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.

 

      Is My Lawnmower Protected if I File a Chapter 7 Bankruptcy in Saint Paul, Minnesota?

      Posted by Wesley Scott on February 22

      Filing for chapter 7 bankruptcy is a great way for individuals struggling with debt to find financial relief. Anyone who earns less than the median Minnesota State income, based on their household size, can file a chapter 7 bankruptcy case. When they do so, the court discharges their personal liability on all of their debts, with a few exceptions (i.e. past due child support, most taxes, criminal fines, etc.)

      Read More

      Minneapolis, Minnesota Bankruptcy Basics

      Posted by Amanda Scharber on October 28

      At LifeBack Law we file both chapter 7 and chapter 13 bankruptcy cases. A chapter 7 is referred to as a liquidation bankruptcy, where as a chapter 13 bankruptcy is a restructuring of your debt.

      The timing of your bankruptcy discharge will depend on which chapter you file. With a chapter 7 bankruptcy you will receive your discharge roughly 90 days after filing. For a chapter 13 your discharge date will be three to five years after your case was filed. 

       

      Read More

      Public Benefits #2 in Minneapolis, MN; Bankruptcy and public benefits.

      Posted by Wesley Scott on October 19

      Welcome back to our series of blog posts on the history and philosophy of the economy, bankruptcy, and debt – today we continue to discuss public benefits, specifically social security and other 20th century public benefits. 

      Read More

      What Do I Need to File Bankruptcy in Minneapolis, Minnesota

      Posted by Amanda Scharber on October 12

      If you are looking at filing bankruptcy in Minneapolis, Minnesota, you may be wondering what steps you have to take and what you need to file. Every case is different, therefore the below is a general guideline and idea. 

      Read More

      Nondischargeability of Debts in Bankruptcy in Minneapolis, MN: 523(A)(6)

      Posted by Col Ovik on October 2

      Not all debts in a bankruptcy are dischargeable. 11 U.S.C. § 523 of the Bankruptcy Code provides exceptions to the dischargeability of some debts. This blog will address the nondischargeability of debts encompassed by Section 523(a)(6). 

      Read More

      Bankruptcy Policy Rationales in the 20th Century

      Posted by Wesley Scott on September 22

      Over my last posts, we discussed the bankruptcy regimes in the United States up to the Chandler Act of 1938. It is worth taking a moment to plot the policy concerns over those periods.

      Read More
      Learn What To Expect From Your Free Bankruptcy Consultation

      Don’t Pay Back Family Members before Filing a Chapter 7 Bankruptcy Case

      Posted by Wesley Scott on August 19

      Bankruptcy provides financial relief for many people who are struggling to pay their debts. A chapter 7 bankruptcy case is a powerful tool that allows people to completely wipe out most types of debts without having to make any payments to their creditors. In the vast majority of cases, people who file for bankruptcy lose little-to-no property in exchange for receiving their discharge. When considering filing a chapter 7 bankruptcy case, one should be very cautious about the financial transactions they engage in with close friends and family members prior to filing their case. Although one may be acting with the best of intentions, their actions may have an unintended negative impact upon their bankruptcy case and even upon their own close friends and family members.

      Read More

      I Can File a Chapter 7 Bankruptcy but Should I?

      Posted by Col Ovik on June 29

      Not everyone is eligible to file a chapter 7 bankruptcy. There are income requirements to filing a chapter 7 and those individuals that do not meet the income requirements, will not be able to file a chapter 7 bankruptcy. But, even those that do meet the eligibility requirements to file a chapter 7, may find the outcome of filing a chapter 7 disagreeable. While chapter 7 filings are effective vehicles for discharging unsecured debt and they are short in duration, there are times when even those eligible for a chapter 7 bankruptcy may choose to file a chapter 13 instead.

      Read More

      Handling Secured Debts in a Chapter 7 Bankruptcy

      Posted by Wesley Scott on June 8

      When a person files a chapter 7 bankruptcy case, they often have secured debts. These types of debts are secured to certain property, known as “collateral,” which can be taken to satisfy the debt if the debt is not repaid by the borrower.  Home mortgages and car loans are examples of secured debts as the lender retains a “lien” on the home or car (the collateral) and can foreclose on the home, or repossess the car, if the borrower defaults on their monthly payments on the debt. 

      Read More
      Download our Free Debt Solutions Comparison Chart

      Can I Keep Credit Cards in my Chapter 7 Bankruptcy?

      Posted by Danielle Lin on June 2

      A Chapter 7 bankruptcy works as a quick reset button – all of your unsecured debt will be wiped out in approximately 3-4 months, from the date your case is filed. Unsecured debt includes credit card debt, medical bill debt, and personal loans. This sounds exciting, as it certainly provides you with a fresh new start. Instead of paying your credit card bills, you can simply wipe out the remaining debt you have. You can obtain a new credit card after you receive your bankruptcy discharge, and rebuild your credit score by using the credit card and paying it off every month. 

      Read More

      How Long Does a Bankruptcy Case Take?

      Posted by Amanda Scharber on May 16

       We file two different kinds of bankruptcy cases at LifeBack Law, both Chapter 7 and Chapter 13. How long each will take and a timeline of what happens in each differs. Below we will go through both.

      Read More

      Who is the Trustee?

      Posted by Amanda Scharber on May 12

      The trustee is another attorney who is assigned to your case by the US Trustee to represent the bankruptcy estate. The trustee is the person who administers your estate and distributes any funds that come in during your case. They also make sure what you said in your bankruptcy case is truthful and correct and verify the information you provided. You will meet with the bankruptcy trustee at the 341 hearing, usually about 4 to 6 weeks after your case is filed.

      Read More

      How to File Chapter 7 Bankruptcy in Maple Grove, Minnesota

      Posted by Wesley Scott on May 5

         If you find yourself knee deep in debt, you are not alone. Each, year, thousands and thousands of Minnesotans just like you and I end up with overwhelming debt and the need to file Chapter 7 Bankruptcy. Hitting the reset button on your financial life is not as hard as you think. Once you wrap your mind around the “b” word, the actual process of filing Chapter 7 Bankruptcy is no so difficult to tolerate.

      Read More

      What Can and Cannot Happen In a Chapter 7 and Chapter 13 Bankruptcy

      Posted by Charles Nguyen on April 23

      Here is what CAN occur in a Chapter 7 Bankruptcy:

      Read More

      Unemployment Benefits and Related Claims in a Chapter 7 Bankruptcy Case

      Posted by Wesley Scott on April 5

       Job loss is a common reason that people file for bankruptcy. In many cases, when an individual loses their job, they are entitled to certain benefits to help them while they seek new employment. While these types of unemployment benefits are generally “exempt,” meaning legally protected from creditors, there are some exceptions and nuances in the law. Debtors filing for bankruptcy in Minnesota may choose between Federal exemptions and State exemptions to exempt, and protect, their property.

      Read More

      CAN I PROTECT MY HOME IN A CHAPTER 7 BANKRUPTCY?

      Posted by Wesley Scott on April 1

      When a person files for chapter 7 bankruptcy, they are asking the court to discharge, or completely wipe out, their debts without having to make any payments to their creditors. Usually, all their debts are discharged, except for certain types of debts (i.e. student loan debt, most tax debt, and debt owed as alimony or child support). In order to qualify for a chapter 7 bankruptcy discharge, the debtor must be unable to afford making payments to their creditors, as they would have to do in a chapter 13 repayment plan.

      Read More

      What Happens if I Have Nonexempt Property in a Chapter 7 Bankruptcy?

      Posted by Wesley Scott on March 30

      Unlike a chapter 13 bankruptcy case in which the debtor makes payments to creditors in a three to five year payment plan before receiving a discharge, a chapter 7 requires no payments to any creditors, and involves a discharge a mere few months after the case is filed. However, while the debtor gets to keep all their property in a chapter 13 case, this is not always so in a chapter 7 case. In the majority of chapter 7 cases, the debtor gets to keep all their property due to the fact it is “exempt”, or legally protected from being taken to pay creditors. However, in some chapter 7 cases, the debtor has certain nonexempt property that they must either surrender to the trustee to be liquidated (sold with proceeds going to pay creditors) or, alternatively, must be paid for by the debtor for their right to keep the nonexempt property. Any money paid by the debtor to keep nonexempt property likewise goes to pay creditors.

      Read More

      Cost of filing Chapter 7 Bankruptcy in Eagan, MN

      Posted by Wesley Scott on March 26

      Right now, there are hundreds of people in Eagan, Minnesota wondering how much it costs to file Chapter 7 Bankruptcy. Why do they wonder this? Because they are saddled with crippling debt and are looking to get their lives back.

      Read More

      Is Certain Property Automatically Exempt in a Chapter 7 Bankruptcy?

      Posted by Wesley Scott on March 18

      When a person files for chapter 7 bankruptcy, they are allowed to claim certain property as “exempt,” or legally protected from creditors up to a certain value. Property that is exempt cannot be taken by the chapter 7 trustee to be used to pay the debtor’s creditors, whereas “nonexempt” property can be taken for that purpose. Minnesota allows debtors to elect either “State exemptions” or “Federal exemptions” to exempt, and protect, their property. The Federal exemptions are those specifically provided in the Federal Bankruptcy Code. State exemptions include any Minnesota State law, or applicable Federal law, not provided for in the Bankruptcy Code. Deciding whether to use State or Federal exemptions is complicated and better elaborated upon in other blogs. However, it is imperative that the debtor select the correct exemptions to use, as it often drastically impacts how much property they will be able to exempt. This is why it is also a good idea to discuss one’s potential bankruptcy case with an experienced bankruptcy attorney before filing one’s bankruptcy case.

