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.

 

Fees to Consider When Filing Chapter 7 Bankruptcy in Duluth, MN

Posted by Wesley Scott on October 30

First of all, you should be proud of yourself for making the decision to get your life back. At Kain & Scott, we know this decision is not easy to make. But do you know what all of our former clients tell us? Their only regret is that they didn’t file sooner! So congratulations for making that decision, you will not regret it. Now how much are the fees to file Chapter 7 Bankruptcy in Duluth, Minnesota? 

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What to Expect at Your Meeting with a Bankruptcy Attorney

Posted by William Kain on February 28

 

Most people never need to hire a lawyer, and when they do, it’s usually at a time of their life that is filled with stress and uncertainty. As a result, meeting with a lawyer a lawyer is often something that people approach with a lot of trepidation. It’s no different when someone is considering filing for bankruptcy. You’re already being harassed by creditors and debt collectors, you may be facing foreclosure, and other legal actions. The idea of meeting with a complete stranger to discuss your financial situation is, at a minimum, daunting. However, it’s important to remember that our Minnesota bankruptcy law firm is here to help you get through these difficult times and make a fresh start.

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Can You File for Bankruptcy Twice?

Posted by William Kain on February 24

Clients often come to us unsure of whether bankruptcy is the right option for them, or whether they can file bankruptcy at all. If you’ve previously filed for bankruptcy, or if you think you may need to file more than once, this question becomes more complicated. The simple answer is yes, you can file for bankruptcy again, but the timing and other details are important.

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What Happens When You File Bankruptcy?

Posted by Wesley Scott on June 12

The first thing that happens when you file bankruptcy is you feel an immediate sense of relief. Why? Because as soon as you file a bankruptcy, your creditors are banned from contacting you to collect on a pre-existing debt. There is peace in the valley, your phones no longer lite up and your mail box is full of junk mail - NOT bills!

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Bankruptcy Basics For Debtors in Minneapolis

Posted by Wesley Scott on April 20

Hi everyone! So you are on line searching for information on the basics of bankruptcy. How does it work? What are the differences between a chapter 7 and a chapter 13? Which bankruptcy looks better on my credit report? These are all great questions right? But, can someone explain them in simple terms? I can! 

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Pros and Cons of Chapter 7 Bankruptcy

Posted by William Kain on April 3

Making the decision to file a bankruptcy case is never easy; however, bankruptcy may be the best solution to your debt problems.  Bankruptcy offers many advantages that other debt solutions do not offer. Although there are numerous advantages, there are also some disadvantages. To help you weigh your options, our attorneys discuss all of the pros and cons of Chapter 7 during your free bankruptcy consultation.  Below are some of the common pros and cons of Chapter 7 that apply in most cases filed in Minnesota.

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Buying a Home or Car After Chapter 7 Bankruptcy in Minnesota

Posted by William Kain on March 8

If you’re afraid that filing Chapter 7 bankruptcy will prevent you from purchasing your dream home or concerned that you’ll be unable to replace a vehicle that was repossessed, don’t be! While some conditions do apply, it is still possible for you to buy a new house or car after filing for Chapter 7 in Minnesota.

And, if you file for Chapter 7 with Kain & Scott, you can take advantage of our Free 90 Day Credit Repair Program that will help you raise your credit score and obtain financing from one of our trusted Minnesota lenders to help you purchase the things your family needs.

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Unexpected Debt and Minnesota Bankruptcy

Posted by Kelsey Quarberg on December 20

Has Mother Nature caught you off guard with unprecedented winter storms?

No matter how prepared you think you are for winter, chances are when an unexpected snowstorm hits, you find that there was something you forgot: extra batteries, driveway salt, or the ever-important loaf of bread and gallon of milk may make the difference between enjoying the winter wonderland outside or cursing the swirling white fury outside your window.

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Tackling Your Debt During the Holiday Season

Posted by Kelsey Quarberg on December 13

Has your debt landed you on the naughty list this year?

It’s that time of year when Santa is making his annual inventory of all the good and bad Minnesotans. But Santa isn’t alone: many Minnesota families are also taking a good hard look at their finances and wondering how much crunch they will feel once their credit card statements come in January. According to a recent report, the average American family spent almost $1,000 on just gifts during the 2016 holiday season and the projected expense of the 2017 season is expected to be even higher. For Minnesota families that are already struggling financially, the added cost of the holidays can turn a bad situation into a dire one.

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How Do I Get Over the Fear of Filing Chapter 7 Bankruptcy In St. Cloud, MN?

Posted by William Kain on November 28

There are better words in the English dictionary than bankruptcy. If you are not nervous about filing Chapter 7 Bankruptcy, you are weird. But to the team at Kain & Scott, suffering from overwhelming debt is not unusual or weird. It’s called life. The humility of being alive.  No one dreams of getting married and going through a horrible divorce, no one dreams of starting a business and have it turn into a nightmare, no one dreams of having cancer so you can’t work or pay your bills and yet these things happen all the time.

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The Role of a Trustee in a Chapter 7 Bankruptcy

Posted by Wesley Scott on November 20

If you’re considering filing for Chapter 7 bankruptcy in Minnesota, you probably already know how important an experienced Minnesota bankruptcy attorney is to your case (and for reasons why Kain & Scott are the best bankruptcy law firm in Minnesota to handle your Chapter 7 bankruptcy, see below!)

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5 Mistakes to Avoid When Filing for Chapter 7 Bankruptcy in Minnesota

Posted by Margaret Henehan on November 17

There are 5 mistakes that may cause your bankruptcy petition to be denied and prevent you from erasing your debt. The 5 mistakes to avoid when filing for Chapter 7 bankruptcy in Minnesota are:

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St. Cloud Bankruptcy – How to File Chapter 7 with Kain & Scott

Posted by William Kain on November 15

In the age of YouTube tutorials and do-it-yourself blogs, it’s now easier than ever to find “how to” information online. From building furniture, to fixing a leaky faucet, to how to prepare a perfect child’s birthday cake, “how to” videos and tutorials empower the average layperson to expand their knowledge base and become more self-sufficient.

