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.

 

      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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      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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      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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      5 Ways to Stop Creditor Harassment

      Posted by William Kain on June 23

      Best-ways-to-eliminate-credit-card-debt.pngDo any of the following situations sound familiar?

      • Do you have creditors breathing down your neck, constantly applying pressure on you for payment?
      • Are you at the point where you have stopped answering the phone, hoping the important callers will leave a message, just to avoid talking to your creditors?
      • Are you constantly worried when your employer will be contacted and your paycheck will start being affected?
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      Stipulations for Receiving a Chapter 7 or 13 Bankruptcy Discharge

      Posted by Wesley Scott on June 21

      A discharge is a legal term used during bankruptcy and refers to the elimination of your liability from your debts. If you file Chapter 7 your discharge will be granted immediately upon case closing or if you file Chapter 13, your discharge occurs after you complete your repayment period.

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      The Benefits of Utilizing a Chapter 13 Bankruptcy Attorney

      Posted by Wesley Scott on June 17

      Using a Bankruptcy Attorney to help you File a Chapter 13 Bankruptcy will be one of the best decisions you make, apart from your initial decision to get your life and finances back on track by filing bankruptcy. The bankruptcy code, court procedures and filing forms are saturated with legal jargon that will complicate the overall bankruptcy process if you don’t have the assistance from a legal professional. 

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      What Are My Options for Personal Bankruptcy | Chapter 13

      Posted by William Kain on June 15

      Chapter 13 Bankruptcy is right for you if you are experiencing a temporary setback causing you to be unable to make your payments. This option provides time, allowing you to get back on schedule with your finances. You will make monthly payments though they will be reduced, interest-free and your life will be void of collection agency harassment. Chapter 13 protects your property, prevents foreclosures and repossessions and prohibits wage garnishments.

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      The Chapter 13 Bankruptcy Process In Minnesota

      Posted by William Kain on June 14

      You begin a Chapter 13 Bankruptcy by filing a petition. Following the petition you must also file the following documents with the court:

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      Finding Debt Consolidation Solutions for Your Financial Situation

      Posted by Wesley Scott on June 9

      Debt consolidation consists of combining all of your unsecured debt payments into one. This may involve taking out a loan, entering into a debt consolidation program or Filing Chapter 13 Bankruptcy. Now, what are unsecured debt payments?

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      Need to Get Out of Debt Fast? Consider All Your Options

      Posted by Wesley Scott on May 25

      Let’s say you have $50,000 in credit card debt and your situation has gotten to the point where you can’t keep up with your payments. Something has to be done in order for you to take care of your family, get your life back in control and so on.

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      Manage Debt with a Chapter 13 Bankruptcy - Minnesota Debt Solutions

      Posted by William Kain on May 12

      If you are considering a debt consolidation program – stop right there! Make sure you know all of your debt solutions before entering into an agreement. Consider a chapter 13 bankruptcy (Minnesota filers click here for state specific regulations) as an alternative to a debt consolidation program.

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      An Eagan MN Bankruptcy Lawyers Explanation of Chapter 7 and 13 Bankruptcy

      Posted by Wesley Scott on May 8

      Wondering if I can explain to you what a Chapter 7 and Chapter 13 Bankruptcy is so that you can understand it in English? Of course, I can! After all, I am the managing partner at Kain & Scott, Eagan, Minnesota’s oldest bankruptcy law firm - since 1972. Let's start by taking a closer look at the basics of how a Chapter 7 and Chapter 13 bankruptcy actually work.

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      Chapter 13: The Government Sponsored Debt Consolidation Plan In Eagan, Minnesota

      Posted by Wesley Scott on April 17

      I bet you didn’t know there is a government sponsored debt consolidation plan in Eagan, Minnesota? Okay, actually, there is a government sponsored plan across the entire state of Minnesota! Why have most people not heard about this plan? Most people are familiar with debt consolidation companies out of state, many of whom are owned or linked to major credit card companies. But, did you know the government has its own debt consolidation plan for people like you and me?

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      Shackled by Student Loan Debt? Here’s How Bankruptcy Can Help…

      Posted by Erick Bohm on April 5

      Are you one of the 44.2 million Americans with student loan debt? If so, you completely understand the enormous strain student loan debt causes to your financial well-being. For individuals between the ages of 20-30, the average monthly student loan payment is $351. $351 over the course of 12 months comes out to $4,212.

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      Everything You Need To Know About Filing Bankruptcy As A Sole Proprietor

      Posted by Erick Bohm on February 24

      Operating as a Sole Proprietor can be exciting and stressful at the same time. One of the biggest reasons it can be stressful is because you are personally liable for what happens. Unlike having an LLC, corporation, or partnership, you are personally on the hook for anything that happens. When debts become due, creditors can come after you directly to collect.

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