      Read More

      Chapter 7 Bankruptcy Attorney Near Me In Eden Prairie, MN

      Posted by Wesley Scott on February 21

          LifeBack Law Firm has been helping Eden Prairie, MN residents get their lives back since 1972, and we can help you too. LifeBack Law Firm is a Chapter 7 Bankruptcy attorney near me in Eden Prairie, MN. We have an office location right near you. We are located at 7525 Mitchell Road, Suite 208, Eden Prairie, MN 55344. When you are down and out and you are suffering from a debt problem, let the kind and helpful people at LifeBack Law Firm help you get rid of debt and help repair your credit using LifeBack Law Firm FREE 90-Day Credit Repair Program. 

      Read More

      What is an “Avoidable Transfer” in a Chapter 7 Bankruptcy?

      Posted by Wesley Scott on February 16

      Both the Bankruptcy Code and Minnesota State law prohibit certain types of transfers of money or property made by the debtor prior to the filing of their bankruptcy case. These prohibited transfers are “avoidable” by the bankruptcy trustee. This means that the chapter 7 trustee can avoid, or undo, the transfer by demanding return of the transferred property from the person or entity to whom the transfer was made, and the trustee can even bring a lawsuit against that person to enforce their legal right to the return of the property.

      Read More

      How to know for sure if you should file Chapter 7 Bankruptcy?

      Posted by Wesley Scott on December 24

           How can a person tell for sure if they should file Chapter 7 Bankruptcy? A tall tale sign is if you are thinking about Chapter 7 Bankruptcy, a lot. In fact, if you are reading this blog now you might be need to file Chapter 7 Bankruptcy. Why do I say this? Well, many people try to avoid the “b” word, so if you start looking for the “b” word that means you are seriously looking at filing Chapter 7 Bankruptcy. What is a great resource to research Minnesota bankruptcy? Go to Minnesota’s largest bankruptcy law firm’s website at www.lifebacklaw.com. You will be impressed with three levels of information about Chapter 7 Bankruptcy.

      Read More

      Personal Injury Lawsuits In A Chapter 7 Bankruptcy

      Posted by Wesley Scott on December 10

      When a person files for chapter 7 bankruptcy, all of their existing rights to property, as of the date they file their case, is considered property of the “bankruptcy estate.”  This includes not only property that they actually own at the time of filing, but also, includes their right to receive property in the future.  An example of this would be money they have a right to receive as a consequence of a current or future lawsuit. If, at the time the bankruptcy case is filed, the debtor has an existing right to file a lawsuit for monetary damages, the debtor’s claim to the money is property of the bankruptcy estate, regardless of how far into the future the money is actually received (even if it’s years after the debtor files their case and gets their discharge).  

      For example, if a debtor is injured in a car accident a month before filing bankruptcy due to the negligence of another driver, the debtor’s right to make a claim against the other driver to receive money damages from a future personal injury lawsuit is property of the bankruptcy estate. This is because their right to make a legal claim against the other driver exists at the time they filed their bankruptcy case and it does not matter whether they have even considered filing a lawsuit or haven taken any legal action to recover money for their injuries (i.e. consulted with, or hired, a personal injury lawyer).  

      Read More

      Who Can File A Chapter 7 Bankruptcy

      Posted by Col Ovik on December 2

      Not everyone qualifies to file a chapter 7 bankruptcy. In order to curb perceived abuse, Congress modified the Bankruptcy Code. On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the "Act"). The Act was intended to address certain abuses of the bankruptcy process. Among the abuses identified by Congress was the easy access to chapter 7 liquidation proceedings by consumer debtors who, if required to file under chapter 13, could afford to pay some dividend to their unsecured creditors. 

      Read More

      When Will My Chapter 7 Bankruptcy Case Be Finalized in Minnesota?

      Posted by Tim Tonga on October 28

      In a chapter 13 bankruptcy case, the case is typically closed shortly after the debtor completes their repayment plan and receives a discharge of their debts or shortly after their case is dismissed by the court if they are unable to successfully complete their plan.

      Alternatively, in a chapter 7 case, the bankruptcy discharge normally automatically occurs 60 days from the date of the creditor’s meeting (a.k.a. the “341 meeting”).

      Read More

      How Does Filing Chapter 7 Bankruptcy Affect Filing Taxes in Minnesota?

      Posted by Jesse Horoshak on August 12

      If you have filed a bankruptcy, or are considering filing a bankruptcy, you may find yourself wondering if there is anything different you would need to do when filing your tax returns following a bankruptcy filing. In most cases, the answer is no, but in some cases, there may be an extra form that you might need to file.

      Read More

      How Do I Qualify to File a Chapter 7 Bankruptcy in Minnesota?

      Posted by Tim Tonga on August 10

      Individual people can file either a Chapter 7 or Chapter 13 bankruptcy in order to get relief from their personal debt. Chapter 7 bankruptcies are typically the more attractive option to potential bankruptcy filers for a couple of reasons. First, people in a Chapter 7 bankruptcy are not required to make any payments towards their debt like they do in a Chapter 13. Second, a Chapter 7 typically lasts only a few months, unlike a Chapter 13, which lasts 3 to 5 years.

      Read More

      How Chapter 7 Can Protect You From Your Creditors

      Posted by Margaret Henehan on June 18

      Chapter 7 bankruptcy, also commonly referred to as the “fresh start” bankruptcy, is one of the most commonly filed bankruptcies in Minnesota for several good reasons. Not only immediately after you file a Chapter 7 are you protected from any creditors, but creditors are not allowed to repossess or foreclose on any property while you are in a Chapter 7.

      Read More

      What's the Process for Handling Unprotected Property in Chapter 7 Bankruptcy?

      Posted by Tim Tonga on April 19

      In most chapter 7 cases, the debtor does not have to give up any property because all the property they have is exempt, and therefore, protected, under law. However, in certain cases, some debtors may have property that is not protected.

      Read More

      How Does Chapter 7 Bankruptcy Really Work in Minnesota?

      Posted by Wesley Scott on April 15

      A lot of Americans want to know, how does a Chapter 7 Bankruptcy really work? This article dissects a Chapter 7 Bankruptcy from the moment it becomes a thought in your head to when you actually get your life back after bankruptcy.

      Read More

      Searching for a Chapter 7 Bankruptcy Lawyer Near Edina, MN?

      Posted by Wesley Scott on March 2

      Not far down the road from Edina, there is a Kain & Scott fully staffed bankruptcy law office 40 hours per week just inside Eden Prairie, Minnesota. In fact, Kain & Scott has the most full time staffed offices in Minnesota than any other Minnesota bankruptcy law firm, all focused on helping you through your bankruptcy in Edina, MN.

      Read More

      Should I Be Paying Down Secured Debts Before Bankruptcy in Minnesota?

      Posted by Col Ovik on March 1

      When you are on the verge of filing bankruptcy it may seem tempting to pay down some secured debts. People fall into the trap of taking exempted funds out of retirement accounts and using those funds to pay down their secured loans. Unfortunately, this type of bankruptcy planning can backfire.

      Read More

      Will I Lose My Tax Refund If I File Chapter 7 in Minnesota?

      Posted by Jesse Horoshak on February 21

      One of the most common questions that we hear around this time of year is whether potential clients will lose their tax refunds if they decide to file a Chapter 7 bankruptcy.. The short answer is that it really depends on each individual situation, but in a great many of the cases that we file, the tax refunds can be protected. 

      Read More

      What Is a Reaffirmation Agreement in Minnesota, And Why Should I Sign One?

      Posted by Kelsey Quarberg on February 8

      If you file a Chapter 7 bankruptcy in Minnesota, any secured lenders listed in your schedules are likely to send you a reaffirmation agreement to sign. More often than not, it is a bad idea to sign a reaffirmation agreement.

      Read More

      Do I Qualify to File Chapter 7 Bankruptcy in Eden Prairie, MN?

      Posted by Wesley Scott on December 7

      A lot of people who live in and around Eden Prairie, Minnesota want to know if they qualify to file a Chapter 7 Bankruptcy. To qualify for a Chapter 7 Bankruptcy you must not have filed a previous Chapter 7 Bankruptcy (where you received a discharge) in a case filed in the previous 8 years. You also do not qualify for a Chapter 7 Bankruptcy discharge if you filed a Chapter 13 Bankruptcy within the previous 6 years (and where you received a Chapter 13 discharge).

      Read More

      Getting Financing After Chapter 7 Bankruptcy

      Posted by William Kain on March 31

      Many of our clients find themselves filing for Chapter 7 bankruptcy because they are out of options. And while bankruptcy is supposed to give you a fresh start, we understand that it often feels more like a defeat. Many clients worry if they will ever be able to qualify for a loan after their bankruptcy case. While you may have to pay a higher interest rate and meet other requirements, the good news is that getting financing after your Chapter 7 bankruptcy is easier than you might think. An experienced Minnesota bankruptcy attorney can help you develop a plan and identify your options.

      Read More

      Will Bankruptcy Affect My Small Business?

      Posted by William Kain on March 26

      Deciding to file for bankruptcy is a big step, especially if you own and operate a business. You need to get out from under your debts, some which were directly related to your business, while other debts were strictly personal. Business owners worry about how the bankruptcy will affect their business, with good reason - the idea of closing down your business and the loss of income can be quite worrisome. The good news is that the point of bankruptcy is to help you make a fresh start, not make your life more difficult.

