It is sad for me to watch as some law firms protect their bottom line over the interest of the clients. If you think this doesn’t happen in Minnesota, think again. There is one firm, that rhymes with locker, that has five lawyers and five paralegals. Now, this firm advertises for Minnesota guests to come in to see them for a free “bankruptcy analysis”.

I have a cynical personality. I don’t trust easily and I want proof of statements made. Sound like you too? I think many of us are a bit cynical. Now, you shouldn’t be like my grandpa who was so cynical that he didn’t trust anyone. But a healthy dose of cynicism in the market place is ok! When you are looking for an awesome bankruptcy lawyer is Minnesota, look no further than Kain & Scott. Why? Here is the proof!

What is a Chapter 13 Bankruptcy? How does it work? How does it look on my credit? These are all wonderful questions with straight forward answers. Here are some Chapter 13 facts you will find useful.

 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.

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.

From the oldest bankruptcy law firm in Minnesota, since 1972, comes Kain & Scott to explain what you need to know about filing Chapter 13 Bankruptcy. Very few people realize the government actually has a government sponsored debt consolidation plan. It’s called a Chapter 13 Bankruptcy. And if you knew how it works, no one would do traditional debt consolidation.

Here is what you need to know about filing a Chapter 13 Bankruptcy:

Have you ever had a bad thing happen to you? Of course right? Have you ever had a bad thing happen to you twice? Of course right? Bad things happen to good people. Businesses fail, incomes drop, medical problems happen, relationships break up, we all make bad financial decisions, so what right?

Sometimes, life deals you a blow and you may need to file another bankruptcy.  You can file another Chapter 7 Bankruptcy 8 years after you filed your previous Chapter 7 Bankruptcy. Section 727 of the Bankruptcy Code limits you to filing Chapter 7 Bankruptcy every 8 years. It used to be every 6 years until the Republicans changed the law in 2005.

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!

In many ways, federal and state laws outside bankruptcy are very pro-creditor. For example, a moneylender in Minnesota may begin the auto repossession process after just one late payment. Most creditors will try to work something out with the borrower before they resort to repossession. But, there are no guarantees. The same thing applies to late mortgage or rent payments.

In these situations, Minneapolis families basically have two options. First, they can hope that the moneylender shows some degree of patience and mercy. Second, they can take control of their finances and begin the Chapter 13 bankruptcy process in Minnesota.

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.

In many cases, a mortgage lender begins home foreclosure proceedings after just two missed payments. Sometimes the Minnesota lender is a little more patient, but that’s certainly not true in all cases.

Pre-foreclosure basically starts a financial landslide. The moneylender usually sends an acceleration notice very early in the process. Once the lender issues that notice, the bank no longer accepts partial payments. So, the homeowner goes further and further into delinquency with each passing week.

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

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.

It seems like such a simple question doesn’t it? What is a creditor? A creditor is someone who you either owe money to or claims you owe money to.

For example, you might have a 10k balance on your Master Card account. Master Card is a creditor of yours. You owe them 10k and they would like you to pay them 10k.

If you are living in or around Woodbury, MN and suffering from overwhelming debt, you are not alone. Each year, more than 15,000 Minnesotans file for bankruptcy protection because the debt simply becomes unmanageable. Suffering from overwhelming debt is mentally and physically stressful. If you find yourself in this position, there are a few things to do right now.

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.