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Twelve Years After the BAPCPA

Posted by Wesley Scott on November 9

For those of us who were practicing law at the time, the month of October, 2005 is very memorable. It was October 17, 2005 that the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act went into effect - the most sweeping change in bankruptcy law since the Bankruptcy Reform Act of 1978.

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5 Myths About Filing Chapter 7 Bankruptcy in Minnesota

Posted by Erick Bohm on November 7

Some myths are fun and harmless: from Paul Bunyan to the Lost City of Atlantis, tall tales spark our imagination and inject the extraordinary into our ordinary lives.

Other myths, such as those surrounding filing Chapter 7 bankruptcy in Minnesota, are far from harmless. Without the facts, consumers can be confused by misinformation that prevents them from making sound financial decisions. Whether it’s false claims about the time and expense, or misleading information about what bankruptcy can and can’t do, these myths are just as make-believe as the Tooth Fairy and the Fountain of Youth

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How to Get a Fresh Start in St. Cloud, Minnesota with Chapter 7

Posted by Kelsey Quarberg on November 2

Could you use a financial fresh start? Do you have unsecured debt that you are unable to pay? Is your low credit score preventing you from living the life you thought you would?

Sadly, many St. Cloud residents would answer “yes” to all three of the above questions, while many more would agree with at least one.

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Why Should I File Chapter 7 Bankruptcy?

Posted by Wesley Scott on October 26

Are you a Minnesota resident that has ever wished you could get a financial “do-over”?

There are many times in life that someone could benefit from a do-over. Whether it’s because of a fender-bender, relationship gone sour, bad decision, or unavoidable circumstances, the desire to reset the clock happens to all of us at one time or another. Unfortunately, in most cases people rarely get a second chance to start over.

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The Do’s and Don’ts of Filing Chapter 7 Bankruptcy in Minnesota

Posted by Wesley Scott on October 19

Filing Chapter 7 bankruptcy is a great way to get a fresh start: by erasing your debt fast. Your family can get relief from harassing creditors and aggressive collections actions, while a clean financial slate can help you obtain financing for the things you need and provide a stable starting place for repairing your credit score.

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Chapter 7 Bankruptcy: What Is It And What Happens When You File?

Posted by Kelsey Quarberg on October 17

While most Minnesota residents are familiar with the concept of bankruptcy, the nuances between the different types can still be confusing. At Kain & Scott, we offer our Minnesota clients both Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. This article focuses on Chapter 7 Bankruptcy, which can eliminate all of your unsecured debt forever in 90-120 days from filing.

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Counseling Requirements When Filing for Bankruptcy

Posted by Erick Bohm on October 13

Before you can file for Chapter 7 or Chapter 13 bankruptcy, you must consult with a nonprofit credit counseling agency. There are two courses you must complete. One is pre-filing and one is post-filing. Most people attend these courses online but they can be completed over the phone as well. The purpose of the first course is to see whether there are any options outside of filing for bankruptcy and the purpose of the second course is to educate you on your budget moving forward.

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Chapter 7 Bankruptcy: How Long Does It Take To Get A Discharge?

Posted by Wesley Scott on October 12

From the newest time-saving gadget to high-speed forms of travel, as a society, we love to get things done fast. With little time to spare, our busy lives require quick and easy solutions to problems – and that includes a fast and easy way to erase debts with Chapter 7 Bankruptcy.

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How to Achieve a Debt Free Life

Posted by Erick Bohm on October 10

Have you ever wondered what life without debt would be like? Believe it or not, it’s entirely possible. Whether you’re under water on your vehicle, fallen behind on your mortgage, or have overwhelming credit card debt, bankruptcy can help you break free from the shackles and live a debt free life. In a matter of a few short months, you could have your financial life back! Here’s how…

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Chapter 7 Bankruptcy: What Happens To Your Credit Score After Filing?

Posted by Kelsey Quarberg on October 9

October is a time for scares: ghosts, goblins, and ghouls abound and frights are as common as falling leaves. One type of scare you don’t want in October is to come face-to-face with a low credit score. Unfortunately, for those who are considering filing Chapter 7 Bankruptcy in Minnesota, a low credit score is a common problem and, once your score has fallen, it can be difficult to raise it again.

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Chapter 7 Bankruptcy: What Is It And How Long Does It Take To File?

Posted by William Kain on October 6

If you’re serious about eliminating your debt and recharging your financial future, chances are you have heard of Chapter 7 Bankruptcy. Chapter 7 bankruptcy gives you a fresh start by erasing your debt fast and immediately stopping aggressive collections actions and calls from creditors that can cause stress and anxiety, negatively impacting your quality of life. Without your debt to hold you back or creditors to harass you night and day, you have the freedom to make the most of your fresh financial start.

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How Does Bankruptcy Affect Foreign Debt?

Posted by Erick Bohm on October 5

Here in Minnesota, it’s not unheard of to have clients who are either from Canada or frequently move back and forth. Sometimes clients will come to us with questions regarding their foreign debt. When I say foreign debt, I’m referring to debts which were incurred outside of the United States. So, what happens when someone incurs a debt outside of the United States and then moves here? Well, unlike debts which are recognized across state borders, international debts are generally not collectible.

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F.A.Q. About Filing Chapter 7 Bankruptcy in Minnesota

Posted by Wesley Scott on October 4

Filing Chapter 7 bankruptcy in Minnesota is a big step towards erasing your debt and getting a fresh start. As with any major life decision, you want to make sure that you have all the facts you need to make the right decision for your family. That’s why our bankruptcy specialists at Kain & Scott have addressed the most common questions our clients have about filing for Chapter 7 bankruptcy in Minnesota.