      Read More

      An Overview of United States Bankruptcy Laws

      Posted by William Kain on February 26

      In 1978, Congress enacted the United States Bankruptcy Code, allowing consumers to file for bankruptcy protection. Since that time, millions of Americans have filed for bankruptcy, all across the country and across all walks of life. Despite how common filing a bankruptcy case has become, many people don’t really understand what bankruptcy is, how it works, or what it can achieve. The following is some brief information about bankruptcy laws. To discuss your specific circumstances, call our Minnesota bankruptcy attorneys today.

      Read More

      How to Decide if Bankruptcy is Right for You

      Posted by William Kain on February 25

      Financial stress can be overwhelming and leave you feeling like you have nowhere to turn. Bill collectors are calling, you can’t keep up with your bills, and you don’t see your situation improving anytime soon. While bankruptcy may seem like the obvious choice, this is a big decision and should be made only after careful consideration. If you feel like you’re out of options and are considering filing for bankruptcy, a Minnesota bankruptcy attorney can help you decide whether bankruptcy really is right for you.

      Read More

      Divorce and Bankruptcy

      Posted by William Kain on February 18

      Financial trouble is probably one of the leading causes of divorce, and as a result, divorce and bankruptcy often go hand-in-hand. As stressful as it is to face both a possible bankruptcy and the break-up of your marriage, rushing into either decision can create a lot of problems. Fortunately, some careful planning can help minimize the impact so that you can move on with your life and in a better position than you are in now.

      Read More

      Consumer Bankruptcy for Sole Proprietors

      Posted by William Kain on January 31

       

      Judging by what you see and hear in the media, it's not uncommon to hear about businesses filing for bankruptcy. Some of these businesses go on to success in life after bankruptcy. And these aren’t just huge, national corporations - according to the Small Business Administration, roughly 80 percent of small businesses will fail. If you’re a sole proprietor whose business is facing insurmountable debt, you may be wondering whether bankruptcy is a viable option for you.

      Read More

      When Chapter 7 is Not the Best Choice for You

      Posted by William Kain on January 29

      Deciding to file for bankruptcy is a big step - so big that it can perhaps feel like stepping off a cliff. However, you may be surprised to feel a sense of relief once you decide to move forward. After all, bankruptcy offers the opportunity to make a fresh start. Most people think of bankruptcy as a legal mechanism that wipes out your debt. In legal jargon, this is referred to as “Chapter 7” bankruptcy or “complete liquidation.” If you’re having difficulty paying your bills and have creditors aggressively seeking payment, the opportunity to make it all go away begins to sound very attractive. However, there are situations in which Chapter 7 bankruptcy may not be your best option.

      Read More

      New Year’s Resolution: Taking Control of Your Debt

      Posted by William Kain on December 13

      Many people make New Year’s resolutions to exercise more, eat healthier, or be kinder to others. But what about resolving to address your financial situation? A lot of people facing financial stress and debt tend to sweep it under the rug. It may feel so overwhelming that they think there is nothing that can be done about it. This is not the case, however, as our experienced bankruptcy attorneys have helped many people overcome even the most serious financial situations. The following are only some debt-related resolutions that can make for a happier 2019.

      Read More

      (Video) WHO ARE THE MAJOR PLAYERS IN A CHAPTER 7 BANKRUPTCY AND WHAT DO THEY DO?

      Posted by Wesley Scott on November 10

      So, you are thinking about filing Chapter 7 Bankruptcy and you say to yourself, I don’t want to lose my Harley Davidson Some folks are a lot like me, they have high anxiety and want to know who exactly is involved in this process and what do they do?

      Read More

      (Video) WHAT NOT TO DO BEFORE FILING CHAPTER 7 BANKRUPTCY

      Posted by Wesley Scott on November 4

      So, you are thinking about filing Chapter 7 Bankruptcy and you say to yourself, I don’t want to lose my Harley Davidson worth 8k and no liens against it right? So, what do you do? You transfer the title to the Harley to your brother for nothing. Problem solved right? Wrong!

      Read More

      (Video) WHAT IS A REAFFIRMATION AGREEMENT IN A CHAPTER 7 BANKRUPTCY?

      Posted by Wesley Scott on November 3

      To understand what a reaffirmation agreement is in Chapter 7 Bankruptcy, you first must understand what the goal of a Chapter 7 Bankruptcy is. The goal of a Chapter 7 Bankruptcy is to obtain a Chapter 7 Bankruptcy discharge. A Chapter 7 Bankruptcy discharge absolves you of your personal liability for the underlying debt. Creditor must write the debt off and is not able to pursue debtor for the debt again.

      Read More

      (Video) WHO NORMALLY ATTENDS A CHAPTER 7 MEETING OF CREDITORS?

      Posted by Wesley Scott on November 2

      I think one of the most anxiety producing events for a client is the meeting of creditors or 341 meeting. This is the meeting where the Chapter 7 trustee has debtor verify that the information on the schedules is true and correct and complete.

      Read More

      (Video) WHAT IS A CHAPTER 7 341 MEETING OF CREDITORS AND WHY DO I HAVE TO ATTEND?

      Posted by Wesley Scott on November 1

      Section 341 of the Bankruptcy Code requires Chapter 7 trustees to conduct and for Chapter 7 debtors to attend a meeting of creditors. The code requires that a meeting of creditors must be conducted within a reasonable time from filing the Chapter 7 Bankruptcy. The purpose of the meeting of creditors is two-fold. First, it is to give the Chapter 7 trustee a chance to verify that the information contained in debtor’s schedules is true, correct, and complete. Second, the purpose of the meeting is to give creditors a chance to appear and ask debtors questions about debtor’s assets and debts and financial circumstances.

      Read More

      (Video) WHAT ARE THE DUTIES OF A CHAPTER 7 TRUSTEE?

      Posted by Wesley Scott on October 31

      Section 704 of the Bankruptcy Code outlines the duties of a Chapter 7 trustee. A chapter 7 trustee’s primary role is to administer the Chapter 7 Bankruptcy case. This means that once assigned a Chapter 7 case by the US Trustee’s Office, a Chapter 7 trustee must review the schedules, question the debtor at a 341 meeting, and generally make sure debtor’s schedules are verified by debtor themselves.

      Read More

      (Video) WHAT ARE REDEMPTION AGREEMENTS IN CHAPTER 7 BANKRUPTCY?

      Posted by Wesley Scott on October 30

      We have discussed what reaffirmation agreements are in Chapter 7 Bankruptcy but what is a redemption agreement in a Chapter 7 Bankruptcy? The best way to illustrate a redemption agreement is to give you an example. Say you own a vehicle worth 5k but you owe 12k on the underlying loan.

      Read More

      (Video) MOST COMMON OBJECTION TO A DEBT BEING DISCHARGED IN CHAPTER 7 BANKRUPTCY

      Posted by Wesley Scott on October 28

      What is the goal of filing a Chapter 7 Bankruptcy? Getting a Chapter 7 discharge. Getting a Chapter 7 discharge means the debt is wiped out, tax free, forever. Are there situations where creditors can object to you discharging a debt? You bet there is. Section 523 of the Bankruptcy Code outlines several reasons a creditor could object to you discharging a debt made with the creditor.

      Read More

      (Video) HOW DO I GET RID OF JUDGMENTS AFTER A CHAPTER 7 BANKRUPTCY DISCHARGE?

      Posted by Wesley Scott on October 24

      Unfortunately, when you receive a Chapter 7 Bankruptcy discharge, there is no little bankruptcy dude that runs throughout the state and erases public records. I wish this were true, but it’s not. When you receive a discharge in Chapter 7 Bankruptcy, the public record needs to be cleaned up. The judgments you received before you filed Chapter 7 Bankruptcy on pre-petition debt still linger in the public records after you receive your discharge.

      Read More

      (Video) IS IT POSSIBLE FOR MY CHAPTER 7 BANKRUPTCY TO BE DENIED?

      Posted by Wesley Scott on October 19

      There are numerous reasons why a Chapter 7 Bankruptcy discharge can be denied. Section 727 of the Bankruptcy Code outlines these reasons.

      Section 727(a)(2) states that if debtor, with the intent to hinder, delay, or defraud a creditor or an officer of the estate has removed, destroyed, mutilated or concealed A) property of debtor within 1 year prior to filing the bankruptcy or B) property of the estate after filing the bankruptcy, your discharge may be denied.

      Read More

      (Video) CAN I CONVERT MY CHAPTER 7 BANKRUPTCY TO A CHAPTER 13 PRIOR TO DISCHARGE?

      Posted by Wesley Scott on October 18

      Sometimes, when a debtor files Chapter 7 Bankruptcy, there is a desire to convert to a Chapter 13 Bankruptcy. Maybe, it is because debtor’s income has risen or the US Trustee’s Office has a brought a motion to dismiss debtor’s Chapter 7 Bankruptcy for abuse. What does that mean? In English, it means the US Trustee’s Office believes debtor has the ability to pay back creditors something over a 3-5 year Chapter 13 plan.

      Read More

      (Video) CAN I BE DISCRIMINATED AGAINST BECAUSE I FILED CHAPTER 7 BANKRUPTCY?

      Posted by Wesley Scott on October 17

      Section 525 of the Bankruptcy Code provides protections against discriminatory treatment. Section 525(b) of the Bankruptcy Code provides that a private employer may not terminate the employment of, or discriminate with respect to the employment of a person who has or will file Chapter 7 Bankruptcy.

      Read More

      (Video) CAN A CREDITOR ASK TO TERMINATE THE CHAPTER 7 AUTOMATIC STAY?

