Several months after one of the biggest tax code rewrites in U.S. history, the Treasury Department finally released an online tool to help taxpayers re-calculate their withholding amounts. Nevertheless, millions will owe money come tax time.

Earlier, the IRS did release revised tax tables that conveyed the same information. But information formats like that are difficult for people to understand. The proper withholding amount is very important, emphasized American Institute of Certified Public Accountants chief tax analyst Melissa Labant. Too little, and the taxpayer will owe a significant amount in April. Too much, and “you’re giving an interest-free loan to the government.” Cari Weston, another AICPA tax analyst, added that the more allowances a taxpayer claims, the less money the government withholds.

Chances are, if you are considering filing Chapter 7 Bankruptcy in Minneapolis, MN, you are thinking that filing bankruptcy would be terrible for your credit score and profile. If you believe this, you are like the vast majority of Minnesotans. When most Minnesotans think about bankruptcy, and its’ impact on ones’ credit score, you think that bankruptcy would be devastating. Guess what? You are all wrong!

In our day-to-day practice at Kain & Scott, our attorneys will typically field a few contacts every month from business owners who are financially stressed.  The business owners typically have this, or a variation of this question: my business is in financial trouble, should the business file a bankruptcy?  It’s such a simple, and such a common question. One of the reasons the United States has a bankruptcy law is to provide a safety net from small business owners - to allow the business owners to take financial risks without having to worry about financial ruin if the business experiences significant reverses.  But while the question is simple, the answer is usually at least a little complicated. Let’s look at the factors that should be considered in making a decision as to whether to have a business file a bankruptcy case.

Our Minnesota guests are proof. Proof of what? Proof that Kain & Scott has an antidote for anxiety caused by overwhelming debt. How do I know this to be true? Because our guests say it all the time. It goes something like this- I was so nervous about bankruptcy and my debts before I met with Kain & Scott, and then once I met with the people at Kain & Scott, my anxiety went away and I felt like I could get through this with their help!

Legally, people in Minneapolis can file bankruptcy as many times as necessary. There are no filing limits. Multiple filings do have some adverse consequences, as set out below. However, this fallout is not as bad as some people think it is.

Besides, if properly done, bankruptcy is usually a once-in-a-lifetime proposition. A voluntary petition is a fresh start in almost every sense of the phrase. Actor Gary Busey, who is well-known for his “Buseyisms,” may have put it best in the wake of his own 2012 filing. He described bankruptcy as Bringing A New Knowledge Regarding Understanding Past Tribulations Concerning Yourself. That’s a very long way of saying that you have the power to reverse your financial fortunes, even though the filing itself was probably not your fault.

Bankruptcy is an investment for our clients. When finances are tight, anything is a significant investment. But the investment always pays off. The amount of money the client pays is nearly always inconsequential when compared to the tens of thousands of dollars of debt that is discharged. Furthermore, bankruptcy gives Minnesota families a fresh financial start. That’s something which is almost literally priceless.

I know that customer service sounds like a cliché, but it happens to be highly relevant. I know, every Minnesota bankruptcy law firm says they have excellent customer service or treats their clients well, blah blah blah. The problem is these statements don’t always square with what is said about them in Google reviews or by former employees in Glassdoor reviews.

How does one go about choosing a Minnesota bankruptcy law firm that is kind, helpful, professional, and has exceptional customer service? Spend your time researching different firms and reviewing lots of google reviews. Today, I want to discuss two things you should avoid when hiring a Minnesota bankruptcy law firm.

If you live in Bloomington, Minnesota and are considering filing a bankruptcy this is a lesson in buyer beware! At Kain & Scott our Bloomington Bankruptcy Lawyers have seen several bankruptcy services advertised on park benches, back pages of newspapers, and from out of state companies. Take our word for it, here’s the main thing you need to watch out for…

It can happen to any one of us. One catastrophe can happen after another. You might have started a business 10 years ago that failed miserably right? That caused the first bankruptcy. 5 years ago you might have been diagnosed with brain cancer. While you beat it, the illness left you with an insurmountable pile of medical debt. That led to the 2^nd bankruptcy… Now what?

Although some bankruptcy filing records are public record, there are several very good reasons why that partial disclosure should not deter people from filing bankruptcy. Overall, bankruptcy filings are down significantly. In September 2017, consumer filings reached a ten-year low. However, many observers do not expect the downward trend to last. Instead, Northwestern University bankruptcy professor Bruce Markell expects rising interest rates to drive the number of filings back up, as distressed consumers will no longer be able to borrow their way out of financial jams in such an environment.

You are Filing Bankruptcy in Minnesota and, now that the ink is dry and your petition is filed, do you know what happens next?

What happens next after filing bankruptcy depends largely on whether you filed for Chapter 7 or Chapter 13, although there are similarities in both processes. For a closer look at what you can expect after filing your bankruptcy petition, read on!