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3 Tips on Filing Chapter 7 Bankruptcy in Minnesota

Posted by Wesley Scott on October 2

Congratulations on making the decision to get a fresh start with Chapter 7 bankruptcy! Over the past 50 years, we have helped many Minnesota residents just like you discharge their debt by filing Chapter 7 bankruptcy. As a law firm that specializes in Chapter 7 bankruptcy, we know how to ensure that you get the most out of your bankruptcy and how to avoid common pitfalls that can prevent your debt from being discharged.

We’ve compiled a few simple tips to help you file for Chapter 7 bankruptcy in Minnesota:

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The Difference Between Exempt & Non-Exempt Property in Minnesota

Posted by Kelsey Quarberg on September 27

Chapter 7 bankruptcies are known as the “Liquidation” chapter of bankruptcies. That doesn’t mean the judge is going to pull up in front of your house with a moving truck, load up your stuff, and drive away. Instead, it means the court labels your property as either “exempt” or “non-exempt” based on either federal or state laws. Your non-exempt property can either be: 1) surrendered to your Chapter 7 trustee, 2) “purchased” from your bankruptcy estate, 3) or abandoned by the Chapter 7 trustee. Here, I will first discuss the differences between exempt and non-exempt property. Then, I will discuss the three non-exempt property options.

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What is a Priority Creditor - Part 2

Posted by William Kain on September 21

Last week, I wrote about priority debt - the type of unsecured debt that Congress decides should take priority over general unsecured debt in a bankruptcy case. Holding priority debt can be very beneficial for creditors, since in a chapter 7 case, all priority debt is paid, in full (if there are sufficient funds available) before any general unsecured debt is paid, and in a chapter 13 case, all priority debt must be paid in full in order for a chapter 13 plan to get confirmed and for the chapter 13 debtor to receive a discharge.

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(Video) Filing Chapter 7 Bankruptcy In Eden Prairie, Minnesota

Posted by Wesley Scott on September 19

What is a Chapter 7 bankruptcy in Eden Prairie, Minnesota? It is the same thing it is all throughout the state of Minnesota. Bankruptcy law is based on federal bankruptcy statutes, not state law. So, what Chapter 7 bankruptcy is in Eden Prairie, Minnesota is the same thing it is all across Minnesota. Chapter 7 bankruptcy is like hitting a reset button on your financial life.

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What is a Priority Creditor?

Posted by William Kain on September 14

When the lawyers at Kain & Scott file bankruptcy cases, one of our jobs is to “classify” debt. There are three classes of debt in bankruptcy cases: unsecured, secured and priority.

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How To File For Chapter 7 Bankruptcy

Posted by Erick Bohm on September 13

Don’t you wish there was a fast and easy way to erase your debt in Minnesota?

It’s easy to get into debt: the loss of your job, change of circumstances, an unstable market, and serious illness are just a few reasons you may have fallen behind on your payments. Once you fall behind on your payments, the amount of your debt grows quickly as penalties and interest are added.

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What Happens If You Transfer Money Prior To Filing Bankruptcy?

Posted by William Kain on September 8

Last week I wrote about a common concern that people who are thinking about filing a bankruptcy case have: the entanglement of family members in the potential client’s financial affairs. I wrote about the effect a bankruptcy has on a non-filing spouse and the issues in bankruptcy that come up when a relative has co-signed on a financial obligation with a bankruptcy debtor.

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How Can I Keep My Family Out Of My Bankruptcy?

Posted by William Kain on September 7

Most of the people that I see at my office who are experiencing financial problems are feeling a significant amount of stress about their money problems. And many of the people with whom I meet are concerned about what will happen to family members if they choose to file bankruptcy. The concerns come from many fact situations.

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Pros and Cons of Declaring Bankruptcy

Posted by Erick Bohm on September 5

Let’s face it, nobody wants to file bankruptcy. Then again, nobody wants to struggle financially, either. Unfortunately, we all struggle with our finances at one point or another. Sometimes we find ourselves in a financial bind and we need help getting out from underneath the pressure. Bankruptcy is a powerful option that helps consumers resurface after being brought down by crippling debt. Whether the debt is caused by ever-increasing interest rates, unmanageable credit cards, divorce, or medical related issues, bankruptcy may be a great option to get your life back.

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(Video) What Are The Chances of Getting Denied a Chapter 7 Discharge?

Posted by Wesley Scott on September 4

At Kain & Scott we get asked what the chances of getting denied a Chapter 7 discharge a lot and we completely understand this concern. But, let’s talk about what actually happens to the VAST majority of Minnesotans who file a Chapter 7 bankruptcy. The VAST majority get their discharge and have their debts wiped out,  tax free ! However, a very small percentage of cases do get denied, here are the reasons:

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(Video) How To Choose The Best Chapter 7 Bankruptcy Law Firm In Minneapolis

Posted by Wesley Scott on September 1

So you need to file a Chapter 7 bankruptcy but you are wondering who should you hire? There are all kinds of so-called “MN Bankruptcy Lawyers" or other paralegal services who peddle their services on park benches and street corners. But, how do you really know who to trust with filing a Chapter 7 bankruptcy for you in Minnesota? At Kain & Scott, we have heard the horror stories from our guests who have met with the park bench paralegal, the lawyer who meets with you in his house, and the lawyers who advertise on TV but don’t treat their guests like rock stars. Take it from us here's how to choose the best Chapter 7 Bankruptcy Law Firm in Minneapolis...

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What Happens to Lease Agreements in Chapter 7?

Posted by Erick Bohm on August 31

Lease agreements and executory contracts can either be assumed or rejected through Chapter 7 bankruptcy. Depending on your circumstances, you may wish to separate yourself from an existing lease agreement, or you may want to continue with your obligations after the bankruptcy. Through Chapter 7, you can choose to do either. In this blog we will look at various types of executory contracts and your options for each through Chapter 7.


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(Video) How To Get Rid Of Debt Without Paying It – Tax Free!