      Posted by Wesley Scott on October 16

      We have discussed the fact that the filing of a bankruptcy petition with the bankruptcy court is an order for relief. And that order for relief triggers the automatic stay provisions of section 362 of the Bankruptcy Court. This automatic stay is a court order that bars creditors from doing most anything to collect on a pre-petition debt with debtor. Of course, that is the general rule, there are exceptions to this rule like the enforcement of child support or alimony for example.

      Read More

      (Video) CAN MY CHAPTER 7 BANKRUPTCY BE DISMISSED?

      Posted by Wesley Scott on October 15

      Variations of this questions get asked all the time. Can a Chapter 7 Bankruptcy be denied? Is there anything that can cause my Chapter 7 Bankruptcy to go away? The short answer is yes. However, the reasons for dismissal are limited.

      Read More

      (Video) HOW DOES A CHAPTER 7 BANKRUPTCY START? WHAT IS A PETITION FOR RELIEF?

      Posted by Wesley Scott on September 23

      Section 301(a) of the Bankruptcy Codes states that a voluntary Chapter 7 Bankruptcy is commenced with the filing of a petition with the bankruptcy court. A petition, simply put, is a formal written request, signed by you, appealing to the bankruptcy court for relief.

      Read More

      (Video) NEVER MEET WITH A PARALEGAL REGARDING CHAPTER 7 BANKRUPTCY

      Posted by Wesley Scott on September 22

      I am not sure everyone understands the role of a paralegal. Paralegals are not licensed lawyers. They cannot give you legal advice, sign you up, or even quote you a fee without violating state law and many ethical rules.

      Read More

      (Video) Statutory Presumptions of Fraud Under The Bankruptcy Code

      Posted by Wesley Scott on September 21

      We have blogged on this topic before. The general consensus in the Bankruptcy Code favors discharging unsecured debt. However, there are reasons why creditors can object to you discharging a debt with them and they are contained in Section 523 of the Bankruptcy Code. Generally, a creditor has the burden of proving that the debt owed to them is not dischargeable, say under Section 523(a)(4) of the code for fraud.

      Read More

      (Video) Preference Defenses Available to Creditors

      Posted by Wesley Scott on September 20

      We have already discussed how the code defines preferences both to general unsecured creditors and insider creditors, but what are the common defenses to a preference? We will cover that in this blog but first, let’s refresh our memories and make sure we know what a preference is.

      Read More

      (Video) WHAT DEBTS GET PAID FIRST OR AS “PRIORITY” IN CHAPTER 7 BANKRUPTCY?

      Posted by Wesley Scott on September 19

      Unless you have filed a Chapter 7 Bankruptcy and had non-exempt assets trustee sells and uses to pay creditors, you may never have wondered about this question. Why would you? I mean you have a life and you don’t worry about these things- but now it is happening and the question is relevant. Who gets paid first if a Chapter 7 trustee has money to disburse to creditors? Do all creditors share in the distribution regardless of who they are? What if debtor owes 50k in child support and 50k in credit card debt, do they share the distribution equally?

      Read More

      (Video) Trustee Preferences: The Chapter 7 Clawback

      Posted by Wesley Scott on September 18

      You file a Chapter 7 Bankruptcy right? You know going into it that you made a preferential payment of 7k to your dad, no surprise there. Your local bankruptcy lawyer has prepped your case well. But, it dawns on you, what happens to the money the Chapter 7 trustee claws back from your dad? Where does the 7k go to?

      Read More

      (Video) WHAT DOES IT MEAN FOR A CHAPTER 7 TRUSTEE TO ABANDON ASSETS?

      Posted by Wesley Scott on September 17

      Section 554 of the Bankruptcy Code outlines a Chapter 7 trustee’s right to abandon assets in a Chapter 7 Bankruptcy case. There are one of two ways an asset gets “abandoned” in a Chapter 7 Bankruptcy case. First, trustee files a notice of abandonment with the bankruptcy court or second, presumptively abandoned by trustee. If an asset was listed but not administered by trustee when the case is closed, the asset is deemed abandoned.

      Read More

      (Video) WHAT HAPPENS TO “EXEMPT ASSETS” IN CHAPTER 7 BANKRUPTCY?

      Posted by Wesley Scott on September 16

      Bankruptcy Rule 4003(a) requires debtors to disclose assets debtor claims to be exempt. Pursuant to Bankruptcy Rule 4003(b) Chapter 7 trustees have 30 days after the meeting of creditors or whenever an amendment has been filed to the exemptions to object to an exemption, whichever is later. If exemptions are not objected to, title to the assets revert back to debtor. In other words, after this period of time, debtor’s assets, once owned by the estate, revert back to debtor.

      Read More

      (Video) Common Creditor Objections To A Chapter 7 Discharge

      Posted by Wesley Scott on September 15

      With most unsecured debts in Chapter 7 Bankruptcy, there is a presumption in favor of discharging the debt in bankruptcy. The presumption in favor of discharging the debt in Chapter 7 Bankruptcy goes against the back drop of a creditor’s right to object to discharge under Section 523 of the Bankruptcy Code.

      Read More

      (Video) WHAT IS A FRAUDULENT TRANSFER IN A CHAPTER 7 BANKRUPTCY?

      Posted by Wesley Scott on September 14

      Section 548 of the Bankruptcy Code addresses fraudulent transfers. The look back period is 2 years. If, within 2 years before you filed your Chapter 7 Bankruptcy case, you gave or transferred any asset to anyone else for less than fair market value that is a fraudulent transfer.

      Read More

      (Video) What Are Considered Assets in Chapter 7

      Posted by Wesley Scott on September 13

      Section 541(a) of the Bankruptcy Code defines assets of the Chapter 7 Bankruptcy estate. Essentially, it is all legal and equitable interests’ debtor has in the world on the date the bankruptcy petition is filed with the bankruptcy court.

      Read More

      (Video) COMMON CAUSES OF CHAPTER 7 BANKRUPTCY- MEDICAL PROBLEMS

      Posted by Wesley Scott on September 12

      This is one of the saddest blogs I think I will ever do. People hate seeing the doctor no matter what. Males are especially notorious for not going to the doctor. I don’t have to tell women the dignity you lose at the hospital because they already know. Men don’t go to the doctor until it’s absolutely necessary- and if it is something embarrassing, they would almost rather die! NO lie!

      Read More

      (Video) STATE BASED CLAIMS FOR FRAUDULENT TRANSFERS IN CHAPTER 7

      Posted by Wesley Scott on September 11

      Section 548 lays out the Bankruptcy Code’s basis for a fraudulent transfer. Section 548 limits the period to 2 years immediately preceding the commencement of the Chapter 7 Bankruptcy case. However, there are some state based claims Chapter 7 trustees can sometimes latch on to and pursue

      Read More

      (Video) Debts That Are And Are Not Dischargeable in Chapter 7

      Posted by Wesley Scott on September 10

      There are unsecured debts in Chapter 7 Bankruptcy that do not get discharged. Nobody has to object or say a word, debtor remains liable on the debt. Section 523 of the Bankruptcy Code lists a number of exceptions to discharge. In other words, the general rule is debtor’s unsecured debts get discharged or wiped out. However, Section 523 lists those debts that do not get discharged regardless of whether creditor objects or not.

      Read More

      (Video) What Assets Are Not Part Of The Chapter 7 Estate?

      Posted by Wesley Scott on September 9

      Yes, there are. While Section 541(a) of the Bankruptcy Code broadly outlines the extent of the bankruptcy estate, and it includes almost all assets of the debtor, there are assets that are not part of the bankruptcy estate. By that, I mean the assets never become part of the bankruptcy estate, and therefore, do not get administered by the trustee.

      Read More

      (Video) COMMON DEBTS THAT ARE DISCHARGEABLE IN A CHAPTER 7 BANKRUPTCY

      Posted by Wesley Scott on September 8

      This is the whole purpose of filing Chapter 7 Bankruptcy to begin with. Getting rid of overwhelming debt. Many people want to know, well what can I include in a Chapter 7 Bankruptcy? Can I get rid of medical bills? What about trade payables? What about utilities even?

      Read More

      (Video) COMMON CAUSES OF CHAPTER 7 BANKRUPTCY- INCOME DROP

      Posted by Wesley Scott on September 7

      How many of us have lost income at one point or another? I bet we all have. Losing income is about as American as apple pie and baseball. How many plants have closed and gone over seas? How many times has an employer eliminated over time? How often have you changed careers and started over at lower pay? It’s call life, the humility of being alive.

      Read More

      Should I file bankruptcy for my Deceased Family Member’s Debt in Bemidji

      Posted by Wesley Scott on August 8

      Sometimes the unexpected happens.  Sometimes the expected happens with unexpected consequences.  When a loved one passes away and he or she had debt, what happens?  Are you responsible for the debt?  Can you get rid of that debt by filing bankruptcy?  Ah, the worlds of probate and bankruptcy collide at the worst time and your head is spinning. 

      Read More

      (Video) WILL FILING CHAPTER 7 BANKRUPTCY NEGATIVELY AFFECT MY SPOUSE?

      Posted by Wesley Scott on August 7

      No, just because you are married, if one spouse files a Chapter 7 Bankruptcy, that will not negatively affect your spouse. Your spouse has not filed Chapter 7 Bankruptcy, you have. The Chapter 7 Bankruptcy will go on your credit report, not your spouses.

      Read More

      (Video) WILL I BE ABLE TO RENT AGAIN AFTER FILING CHAPTER 7 BANKRUPTCY?

