scott on June 30

    If your financial situation is spinning out of control and you are no longer able to make your full monthly payments on time, something needs to happen. Or, perhaps you are already in a debt management program and aren’t able to keep up with your already lowered monthly payments. There are two things that can be done.

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    The Role of a Chapter 13 Trustee in Your Bankruptcy Case

    Posted by Wesley Scott on June 28

    A chapter 13 trustee will be assigned to your case when you file for bankruptcy. Think of the chapter 13 trustee’s role in your bankruptcy case similar to the role an account manager plays. This individual is appointed by the court and will manage your case from the beginning, through your entire repayment plan, at which time you will receive a discharge.

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    How To Keep Your Car When Filing a Chapter 7 Bankruptcy

    Posted by Wesley Scott on June 26

    Two of the most common bankruptcy myths lead people to believe that you will lose everything you own and you will never be able to own anything in the future. Both of these are false. Most people who file bankruptcy don’t lose anything and in the future you can buy, own and possess whatever you can afford to make payments on. One of those necessary and often treasured possessions debtors fear losing is their vehicle – their mode of transportation.

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    What Not To Do During The Bankruptcy Process in Minnesota

    Posted by William Kain on June 22

    When you enter into the Bankruptcy Process in Minnesota, or in any state, you should avoid making these common mistakes. Working with a bankruptcy attorney, if you are open and honest and trust your lawyer, will generally ensure you don’t unintentionally do anything you shouldn’t.

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