Posted by Wesley Scott on August 28

Are you suffering from an overwhelming debt problem? If so, at Kain & Scott, we are sorry you are going through this. Living with overwhelming debt is painful, embarrassing, and unstable. Every day you wonder who is going to come out of the woodwork and call you and harass you and your family. It’s a terrifying way to live. However, life is very humbling, and overwhelming debt can happen to anyone in Minnesota from any walk of life. I don’t care if you are a doctor, lawyer, bill collector, credit counselor, or a teacher. So, what are the ways to get rid of the debt? Essentially, there are four and here they are...

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Why Filing Chapter 7 Could Save Your Life

Posted by William Kain on August 25

Filing Chapter 7 bankruptcy turns lives around by eliminating debt. Our clients are proof that by filing Chapter 7 you can get a fresh start and be free from the burden of debt that is holding them back financially, emotionally and even physically. Dealing with debt problems is a heavy burden to bear and it often causes stress and anxiety. The American Psychological Association’s annual stress survey revealed that approximately one-quarter of Americans experience high levels of stress with concerns about money, jobs and the economy being named as the top sources of stress for many. Unfortunately, unpaid bills can harm your health, arguably even more than it harms your credit rating.

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(Video) The Simple Differences Between Chapter 7 and 13 Bankruptcy

Posted by Wesley Scott on August 23

Wouldn’t it be nice to understand the simple differences between a Chapter 7 and Chapter 13 bankruptcy? Like, give it to me in plain English so I can actually understand my choices, right? So many lawyers talk in legalisms that are hard for most of us to understand. So here are the basic differences in simple terms...

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(Video) What Happens To Your Credit After Chapter 7 Bankruptcy?

Posted by Wesley Scott on August 18

What happens to your credit after you file Chapter 7 bankruptcy is not what you think. Most of our guests are completely shocked to find out that Chapter 7 bankruptcy does not have the negative repercussions on your credit you think. We know, there is a stigma associated with filing bankruptcy. Have you ever wondered why or who really benefits if there is a stigma associated with filing bankruptcy?

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What Are The Requirments to File Chapter 7 Bankruptcy?

Posted by William Kain on August 14

When I meet with clients who are facing financial difficulty, I tell them that the first thing we have to decide is if they need to do something to resolve their debt issues, other than just using the same debt reduction strategies that they’ve been using up until the time we met. For the vast majority of the people I meet with, the answer to that question is yes - the reason they are in my office is that they don’t see a good financial outcome by maintaining the status quo.

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The Requirements To File A Chapter 7 Bankruptcy

Posted by William Kain on August 12

Last week I wrote about the Requirements to File a Chapter 7 Bankruptcy Case. I wrote who (or what) can file chapter 7 case, the means testing requirement involved in chapter 7 cases, and the requirement that a chapter 7 debtor have a credit counseling briefing prior to filing a chapter 7 case. This week, I will look at the question that, while it does not come up often, can be quite important in the few cases where it is an issue: the venue of the bankruptcy case. Then I will write about what a chapter 7 debtor has to do to obtain a discharge.

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Inheritances in Chapter 7 and Chapter 13 Bankruptcy

Posted by William Kain on August 10

The clients with whom I meet to discuss filing bankruptcy come in all ages, and genders. Some of my clients are very low-income wage earners; others have fairly high salaries. But my clients have one thing in common: they haven’t had very much good luck financially. For many of these people, filing a bankruptcy case, whether under chapter 7 or chapter 13, is the best option they have to resolve their financial issues. For a small percentage of these people who file bankruptcy cases, the years of bad luck that they experienced prior to filing is changed suddenly when they learn that they will inherit money or property from a deceased loved-one’s estate.

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Chapter 7 vs. Chapter 13 Bankruptcy

Posted by William Kain on August 2

When you make the decision to file for bankruptcy in Minnesota, you are making the decision to erase your debts and change your life for good. But knowing which type of bankruptcy to file – Chapter 7 or Chapter 13 – can be confusing. Each type has the power to erase your debts and which is right for you is determined by your unique financial situation.

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What Happens After Filing Chapter 7 Bankruptcy?

Posted by William Kain on August 1

You’ve taken a major step in regaining your financial freedom by filing Chapter 7 Bankruptcy. Congratulations on being well on your way to becoming free from debt!

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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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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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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 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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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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Chapter 7 Bankruptcy Process

Posted by Wesley Scott on June 18

To initiate the chapter 7 bankruptcy process you must file a petition. Along with this petition you must file the following:

  • Schedule of assets & liabilities
  • Schedule of current income and expenditures
  • Statement of financial affairs
  • Schedule of executor contracts and unexpired leases
  • Copy of the most recent tax year tax return or transcript
    • Previous unfiled tax returns
    • Tax returns filed during the bankruptcy case
  • Certificate of credit counseling (copy of debt repayment plan completed during credit counseling)
  • Evidence of payment from employers received 60 days before filing
  • Statement of monthly net income (plus any anticipated increase in income or expenses after filing)
  • Record of any interest in federal or state qualified education or tuition accounts
  • Schedule of exempt property
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How a Chapter 7 Bankruptcy Can Alleviate Your Stress

Posted by Wesley Scott on June 16

Your stress will begin to diminish the day you decide to file Chapter 7 bankruptcy. Taking action against your debts will take some of the pressure off – but taking action to abolish your debt completely will have you sleeping peacefully at night.

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What Are My Options for Personal Bankruptcy | Chapter 7

Posted by William Kain on June 11

Chapter 7 Bankruptcy is right for you if you have no assets to lose and, after paying basic monthly expenses, you have no money left to pay off debts. It gives you a fresh start and can alleviate your stress by removing your liability for repaying debt. Primary priorities for Chapter 7 filers should be to keep exempt assets and be relieved of all liability for as many debts as possible.