      Posted by Wesley Scott on August 6

      If you are a renter, or know you will become one, one of your concerns filing Chapter 7 Bankruptcy will be can I rent after I file Chapter 7 Bankruptcy? We people with high anxiety worry about being able to rent and the ultimate fear of will I be out on the street? With the gift of high anxiety comes the “worst case” scenario thinking. We always go to the extreme. You know- if I file Chapter 7 Bankruptcy, I will be living on the street because no one will rent to me.

      Read More

      (Video) How Does Chapter 7 Bankruptcy Affect My Cosigner?

      Posted by Wesley Scott on August 5

      This part sucks. Having debt in your name is one thing, but when you have someone else on the hook for the same debt- well, that sucks.  Occasionally, people think well if I file bankruptcy then the debt is wiped out as to me and my co-debtor right? Wrong! The reason banks want co-signors is if you default, co-signor is still on the hook and has to pay. Remember, if you file a Chapter 7 Bankruptcy, YOUR liability for the debt goes away, but your co-signor’s does not.

      Read More

      (Video) What Should Come First... Divorce or Bankruptcy?

      Posted by Wesley Scott on August 4

      It is one of the big triggers for Chapter 7 Bankruptcy. Not every relationship stays together. This, is a fact of life. Not shocking stuff right? But, the aftermath of a divorce can leave you financially and emotionally devastated. The question naturally becomes, do I get a divorce first or start my Chapter 7 Bankruptcy first?

      Read More

      What Are My Bankruptcy Filing Options in Minnesota?

      Posted by Wesley Scott on August 3

      After about a decade of steady decline, bankruptcy filing rates have leveled off since about 2015. Many observers take that to mean the filing rates will start going back up, which has not happened since a spike in filings following the 2005 bankruptcy reforms.

      The filing rates are usually higher in non-judicial foreclosure states like Minnesota. Other than bankruptcy, homeowners in these states have few options once the mortgage company begins foreclosure proceedings.

      Read More

      (Video) IS THERE A MINIMUM AMOUNT OF DEBT I NEED TO FILE CHAPTER 7 BANKRUPTCY?

      Posted by Wesley Scott on August 1

      Legally no. There is no legal requirement that you must have so much debt before you qualify for a Chapter 7 Bankruptcy. In theory, you could file Chapter 7 Bankruptcy on $500.00 in debt. Now, you wouldn’t do this because it wouldn’t make any sense.

      Read More

      (Video) Are Chapter 7 Bankruptcies Made Public?

      Posted by Wesley Scott on July 31

      Yes, Chapter 7 Bankruptcy is public information. To get this information you would have to know the website to go to, create an account, and link a credit card to it so you can be charged for documents you download. One of the more pervasive concerns Americans, suffering from overwhelming debt have is, is bankruptcy public information and who will know I filed Chapter 7 Bankruptcy? We get that concern completely. But, like most concerns, the way it works in reality is not what you think.

      Read More

      (Video) What Will My Credit Score Be After Chapter 7?

      Posted by Wesley Scott on July 29

      We have talked about many issues surrounding the impact of filing Chapter 7 Bankruptcy on your credit reports, credit score, and credit profile. But, in this blog I am going to write about what actually happens to your credit reports when you file Chapter 7 bankruptcy? Like, when you actually file a Chapter 7 Bankruptcy what do your credit reports say? What do they say when the bankruptcy is done? What happens if the credit reports are incorrect?

      Read More

      (Video) HOW LONG DOES CHAPTER 7 BANKRUPTCY REMAIN ON MY CREDIT REPORT?

      Posted by Wesley Scott on July 28

      The impact a Chapter 7 has on your credit reports is a paramount concern for anyone in the United States who is considering filing a Chapter 7 Bankruptcy. There are a lot of misconceptions about how long a Chapter 7 Bankruptcy remains on your credit reports. I have heard everything you can imagine but the single most common misconception is that a Chapter 7 Bankruptcy remains on your credit report for 7 years. Not true.

      Read More

      (Video) How Long Does It Take For Chapter 7 To Be Discharged?

      Posted by Wesley Scott on July 27

      What an exciting time in your life!? I know that sounds strange to say but once you summon that courage to tackle an overwhelming debt problem, you naturally want to know okay, how long does this take? The process starts with setting up a consultation with a competent bankruptcy lawyer. Never, and I mean never, ever, contact or meet with a paralegal or an out of state “sales person” who is a non-lawyer. Only lawyer can give you legal advice. Most will do it for free at the first consultation.

      Read More

      (Video) Business Failure: One Common Cause of Chapter 7 Bankruptcy

      Posted by Wesley Scott on July 25

      It is the America dream. Quit your miserable job and start out on your own. Stretch and try to reach new heights while having a blast and making gobs of money right? I am not sure there is a person alive who has not had the flicker of running their own business at one point.

      Read More

      (Video) Buying A House And Car After Filing Chapter 7 Bankruptcy

      Posted by Wesley Scott on July 24

      A common concern for so many people is can I get financing for homes/vehicles after I file Chapter 7 Bankruptcy? Now, this is a good question although ponder this question- Can you get financing to purchase a home/car now?  Most cannot. For those that can, I ask if you could get financing for a home/car now would you pay higher interest or need a co-signer in order to get the financing? Most say yes.

      Read More

      (Video) Can My Chapter 7 Bankruptcy Be Denied?

      Posted by Wesley Scott on July 23

      You sit back and think to yourself, ok if I summon the courage to do this, can my Chapter 7 Bankruptcy be denied? The answer is yes, but it is very rare. The vast majority of Chapter 7 Bankruptcies go through and debtors receive a discharge- i.e. their debts get wiped out, tax free, forever! Occasionally, Chapter 7 Bankruptcy filings can go awry.

      Read More

      (Video) Can I Get Credit Cards After Filing Chapter 7 Bankruptcy?

      Posted by Wesley Scott on July 22

      Filing Chapter 7 Bankruptcy is public information. There are numerous companies who purchase this public information to solicit you immediately after filing Chapter 7 Bankruptcy. Credit card companies are notorious for sending credit card solicitations to debtors immediately after filing. Why would they do this? Because, upon discharge, you are debt free, which means you will then have the ability to repay your debts to the new credit card. Crazy right? I know!

      Read More

      (Video) What Assets Must Be Disclosed In Chapter 7?

      Posted by Wesley Scott on July 21

      This is a common question we get. Do I have to disclose all my assets? Yes, when you file Chapter 7 Bankruptcy, you are required to sign the disclosures you make under penalty of perjury that all of the information contained in the disclosures are true, correct, and complete. In other words, you are required to disclose all your assets including your home and vehicles.

      Read More

      (Video) What Is A Chapter 7 Bankruptcy?

      Posted by Wesley Scott on July 20

      A Chapter 7 Bankruptcy is an asset based bankruptcy. Debtors do not make payments back to their creditors. Instead, debts get wiped out or discharged to the extent there are no non-exempt assets to liquidate and disburse to creditors. The vast majority of Chapter 7 Bankruptcies are what we call no-asset bankruptcies. That is, debtor have no non-exempt (unprotected) assets they would lose to a Chapter 7 trustee.

      Read More

      (Video) Do You Have To Include All Debt In Chapter 7?

      Posted by Wesley Scott on July 19

      You don’t make payments back to your creditors in a Chapter 7 Bankruptcy. This is the opposite of a Chapter 13 Bankruptcy where you make regular monthly payments back to your creditors through a Chapter 13 Bankruptcy trustee.

      Read More

      (Video) Do Creditors Get Paid In Chapter 7?

      Posted by Wesley Scott on July 18

      You don’t make payments back to your creditors in a Chapter 7 Bankruptcy. This is the opposite of a Chapter 13 Bankruptcy where you make regular monthly payments back to your creditors through a Chapter 13 Bankruptcy trustee.

      Read More

      (Video) Why Is Chapter 7 Referred to as a "Fresh Start" Bankruptcy?

      Posted by Wesley Scott on July 17

      You have heard this before right? A Chapter 7 Bankruptcy is sometimes referred to as a “Fresh Start” bankruptcy? But what does this mean? It means this- it means that in a Chapter 7 Bankruptcy, you do not make payments back to your creditors. At the end of about a 4 month process your liability on your debts is wiped out (discharged), forever, tax free! Now, that sure seems like a “Fresh Start” to me, how about you?

      Read More

      (Video) What Is A Chapter 7 Bankruptcy Discharge?

      Posted by Wesley Scott on July 17

      Not sure why, but when I think of the word “discharged” I think you have been discharged from duty in the military sense. Obviously, that is not what discharge means in the Chapter 7 Bankruptcy sense. When we say you have been “discharged” in the Chapter 7 Bankruptcy sense, we are referring to what happens with respect your personal liability on your debts. A discharge is granted under Section 727 of the Bankruptcy Code.

      Read More

      (Video) What Does It Mean To Liquidate Assets In A Bankruptcy?

      Posted by Wesley Scott on July 17

      The language of bankruptcy attorneys can seem like Greek to the non-attorney. What does it mean for a Chapter 7 trustee to “liquidate” assets? When would the trustee do such a thing anyway? When we say, a Chapter 7 trustee will “liquidate” assets, we mean the Chapter 7 trustee will sell the assets and reduce the physical assets to money. You can’t take physical assets and distribute those assets to creditors. Instead, you sell the assets, reduce the assets to money, and disburse those proceeds to creditors pro rata and based on a set of priorities.

      Read More

      (Video) What is a Chapter 7 “No-Asset” Case?