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A Personal Account of the Minnesota Bankruptcy Process

Posted by Wesley Scott on June 7

The Minnesota Bankruptcy Process isn’t as scary, threatening or intimidating as many believe. In fact, if you have an attorney on your side, these fears will likely be non-existent. It also helps to know that you are not alone. Many people visit bankruptcy attorneys every year – to seek advice, comfort and often assistance through the bankruptcy process. Here is an example of a young couple’s financial struggle and journey to debt freedom, it represents a common set of circumstances we see fairly frequently.

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Getting Access To Credit After a Chapter 7 Bankruptcy

Posted by William Kain on May 30

I meet with many people every month who are struggling financially. Most of these people want to know if filing a Chapter 7 or Chapter 13 bankruptcy case is right for them. Some ask me “what would you do?” in their situation. The complete, thorough answer to this question requires me and my clients to look at their current situation carefully, and then analyze what the outcomes will be to them if they take no affirmative action to resolve their financial problems, what the outcomes will be if the clients decide to attempt an informal agreement with their creditors to pay back all or part of the debt owed without filing bankruptcy, and what the outcomes will be if they file a bankruptcy case - either Chapter 7 or a Chapter 13 case.

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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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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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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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What are my debt consolidation options?

Posted by Wesley Scott on January 6

Debt is stressful, no matter what caused you to fall and lose control of your finances. Whether or not it was poor financial decisions or an unexpected medical emergency that began your spin out of control, debt needs to be handled as soon as it becomes a situation.

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Non-Dischargeable Debts: Debts That won't Go Away in Bankruptcy - Part 3

Posted by William Kain on December 13

In my last two blogs, I looked at debts that aren’t discharged in a bankruptcy case. Two weeks ago I looked at debts that are never discharged - student loans, most income tax debt, obligations to pay child support or spousal maintenance, to name a few. These debts are presumed to be non-dischargeable in a bankruptcy case. That means that the creditor does not have to bring an action in bankruptcy court to determine that these kinds of debts are not subject to a bankruptcy debtor’s general discharge; if there is going to be a judicial determination of dischargeability, the bankruptcy debtor has to bring the action to determine whether the debt can be discharged in the bankruptcy case, and the presumption is that the debt is not subject to discharge.

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Who Is Kain & Scott And Why Does It Matter To Me?

Posted by Wesley Scott on December 9

I seldom like to write about ourselves. I guess it’s my Minnesota upbringing that makes me shy away from tooting our own horn for any reason. But, then it dawns on me, we have to tell our story so our Minnesota guests can understand who we are and why it’s important to those of you reading this blog. If you are considering filing a bankruptcy in the state of Minnesota, this blog is important to you- keep reading!

Finding and meeting a Bankruptcy Lawyer to help you get your life back is very important. This is an emotional time for you and you need someone who understands what you are going through. With this in mind, let me tell you who Kain & Scott is.

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Non-Dischargeable Debts: Debts That won't Go Away in Bankruptcy - Part 2

Posted by William Kain on December 8

Last week, I wrote about 8 debts that a bankruptcy debtor may have that are not discharged, even if the bankruptcy client receives a “general” discharge. The kind of debts I wrote about - child support, most taxes, student loans, to name a few - are debts that are never discharged in a bankruptcy case.

People who file a bankruptcy with the types of debts that are never discharged must bring a lawsuit against the creditor in bankruptcy court if they feel, for some reason, that the debt in question should be discharged, despite its characterization. It’s up to the debtor to do this; if the debtor does nothing to contest the non-dischargeability of the debt, the bankruptcy debtor remains liable for the debt after discharge.

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When And Why Minnesotans File Bankruptcy

Posted by Wesley Scott on December 5

We have been practicing Bankruptcy Law at Kain & Scott since 1972. Our Lawyers have helped thousands of Minnesotans get their lives back and not a single one of these cases was identical to another. Everyone’s case is different because everyone is different. However, we have seen nearly everything under the sun and yet, the reasons why Minnesotan’s file bankruptcy can be reduced to 5 general categories.

I can assure you I have never had a single Minnesotan call me and say Wes, I really incurred all of this debt knowing I would file bankruptcy in the end. Or, you know Wes, I spent 12 months in Europe, with my friends, using my plastic on all of our expenses, knowing when I got back to Minnesota I would file bankruptcy. So, why do Minnesotans file for bankruptcy? Here we go!

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Should I File a Chapter 7 or Chapter 13 Bankruptcy?

Posted by Wesley Scott on November 23

Life should not hurt this much. You have decided that bankruptcy is the medicine your family needs to get your life back and look toward the future not keeping staring at the past. You should be proud of your courage and your need for certainty and security in life. It’s nice to know that when you start fresh you can pay your bills and keep the roof over your head. But still, you struggle with which bankruptcy makes most sense.

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Chapter 7 Bankruptcy Filing and Eligibility Requirements in Minneapolis, MN

Posted by Wesley Scott on November 22

This is an age old question. You have a lot of debt or maybe you have a modest amount of debt and the creditors are like chihuahuas that just will not leave you alone. Every month is a constant battle- juggling the payment to creditors with paying your bills.

Many of our guests wonder is they qualify for chapter 7 bankruptcy. Sometimes, it can feel like you are not a candidate for bankruptcy when you really are a good candidate for bankruptcy. How do you know if you should be considering chapter 7 bankruptcy? How do you know you even qualify to file a chapter 7 bankruptcy?

I know this seems like a smart ass answer, but if you are thinking about it, you probably qualify to file.

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Non-dischargeable Debts: Debts That Won't Go Away In Bankruptcy

Posted by William Kain on November 16

The purpose of filing a Chapter 7 or Chapter 13 bankruptcy case is, plain and simple, to discharge debt - to make debt that has overwhelmed a debtor and his family “go away.” In order to receive a discharge, the bankruptcy debtor must comply with the provisions of the bankruptcy code. So legally proper papers must be filed with the bankruptcy court, all assets and liabilities identified and relevant financial transactions disclosed. The bankruptcy debtor has to attend a meeting with the case trustee, and must cooperate with the trustee and follow court orders to receive a general discharge.  