      Posted by Wesley Scott on July 17

      So you are reading up on Chapter 7 Bankruptcies and you come across the term “no-asset case” and you wonder what that means. The vast majority of Chapter 7 cases filed in the United States are what we lawyers refer to as “no-asset cases”.

      Read More

      (Video) Are Debts Discharge In Chapter 7 Taxable?

      Posted by Wesley Scott on July 16

      This is a great question to ask. Normally, debts that are forgiven are taxable income to you. For example, if you had 100k in debt and your creditors all said- forget about it and wiped it out that is fantastic, except, you now will have to pay taxes on the 100k. Why? Anytime an entity writes off a loss on their taxes it is income to someone else. Make sense?  Now, let’s be clear, paying taxes on 100k is better than paying 100k. If your tax bill is 35k you just saved 65k.

      Read More

      (Video) WHAT YOU NEED TO KNOW ABOUT DECLARING BANKRUPTCY

      Posted by Wesley Scott on July 10

      I am a proponent of erring on the side of filing bankruptcy. Why? Because hitting the reset button is good for you mentally and physically. Who among us wants to live with overwhelming debt that results in stress and worry that sometimes doesn’t end for years? Not me. I have high anxiety. I don’t necessarily mind problems, but I cannot have no solutions. I also don’t want solutions that delay getting relief. For, me delayed relief from a problem, is no relief.

      Read More

      (Video) Filing Chapter 7 Bankruptcy in Minnesota

      Posted by Wesley Scott on July 9

      If you live and work around Woodbury, Minnesota, and you are contemplating filing a Chapter 7 Bankruptcy, there are some things you should know. Sometimes things are not how they appear at first sight. Have you ever had the experience of thinking in your mind something was going to be really scary and then you did it, and found out it wasn’t as scary as you thought. Heck- you might have even enjoyed yourself a little!?

      Read More

      Four Dischargeable Debts In A Minnesota Chapter 7

      Posted by William Kain on July 1

      Just like there is good cholesterol and bad cholesterol, there is also good debt and bad debt. The average Minnesota household has about $134,000 in debt. But much of this debt is secured debt, like mortgages and auto loans. Most people do not mind paying these loans, as long as the terms are reasonable and they like the car, house, or other collateral.

      Read More

      Filing Chapter 7 In Minnesota - What You Need To Know

      Posted by William Kain on June 25

       Most of us occasionally run out of money before we run out of month. In this precarious situation, just one serious financial setback can have a devastating effect. Setbacks like serious illness, divorce, or job loss can happen to anyone at any time. When these situations cause financial turmoil, you basically have two choices. You can watch things get worse or you can do something about it.

      Read More

      Four Good Reasons To File Chapter 7 vs. Chapter 13

      Posted by William Kain on June 22

      Consumer debt is one of the more troubling problems of our time. One in four people experience Post Traumatic Stress Disorder-type symptoms because of such debt. If you belong to this group and you are looking for a way out, Chapter 7 bankruptcy may be the exit strategy you have been looking for.

      Read More

      (Video) CHAPTER 7 BANKRUPTCY FACTS

      Posted by Wesley Scott on June 18

      In a world full of confusion, wouldn’t it be nice just to have some straight forward facts about Chapter 7 Bankruptcy? I think so too. So, what follows are facts about Chapter 7 Bankruptcy.

      First, Chapter 7 Bankruptcy is on your credit report for 10 years- period. Second, Chapter 7 Bankruptcy improves your credit profile. Why? Because you have no debt! Think about it- if you are a bank would you lend someone money who is in debt say 100k in credit card debt? Hardly. Now, would you lend the same person money if they had no debt? Why not!? They have no debt!

      Read More

      The Chapter 7 Bankruptcy Process

      Posted by Wesley Scott on June 15

      Since the early 1800s, the Supreme Court has consistently held that bankruptcy is designed to give honest but unfortunate debtors a fresh start. Many notable individuals and businesses, from Henry Ford in the early 1900s to General Motors in the early 2000s, have used bankruptcy to get this fresh start. You can do the same thing.

      From start to finish, the Chapter 7 bankruptcy process usually takes a little less than a year. A lot of things happen in these nine or ten months. This post highlights some of the key points.

      Read More

      How To Get 100% Debt Relief In Less Than Four Months

      Posted by Wesley Scott on June 11

      If I told you there was a way to get 100% debt relief in less than four months would you believe me? Well you should! Because at Kain & Scott our Chapter 7 Bankruptcy Lawyers help people do it everyday. Not only that we help them repair their credit - fast! Here's how... 

      Read More

      Chapter 7 Bankruptcy Filing Fees And Payment Plans

      Posted by Wesley Scott on June 8

      Considering Filing Chapter 7 Bankruptcy, but wondering how much it costs and how to pay for it? At Kain & Scott, we offer affordable bankruptcy and easy payment plans.

      Read More

      How Does Filing Chapter 7 Bankruptcy Affect My Credit Score?

      Posted by Wesley Scott on June 6

      Many people believe that if you file Chapter 7 Bankruptcy you will ruin your credit forever and you can basically forget about ever getting credit again. This is complete and utter nonsense and here's two reasons why...

      Read More

      (Video) CHAPTER 7 VS. CHAPTER 13 BANKRUPTCY

      Posted by Wesley Scott on June 5

      What are the main differences between a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy?  Sometimes, it helps to peel the onion back, layer by layer, and go back to the basics. What are the primary differences between a Chapter 7 and Chapter 13 Bankruptcy? We will leave the question of which one you should file for a different day.

      Read More

      Why Most Minnesotans File Chapter 7 Bankruptcy In Minneapolis

      Posted by Wesley Scott on June 2

      At Kain & Scott, we have been at filing Chapter 7 and Chapter 13 bankruptcies for a very long time. In fact, we have been filing bankruptcies since 1972. Kain & Scott is Minnesota’s oldest bankruptcy law firm. Throughout these many decades we have seen a thing or two as to what causes our guests in Minneapolis, Minnesota to file chapter 7 bankruptcy.

      Read More

      (Video) WHAT CREDITORS DON’T WANT YOU TO KNOW ABOUT FILING CHAPTER 7 BANKRUPTCY

      Posted by Wesley Scott on June 1

      Ah the great state of Minnesota in the summer. Fishing, barbeques, fireworks, the sound of loons. I love it. But, if you are suffering from overwhelming debt in Minnesota, these things may not have the same meaning for you. It’s hard to enjoy Minnesota summers when all you can think about is your overwhelming debt.

      Read More

      Debt Relief Available in a Chapter 7 vs. Chapter 13 Bankruptcy

      Posted by Wesley Scott on May 22

      Supreme Court Justice James Clark McReynolds was one of the first Justices to set out the purpose of bankruptcy laws. In 1915, he wrote that bankruptcy is designed to “relieve the honest debtor from the weight of oppressive indebtedness and permit him to start afresh free from obligations and responsibilities consequent upon business misfortunes.” So, most Minnesota bankruptcy debtors are entitled to debt relief.

      The nature of this fresh start largely depends on the type of bankruptcy the debtor files. It also depends on a concept called reaffirmation, especially in certain kinds of bankruptcy.

      Read More

      Here's What You Need To Know About Chapter 7 Bankruptcy

      Posted by William Kain on May 17

      Many Minnesota families have excessive credit card debts. Making matters worse, according to one estimate, 60 percent of cardholders struggle just to make the minimum payment. So, every month, the family goes deeper into debt. This downward debt spiral quickly becomes overwhelming.

      Many “debt consolidation” firms only make empty promises. But there is a federal debt relief program that’s designed to do away with excess debt and give Minnesota families a chance to start over. But bankruptcy is a very big decision. Before you file your voluntary petition, it’s important to know everything about Chapter 7 bankruptcy.

      Read More

      (Video) WHAT ASSETS DO I LOSE IF I FILE A CHAPTER 7 BANKRUPTCY IN WOODBURY MINNESOTA?

      Posted by Wesley Scott on April 12

      This is probably the single biggest question we get asked at Kain & Scott. What assets will I lose if I file Chapter 7 Bankruptcy? The answer simply put, is in the vast majority of cases filed, most debtors lose no assets at all.

      We can protect a lot of assets in a Chapter 7 Bankruptcy. If your assets are protected we call that “exempt” assets. If your assets are not protected, and the Chapter 7 trustee can take and liquidate your assets, we call those assets “non-exempt”.

      Read More

      I Have a Judgment Lien on My home in Walker, MN

      Posted by Misty Myers on March 14

      Most of the time, it is a wonderful thing to have equity in your home.  There is a sense of pride in it and it can be considered an investment that will someday pay off.  Sometimes, though, the fact that you have equity in your home is like blood in shark infested water.  If you have an unsecured debt (such as a credit card) that went unpaid and a creditor received a judgment, that creditor could put a judgment lien on your home.  That means if you sell your home, that creditor could get a portion of the equity in your home. Is there any way to protect the equity in your home in Walker, Minnesota?  Do you have any options for getting rid of the debt and the lien? How do you fix this and get your life back?

      Read More

      4 Good Reasons To File Chapter 13 Vs. Chapter 7 Bankruptcy

      Posted by Wesley Scott on March 9

      As a Bankruptcy Attorney in Maple Grove, I hear it all the time- I want to file a Chapter 7 Bankruptcy, not anything else. Chapter 7 Bankruptcy, referred to as a “liquidation bankruptcy” or a “fresh start bankruptcy” is a four-month process where at the end of the process most unsecured debt is discharged, wiped out, tax free! Of course, there are many clients who do fit squarely within the parameters of a chapter 7.

      Read More

      What Happens Legally After Filing Chapter 7 Bankruptcy?