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Filing Chapter 7 With Our Roseville MN Bankruptcy Lawyers

Posted by Wesley Scott on October 26

Are you struggling with overwhelming debt? Has it become too difficult to manage? If so, these struggles have probably taken toll on the rest of your life as well. When dealing with a major debt problem it can be very difficult to stay happy and focused. Fortunately, if you’re dealing with overwhelming debt right now there are a few easy ways out that our Roseville MN Bankruptcy Lawyers can help you with. One of the easiest, available to all who qualify, is a Chapter 7 Bankruptcy. In this article we will discuss the key components of a Chapter 7 Bankruptcy so that you can learn what to expect during the process and determine if Chapter 7 would be a good option for you.

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Everything You Need To Know About Bankruptcy Exemptions - PART 3

Posted by William Kain on October 13

Last week I wrote a second installment about Exemptions Available To Bankruptcy Debtors, under both the Federal Bankruptcy Code or state law. Last week, I looked at a number of exemptions available to debtors to protect tools of the trade, life insurance policies and the several exemptions that exist to protect the right of a debtor to receive government benefits, child support and maintenance. This week we’ll look at a few more Bankruptcy Exemptions. We’ll also try to draw a clear distinction between the exemption provisions of the Bankruptcy Code and Minnesota Statutes - and what do the differences say about the policies of the United States Congress (Bankruptcy Code) and Minnesota State Legislature (Minnesota Statutes).

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Everything You Need To Know About Bankruptcy Exemptions - PART 2

Posted by William Kain on October 10

Last week, I wrote about the Bankruptcy Exemption Laws contained in both the Federal Bankruptcy Code as well as the exemptions contained in Minnesota’s debtor-creditor statutes. As noted, Minnesota is one of 15 states that are “opt-in” states - states that allow bankruptcy debtors to choose between the Bankruptcy Code exemptions or state law to protect property in a bankruptcy case. We also covered the exemptions available for commonly-owned property: homestead real estate, motor vehicles, household goods and furnishings, clothing and personal effects and jewelry. This week we’ll take a look at the exemptions available to people filing a bankruptcy case for property that is not quite as commonly present for most people. And we’ll look at what the differences and similarities in the state statutes and the Code tell us about the philosophy of bankruptcy law.

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What It Feels like To File Chapter 7 Bankruptcy Before And AFter

Posted by Wesley Scott on October 6

How do people in Minnesota feel before they file a bankruptcy? If you are contemplating filing a Chapter 7 Bankruptcy in Minnesota, chances are you feel like a real pile of dog doo doo right now. The good news is how you feel before you file bankruptcy is not the same as how you will feel after you file bankruptcy.
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A Closer Look At The Complexities Of Filing Bankruptcy

Posted by Margaret Henehan on October 5

Bankruptcy is an outstanding tool for restructuring your debts and getting out from under financial hardship but can be very difficult to do on your own.  Many people who file cases on their own, without an attorney (“pro se” filers) abandon the bankruptcy process part-way through filing because of the complexities and requirements.  It can be very difficult and a lot of work for an individual to tackle on their own, that’s why at Kain & Scott we advise working with a professional such as one of our experienced bankruptcy experts.  Let’s take a look at some of the more difficult and complex aspects Filing Bankruptcy in Minnesota!

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The Plain Truth: How Filing Bankruptcy in MN Affects Your Credit

Posted by Wesley Scott on October 4

Like so many Minnesotans that call us every day, we hear one common concern over and over again. Minnesotans worry about how bankruptcy affects their credit score and credit life after the bankruptcy is filed. If you are contemplating Filing Chapter 7 Bankruptcy in Minnesota, but you just need a better handle on how bankruptcy affects your credit, here it is. The obvious question so many ask about their credit relates to their future dreams and ambitions.

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MN Bankruptcy And How It Affects Our Future

Posted by Wesley Scott on October 3

Many Americans seek financial recovery each year through the liquidation proceedings involved with Chapter 7 Bankruptcy yet few are aware what Chapter 7 Bankruptcy involves.  In a Chapter 7 Bankruptcy any non-exempt assets the debtor possesses will be liquidated by the trustee as allowed within the US Bankruptcy Code and the revenue is to be divided among creditors based on the priorities set forth within the bankruptcy code.  The vast majority who seek relief through Chapter 7 Bankruptcy have no non-exempt assets to be liquidated or perhaps the cost and effort involved addressing these assets is deemed impractical by the trustee when compared to their potential value to creditors.  But what about our investments and our ideas; what about these seeds we have sown which may someday still bear fruit?  Where do they stand throughout the bankruptcy process?

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When Can A Bankruptcy Case Be Filed

Posted by William Kain on September 22

The past two weeks I’ve written about the Bankruptcy Code’s provisions that govern who can file a bankruptcy case and in what state a bankruptcy case may be filed. I looked at the definitions of who may be a debtor - and noted the differences between the very inclusive chapter 7 and the much more exclusive chapter 13. I discussed the venue of a case last week - and noted the requirements in Title 28 of the United States code that governs venue of a bankruptcy case: residence, domicile and the existence of the principal place of business and/or the location of the principal assets of a business.

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Filing Chapter 7 Bankruptcy in MN From Beginning to End

Posted by Wesley Scott on September 21

Chapter 7 Bankruptcybegins once an individual seeking debt relief files a petition with the Bankruptcy Court. Here in Minnesota all of our counties are divided up and assigned to a small number of divisional offices. For example, anyone residing within Hennepin County would file their Bankruptcy Petition with the Minneapolis office. There are also several other pieces of required information which will need to be submitted and reviewed in order for your bankruptcy to be approved and your debts discharged

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What Does A Minnesota Chapter 7 Bankruptcy Trustee Do?