      Posted by William Kain on March 8

      After filing any bankruptcy you could be face with a variety of legal, financial and/or emotional consequences. Sometimes good, sometimes bad. Regardless, let's start by taking a look at the legal outcomes of filing Chapter 7 Bankruptcy

       

      Read More

      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.

      Read More

      (Video) HOW LONG DOES IT TAKE TO GET A CHAPTER 7 BANKRUPTCY DISCHARGE?

      Posted by Wesley Scott on February 14

      Once you have made the decision to get your life back, by filing a Chapter 7 Bankruptcy, you want to know how long is this going to take to get your life back right? When people make up their minds to file a Chapter 7 Bankruptcy, they are so excited to get their lives back they always want to know when? When do I get my life back, improve my credit profile, and live for the future!

      Read More

      Getting the Most Out of Your Minnesota Bankruptcy

      Posted by Kelsey Quarberg on February 10

      If you’re one of the thousands of Minnesota residents who is considering filing for either Chapter 7 or Chapter 13 bankruptcy, follow these simple tips to help you get the most out of your Minnesota bankruptcy.

       

      Read More

      Can You Use Your Credit Cards in Brainerd Before Filing Bankruptcy?

      Posted by Jesse Horoshak on February 2

      You have had a good paying job and also using your credit cards for purchases like any other person would when the unthinkable happens: you either lose your job or for some reason your income decreases.  The dam is about to break and there is no relief in sight because you now have these credit card bills that you previously had been able to pay and had every intent to pay back.  Bankruptcy seems like the best option to get your life back, but you have heard that your creditors will cry “FRAUD!” because you have been using your credit cards recently and you fear you need to wait 90 days before you can file bankruptcy.  Your worry is that you simply cannot wait any longer.  You do not want to be accused of fraud, but you also do not think you can wait 90 days before filing for bankruptcy.  You need relief sooner rather than later.  What can you do?  What SHOULD you do?

      Read More

      How Minnesota Bankruptcy Works (and Works for You!)

      Posted by Jesse Horoshak on January 24

      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.

      Read More

      Everything You'll Want To Know About Filing Bankruptcy in Minnesota

      Posted by Wesley Scott on January 6

      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.

      Read More

      Commonly-Asked Questions: Chapter 13 and Chapter 7 Differences

      Posted by William Kain on December 21

      For the past five weeks, I’ve written about the differences between chapter 7 and chapter 13 bankruptcy cases.  It’s taken a lot of words to go through the differences between the two chapters.  For the client considering filing a bankruptcy, the choices can be somewhat daunting, so it’s important for our clients at Kain & Scott to know as much as possible about the differing approaches to debts that are present in chapter 7 and chapter 13.  Only when clients have a full understanding of the operation of both chapters, and the outcomes with respect to various types of debt can the client make an informed choice regarding which chapter is best for them.

      Read More

      Will my Neighbors in Brainerd Find out About my Bankruptcy?

      Posted by Misty Myers on December 1

      I am a fairly private person.  I think it is natural for people to want to keep certain pieces of their lives private and this includes their financial affairs, whether they are having financial problems or not.  However, when people are having financial issues, they are probably a little more concerned with keeping it private.  It is a humbling thing to go through and people tend to not want to advertise it.  It is tough to be vulnerable and it is tough for us, as humans, to admit we are going through tough times.  I understand that.  It is interesting the stigma that is put on individuals who may be feeling some financial stress, yet look at the companies and banks that have been bailed out by the government.  I highly doubt those entities are losing sleep over being given a second chance; at being able to access a tool to help them out of their financial troubles.  You should not lose sleep over being given a second chance either.  But I know that before someone files bankruptcy, sometimes they are concerned with people finding out about their second chance.

      Read More

      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.

      Read More

      The #1 Commonly Asked Question About Chapter 7 vs Chapter 13 Bankruptcy

      Posted by William Kain on November 24

      Last week I tried to answer some of the questions that are commonly asked by clients who are thinking about filing a bankruptcy case.  We talked about the impact of bankruptcy on credit scores, the removal of debts discharged in a bankruptcy case from a credit report and the amount of time needed for a client of Kain & Scott to file a chapter 13 bankruptcy case.  This week, I will do my best to answer other questions that commonly come up with potential clients.  And let’s start with a basic question.

      Read More

      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!)

      Read More

      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:

      Read More

      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.

      Read More

      (Video) St Cloud Bankruptcy: How Much Does It Cost To File Chapter 7?

      Posted by Wesley Scott on November 13

      One of the most common question we get at Kain & Scott in St Cloud is, "How much does St Cloud Bankruptcy cost? Obviously, if you are suffering from overwhelming debt, you don’t have gobs of money laying around and this is a legitimate concern. However, filing bankruptcy can be more affordable than you would think. Let's discuss:

      Read More

      (Video) 3 Things You Must Know Before Filing Chapter 7 Bankruptcy In Woodbury, Minnesota

      Posted by Wesley Scott on November 3

      Getting your life back by filing a Chapter 7 Bankruptcy in Woodbury, Minnesota is a wonderful thing. No one regrets filing Chapter 7 Bankruptcy, but they always regret waiting so long before they filed. Why? Because getting your life back is amazing and the scary things you think are going to happen to you when you file bankruptcy, don’t. For example, most people don’t know that most Minnesotans improve their credit by filing Chapter 7 Bankruptcy. What? Really? It’s true- you have no debt after bankruptcy- and your credit score increases because of this fact.

      Read More

      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.

      Read More

      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.

      Read More

      Chapter 7 Bankruptcy: The Fastest Way to Erase Your Debt

      Posted by Margaret Henehan on October 24

      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.

      Read More

      (Video) How To File Chapter 7 Bankruptcy In Mankato, Minnesota

      Posted by Wesley Scott on October 23

      So you live in Mankato, Minnesota and you are swimming in debt. Life with overwhelming debt is terrifying. Our Minnesota guests all say the same thing. They never regret filing bankruptcy but they always regret waiting so long to file bankruptcy. Why? Simple- life after bankruptcy is better than life before bankruptcy. Living with no debt and nothing but the future to look forward to is intoxicating to anyone.

      Read More

      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.

      Read More

      (Video) 2 Things Every Minnesotan Should Know Before Filing Chapter 7 Bankruptcy

      Posted by Wesley Scott on October 18

      The humility of being alive. Overwhelming debt can pose a problem for anyone- literally anyone. Don’t think you are immune from this happening to you because you are not. Each year, nearly 15,000 Minnesotans file bankruptcy as a result of overwhelming debt.

      Read More

      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.

      Read More

      (Video) Why Filing Chapter 7 Bankruptcy In Eden Prairie Should Be Your First Choice

      Posted by Wesley Scott on October 11

      We know, everyone thinks that bankruptcy should be your last choice. However, if you are suffering from overwhelming debt in Eden Prairie, Minnesota, you really have limited options on how to solve the debt problem for good. In the end, filing Chapter 7 bankruptcy in Eden Prairie, Minnesota should be your first choice.

      Read More

      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.

      Read More

      (Video) Why File Chapter 7 Bankruptcy With Kain & Scott In Duluth

      Posted by Wesley Scott on September 29

      For so many of our Duluth, Minnesota guests, they know they want to file bankruptcy, they just need to find out which Minnesota bankruptcy law firm is right for them. With so many to choose from it can be overwhelming. I hear some of our guests say a bankruptcy lawyer is a bankruptcy lawyer right? Aren’t they all the same? No, they are not all the same and we all have different business models.

      Read More

      (Video) Filing Chapter 7 Bankruptcy In Duluth From Home

      Posted by Wesley Scott on September 28

      I am high anxiety. If I were a non-attorney facing overwhelming debt, I would prefer not to meet with someone face to face. Some people are like me, high anxiety, and prefer not to meet with a lawyer to discuss this face to face. But, there are other options. At Kain & Scott, we have a unique 4 step process to filing a Chapter 7 bankruptcy, all from the comfort of your own home.

      Read More

      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.

      Read More

      Why You Shouldn't Fear Filing for Bankruptcy in Minnesota

      Posted by Erick Bohm on September 22

      Fear of the unknown is one of the most difficult emotions to grapple with. When it comes to bankruptcy, most people are fearful because they don’t know what the future has in store. Let me be the first to tell you, everything is going to be ok. People are fearful of bankruptcy because of what they’ve heard from others. There’s a good chance, however, these people don’t know what they’re talking about. Bankruptcy is a great option for individuals who are overwhelmed with debt. If you’re tired of the overwhelming pressure debt has caused in your life, we can help.

      Read More

      (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.

      Read More

      Is Debt Settlement a Good Alternative to Bankruptcy?

      Posted by Margaret Henehan on September 15

      When a potential client comes in for an initial consultation, one of the available options for a client with a debt problem is debt settlement. But is it a good alternative to bankruptcy? The answer is mainly no, it’s not, the reasons of which are spelled out below.

      Read More

      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.

      Read More

      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.


      Read More

      How To Get Credit After Filing Chapter 7 Bankruptcy - Part 2

      Posted by William Kain on June 24

      Last week, I wrote about the challenges of accessing credit after filing a Chapter 7 Bankruptcy case. I concentrated on retail charge cards and revolving credit cards as two commonly-desired credit products that can be accessed after a bankruptcy case has been filed, and the debtor has received a discharge. This week I will look at the mechanics of obtaining approval for credit cards. Then I will look at the challenges of larger credit products - particularly vehicle loans and real estate mortgage loans.