Posted by Wesley Scott on September 19

When you are digging into what a Chapter 7 Bankruptcy Trustee in Minnesota looks like, have you ever wondered who this person is and what on earth do they do? I am a veteran MN Bankruptcy Attorney and when I first started out many years ago, I wondered myself what the Chapter 7 Trustee does. If you file a Chapter 7 Bankruptcy in Maple Grove, Minnesota, or anywhere else in Minnesota the United States Trustee’s Office will assign a Chapter 7 Trustee to your Bankruptcy Case.

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A Starter's Guide To Filing Bankruptcy In Minnesota

Posted by Wesley Scott on September 16

Beginning the process of filing bankruptcy can seem like an overwhelming task but at http://kainscott.com we have several great resources readily available to any Minnesotan seeking relief from their financial hardships.  Our team of expert MN Bankruptcy Attorneys are always happy to address any and all of your specific concerns because we always want to ensure that you are well-informed and comfortable throughout the process. 

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How Chapter 7 Bankruptcy Protects You From Creditors

Posted by William Kain on July 12

Chapter 7 Bankruptcy is also commonly referred to as the “fresh start” bankruptcy. Chapter 7 is the most commonly filed consumer Bankruptcy in Minnesota for several good reasons. Immediately after you file a Chapter 7 you’re protected from any creditors trying to take property that secures a debt. Creditors are prohibited from obtaining a judgment for unsecured debt that can be turned into a lien against your property. You also get the option to keep any property that secures a debt or give it up to your creditor without having to pay them. Chapter 7 Bankruptcy can really give you some comforting power over your creditors. Here’s how:

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Can I File Bankruptcy If I Am Current On All Of My Payments?

Posted by Wesley Scott on March 17

It happens all the time. We receive phone calls from anxious Minnesotans looking at their bills and wondering how in the world am I going to pay these? I am continually amazed at how long good people can hang onto a seemingly hopeless financial situation. It is not that uncommon to see people do it for years, decades even.

When it comes to debt, human nature has a common thread that runs through all of us: we want to pay it. We want to pay all of our monthly bills and yet still have enough left over to eat, keep the lights on, and make the rent/mortgage payment to keep the roof over our heads. Most of us don’t want much beyond this.

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How Often Can You File Bankruptcy?

Posted by Wesley Scott on December 29

The primary goal of bankruptcy is to receive debt relief and eventually eliminate it completely. With that being said, how often you can file bankruptcy isn’t limited. However, the number of times you can receive a bankruptcy discharge is dependent on your bankruptcy history including past discharges and chapters filed.

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How Long Does Bankruptcy Take?

Posted by William Kain on November 3

When you make the decision to file bankruptcy, your next thought is likely to be how long does bankruptcy take. Your attorney understands that you have been under a great deal of stress as you have tried to handle your debt problem on your own. The frustration, fear, and anxiety of dealing with angry creditors, abusive debt collectors, and the thought of losing your home, car, and other property causes emotional and physical stress; therefore, you want to know how long bankruptcy takes and how quickly can you get on with your life.

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Everything You Need to Know About Chapter 7 Bankruptcy

Posted by William Kain on September 30

A Chapter 7 bankruptcy has many benefits and is not as difficult to file for as you might assume.  It is also a big decision that you should not make until you have all of the facts about filing under Chapter 7.  Below are some highlights from our blogs discussing Chapter 7. If you want to know more, click on the title to read the entire blog.

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Choosing a Chapter 7 Bankruptcy Attorney: Eden Prairie, Minnesota Family Shares Their Experience

Posted by Wesley Scott on September 10

Our story may sound familiar because so many other families are experiencing the same situation due to the recession. My husband and I had great jobs before the recession.  We were in debt with our house, vehicles, and a few credit cards but we were doing great. We paid our bills each month and had money left over to contribute to savings. Then the recession hit and my husband lost his job.  Unemployment compensation helped for a while; however, it eventually ran out. We cut expenses and reduced spending — we even took our children out of pre-school and day-care to save money since my husband was home to take care of them.

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Can I Still File for Bankruptcy if I Don't Pass the Means Test?

Posted by William Kain on June 22

Prior to the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the bankruptcy Means Test did not exist.  The purpose of the Means Test was to help prevent bankruptcy fraud by preventing individuals with higher income levels from filing a Chapter 7 bankruptcy to discharge their unsecured debts.  Creditors lobbied congress to pass the Means Test as a way to require individuals who DO have disposable income to pay back some of their debts in a Chapter 13 case instead of filing for a Chapter 7. Requiring those with disposable income to pay back  a portion of their debts in a Chapter 13 case provides a safeguard for creditors and reduces bankruptcy fraud.

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Chapter 7 Bankruptcy Timeline: How Long Does it Take?

Posted by Wesley Scott on May 8

If you research bankruptcy online, you will find some useful information but you will also find a great deal of misinformation. Unfortunately, this misinformation can create doubt, confusion, and fear for a person who is already suffering the stress of dealing with debt problems. You may believe that the bankruptcy timeline is long and complicated; however, our staff is here to help you through each step in the bankruptcy timeline so that you can put the stress and anxiety of debt problems behind you in less time than you think.

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The Different Types of Minnesota Bankruptcies

Posted by William Kain on January 13

Bankruptcy is and has always been intended as a way for people who are struggling with debt to resolve their debt problems and receive the relief they need to rebuild their lives. In order to help people and businesses overcome debt problems, Congress enacted bankruptcy laws to provide a legal means of handling debt. It divided bankruptcies into six different chapters. Each bankruptcy chapter has its own set of requirements for eligibility as well as its own advantages and disadvantages for the debtors. Knowing what chapter of Minnesota bankruptcies to file is something that an experienced bankruptcy attorney can help you determine based upon your unique financial situation and your long-term financial goals.

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Co-Debtors and Bankruptcy: What Happens To Them If They Don't File?

Posted by Wesley Scott on December 16

In today’s world, it is very common to be asked to provide a co-signer when seeking a loan, apartment, or other form of credit from a bank or company. It is their way of assuring themselves that they will get paid. You may think that they require this because they don’t trust people to make their payments, but in reality, they too know that bad things can happen to good people. Things in life may happen that are not under control of the debtor such as unemployment, divorce, death of a spouse or a prolonged illness. When these events happen, the duties of a co-signer may become a reality.

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Is Filing Chapter 7 Bankruptcy Right For Me?

Posted by William Kain on October 30

Filing bankruptcy is an important decision; it can be the first step in resolving your debt problems so that you can focus on recovering and rebuilding your finances. We understand that you may feel nervous about meeting with an attorney to discuss bankruptcy options. We also understand that you may have doubts about whether bankruptcy is right for you, especially if you are considering a Chapter 7 bankruptcy case.

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Getting Out of Debt, Even the Debt You Owe Your Parents and Friends

Posted by Wesley Scott on August 25

Getting out of debt is a top priority for many Americans today. Debt is a huge problem in our country and is causing many people to struggle financially. Debtors depend on a number of different solutions to help them get out of debt; some rely on the bankruptcy court while others are able to make changes to their budgets, get second jobs or refinance their debts.

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An Answer to Your Question, "Am I Eligible for Bankruptcy?"

Posted by William Kain on August 1

Some people may believe that they are eligible for bankruptcy regardless of their current financial status — they are partially correct. Others believe that the changes in bankruptcy law that came with the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 made it impossible for most people to find debt relief through bankruptcy — they, on the other hand, are completely wrong. While changes in the bankruptcy laws did restrict some of the eligibility requirements, it did not remove the right of any individuals to seek relief from creditors through the protections offered in bankruptcy.

The Eligibility Confusion

The confusion can be summed up in two words: media and creditors. Creditors, with the help of media outlets, did a fantastic job of convincing most Americans that if they did not file bankruptcy before October 2005 when the new bankruptcy laws took effect, they would not be able to file bankruptcy (or that filing bankruptcy would be much more difficult).

While it is true that the new bankruptcy laws did contain some significant changes, experienced bankruptcy attorneys had already learned the new rules and laws and were ready to continue helping debtors find debt relief through bankruptcy.

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A Bankruptcy Attorney Helped Me See the Light in the Darkness

Posted by Wesley Scott on May 6

Sometimes, the best way to understand that you are not alone in your financial distress and the emotional despair that comes with it is to share a story of someone who has been in your shoes. So I’ve asked Patrick* if he was willing to share his story with you. He isn’t the stereotypical candidate for bankruptcy – in fact, most filers don’t fit that mold – and his journey is representative of many that come through our doors.

Meet Patrick

My story may sound familiar to you if you are dealing with overwhelming debt. My name is Patrick. My wife and I were both successful in our careers and blessed to have a good income to support our children and our lifestyle. This was until I was laid off from my job two years ago. I qualified for unemployment and we managed to make ends meet by cutting expenses and making lifestyle changes. Unfortunately, my unemployment ran out before I was able to find another job. My wife and I both assumed that I would be able to find another job within a short period of time; however, due to the recession and the economy, jobs within my industry were difficult to come by.

After my unemployment ended, we were unable to keep up with our living expenses, in addition to our other monthly bills. Of course, we tried to keep our mortgage and car payments current because they were necessary for our survival. We did not pay our credit cards, personal loans and medical bills in favor of paying our house payment, car payments and living expenses. We managed to hang on for several month months but eventually one of our vehicles was repossessed. Creditors and collection agencies would call at all hours of the day and night, they even began calling my wife at work and threatening to file lawsuits. We received notice that we owed a deficiency on our car loan and they would be seeking a judgment to force us to pay the amount due. It seemed that the more we tried to settle with creditors, the more aggressive and demanding they became.

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Are You Prepared for What Happens When You File Bankruptcy?

Posted by Wesley Scott on March 19

What happens when you file bankruptcy? Firstly, the automatic stay provisions under the Bankruptcy Code prohibit your creditors from contacting you regarding your debt. Filing bankruptcy stops creditor harassment and those annoying and frustrating creditor calls. However, you are probably wondering what the process looks like - when will you have to go to court, how many times, what a trustee does, how long it takes, etc. We answer questions like these each day as bankruptcy attorneys.

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What Types of Bankruptcy Will Work for You?

Posted by Wesley Scott on February 18

Because each person’s financial situation is different, it is difficult to answer these questions without first taking the time to fully understand the circumstances that brought you to this point. Some debtors have the ability to repay some or all of their debts if they are given the opportunity to reorganize their debts into a manageable repayment plan. On the other hand, some debtors do not have any funds available to pay creditors after paying for their basic living expenses. This is the purpose of having different types of bankruptcy, so that debtors may find relief under the bankruptcy code according to their specific financial needs.

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Is Personal Bankruptcy a Good Option if it is My Fault I am in Debt?

Posted by Wesley Scott on January 23

Almost all of us will experience debt problems at some point during our lifetime due to a financial crisis such as a job loss or due to our own devices. Some individuals cause debt problems for themselves through poor spending habits, abuse of credit cards, gambling, co-signing loans for others or because of a failure to budget and manage money well. Because they feel their debt problems are due to something they did or failed to do, they may wonder, “Is personal bankruptcy a good option for me?”

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Debt Free in 120 Days or Less | Chapter 7 Bankruptcy in Minnesota

Posted by Wesley Scott on August 13

Becoming debt free can be done in 120 days or less if you file a Chapter 7 bankruptcy in Minnesota. To ensure the process is completed in three-four months, work with a bankruptcy attorney. A bankruptcy attorney will be your guide through the legal jargon, court meetings and mountains of paperwork, ensuring you complete all steps accurately and in a timely manner.

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