      Read More

      How To Qualify For Chapter 7 Bankruptcy Regardless Of Your Income

      Posted by Erick Bohm on June 20

      Chapter 7 Bankruptcy provides nearly one million debtors each year with the relief they need from overwhelming debt. Whether or not Chapter 7 Bankruptcy is the best option for you depends on a number of considerations. During your initial consultation with one of our MN Bankruptcy Attorneys we will get to know you and your situation. We will ask a number of questions to fully understand the situation you’re confronted with. After getting to know you and your situation, we will provide you a recommendation on how we think you should move forward. In this blog, we’ll discuss what Chapter 7 is, Chapter 7 filing requirements, and the Business Debt Exception to the Chapter 7 Means Test.

      Read More

      3 Of The Most Common Bankruptcy Misconceptions in Minnesota

      Posted by Wesley Scott on June 10

      Filing for bankruptcy can give you a chance to start over financially. Knowing the correct information about this process and its potential results is absolutely necessary when considering whether or not to file. Bankruptcy is a legal proceeding, which means it is surrounded by legal jargon. This can make sorting through the massive amounts of bankruptcy related information complicated.

      Read More

      Exceptions to the Means Test in Chapter 7 Bankruptcy

      Posted by Erick Bohm on May 31

      Among the eligibility requirements to file a Chapter 7 Bankruptcy, the Means Test is used to determine whether or not a debtor has the resources available to satisfy their financial obligations. When a debtor fails to satisfy the requirements of the Means Test, they have the option of filing a Chapter 13 bankruptcy instead. However, there are exceptions to the Means Test which provide certain debtors the option of filing a Chapter 7 bankruptcy despite having too high of income. If the majority of your debts are non-consumer debts, you are a disabled veteran, or you are a military Reservists/Guardsmen, you may qualify for Chapter 7 bankruptcy regardless of your income.

      Read More

      Requirements To File A Chapter 7 Bankruptcy - Part 3

      Posted by William Kain on May 19

      The past two weeks, I’ve written about what the requirements are to file a chapter 7 bankruptcy. But as I wrote last week, it is one thing to be able to file a chapter 7 bankruptcy if a person is experiencing significant financial difficulty. But the reason to file is to receive a discharge of debt. So last week we looked at what a chapter 7 debtor needs to do after the case is filed to secure that bankruptcy discharge. This week we’ll wrap up the requirements to receive a discharge.

      Read More

      What is an Automatic Stay in Chapter 7?

      Posted by Erick Bohm on April 28

      The Automatic Stay in Chapter 7 Bankruptcy is an invisible wall that keeps your creditors from collecting against you during the pendency of the bankruptcy. In rare circumstances, creditors are able to navigate the automatic stay and still act on the debts that you owe. Most of the time, creditors cease collection action once a debtor has filed bankruptcy. In this blog, we address what the automatic stay, what the automatic stay isn’t, and the benefits debtors receive once their bankruptcy has been filed.

      Read More

      What is Chapter 7 Liquidation?

      Posted by Wesley Scott on April 28

      There are numerous online inquiries for what is a Chapter 7 Liquidation anyway? There are many misconceptions about bankruptcy and Chapter 7 Bankruptcy and what it is and what it does and does not do. So, how about we discuss a Chapter 7 Liquidation in terms that we can understand uh? Great, here we go!

      Read More

      What Happens After I File A Chapter 7 Bankruptcy Financially?

      Posted by William Kain on April 26

      Over the past four weeks, I’ve written about the legal consequences of filing bankruptcy. As I wrote when I started looking at the legal outcomes of filing bankruptcy, while the legal consequences of filing are certainly critical for my clients to understand, legal consequences are not the only factors in a client making a decision as to whether to file a bankruptcy case. For my clients, it is just as, if not more important for them to be clear about the financial consequences of filing a bankruptcy case. The effect of filing a bankruptcy financially is what we will look at this week. And I will concentrate on what happens to the consumer debtor (as opposed to the business debtor) when I write about the financial impact of filing bankruptcy.

      Read More

      Top 6 Chapter 7 Bankruptcy Questions Asked In Monticello, MN (PART 1)

      Posted by Wesley Scott on April 24

      So, you live in Monticello, Minnesota and you are contemplating getting your life back by filing Chapter 7 Bankruptcy, right? Wouldn’t you like to know the commonly asked bankruptcy questions and the answers to them before you file Chapter 7 Bankruptcy too? I would!

      Read More

      How To File Bankruptcy in Duluth, Minnesota in Just 4 Easy Steps

      Posted by Wesley Scott on April 7

      Duluth, Minnesota is a beautiful city. I have fond memories of taking my family to Duluth on many occasions. There is something very special about the city and I feel a little bit nostalgic every time we drive into the city and drive down the hill and toward the harbor. But enough about that. If you live in or near Duluth and your are experiencing overwhelming debt problems, you want it solved for good!

      Read More

      The Values Behind Kain & Scott - Minnesota's Oldest Bankruptcy Law Firm

      Posted by Wesley Scott on April 6

      Have you ever wondered about which law firm is Minnesota oldest bankruptcy law firm? Ok, probably not! But, if you are looking to file Chapter 7 or Chapter 13 bankruptcy in Minnesota, age matters. Why? There is a reason why they call it the “practice” of law right? Will a law firm that started in 1995 have more experience or a law firm that started in 1972?

      Read More

      Filing Chapter 7 Bankruptcy in Eden Prairie

      Posted by Wesley Scott on March 31

      I am high anxiety. That is the way my brain is wired. I can’t help it and neither can anyone else with anxiety for that matter. Most of our MN Bankruptcy Attorneys guests who face overwhelming debt are stressed beyond belief and struggle to pay debt for a really long time. And then, one day, you sit and you think- what am I doing?

      Read More

      4 Steps To Filing Chapter 7 Bankruptcy in Eagan, Minnesota

      Posted by Wesley Scott on March 20

      Thinking about whether or not to file Chapter 7 Bankruptcy often takes our guests some time to think about. They, of course, want to deliberate and let it sink in and make sure it makes the most sense for themselves and their family.

      Read More

      Common Questions Regarding Chapter 7 Bankruptcy

      Posted by Erick Bohm on March 16

      1. What is Chapter 7 Bankruptcy?

      Chapter 7 Bankruptcy is also known as the “fresh start” bankruptcy. Chapter 7 Bankruptcy provides debtors (an individual who files bankruptcy) with the opportunity to escape liability on certain types of secured and unsecured debts. Upon successfully receiving a discharge, debtors are no longer liable for money owed on most debts.

      Read More

      What Is Chapter 7 Bankruptcy? - Part 2

      Posted by Wesley Scott on March 15

      Hi again! I am back for part 2 of What Is Chapter 7 Bankruptcy. In Part 1 we covered why bankruptcy in the first place. We learned that bankruptcy is a necessary process to create order out of chaos. We learned that chaos is bad and order is good. But, once you file a chapter 7 bankruptcy then what? What happens to debtor’s assets? Can you keep everything? Do you lose everything?

      If there is one aspect that scares most people about a Chapter 7 Bankruptcy it is the prospect of losing assets when you file bankruptcy. Is it obvious that no one wants to lose assets? Yes, that should be obvious. When you are down and out and can’t pay your bills and you have lost so much already, the last thing you want is to lose even more.

      Read More

      What Is Chapter 7 Bankruptcy? - Part 1

      Posted by Wesley Scott on March 14

      We get this question all the time. Wes, What Is Chapter 7 Bankruptcy? How does it work? Do I lose assets? Can I get rid of all debt? What about taxes? What about student loans? These are all great questions. The saying is knowledge is power. That is what we believe at Kain & Scott as well. The more you know, the more empowered you feel about your own circumstances. When we explain to people that what they think happens is not really what happens you can see our guests lay further back in the chairs and relax.

      Read More

      Top 3 Reasons To File Chapter 7 Bankruptcy In Minneapolis

      Posted by Wesley Scott on September 13

      So, you are sitting at home wondering about your debt right? You are wondering how it is that end the end of each paycheck you have no money left. By the time you make minimum payments on your credit cards and other expenses that’s it- money all gone. This is especially true if you have fallen into the pay day loan trap. I have been there myself when I was in college. You sell your soul to get a few bucks today but what you pay back is far more than you borrowed- it makes you physically sick just thinking about it.

      Read More

      The Differences in 2016 Between Chapter 7 & 13 Bankruptcy

      Posted by William Kain on March 16

      Today, most of the Bankruptcies filed in Minnesota are either a Chapter 7 or Chapter 13. Determining which chapter is right for you will depend on your specific financial status including your debts, assets and income. A lot of people have the option to choose between the two but if you have higher than median income for a household your size, you might only be allowed to file a Chapter 13. No matter the case both are excellent options for resolving unsecured debt. However, they are unique in their own way and offer a variety of different advantages. If you have the option to choose between the two it will be important to know the differences so that you can make the most attractive decision for you and your family.

      Read More

      Top 3 Advantages of Chapter 7 Bankruptcy

      Posted by William Kain on February 26

      Declaring Chapter 7 Bankruptcy can be intimidating and stressful especially if you don’t know exactly how the Bankruptcy Process works. Unfortunately, the pressures of society can make you feel like a failure often leaving you down in the dumps. As such, you worry about what your life is going to be like after you file, what’s going to happen to your credit score, your house, the car you drive and most importantly the future of you and your family. However, remember bankruptcy can happen to anyone and you’re not alone! There are plenty of advantages of hiring a Bankruptcy Attorney to help you get your life back!

      Read More
      Take the first step toward  getting your life back  Let us help you get started on your road to a debt-free life Sign Up for a Free Consultation