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.

 

      (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.

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      (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.

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      (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.

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      (Video) STATE RESIDENCY REQUIREMENTS TO FILE CHAPTER 13 BANKRUPTCY

      Posted by Wesley Scott on October 29

      While Section 109(a) describes who can file a Chapter 13 Bankruptcy, we want to know now where can the bankruptcy be filed?

      It is not possible to move from one state to another and file Chapter 13 Bankruptcy the next day. 28 U.S. Code Section 1408 states that debtor may file a bankruptcy in the bankruptcy court of the federal judicial district in which the person filing bankruptcy has his/her principal residence, place of business, or principal assets. The domicile has to be where you were domiciled the greater part of the last 6 months and so, where you have been domiciled the last 91 days.

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      (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.

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      (Video) FINALLY- A GOVERNMENT SPONSORED DEBT CONSOLIDATION PLAN IN ST PAUL, MN

      Posted by Wesley Scott on October 27

      Minnesotans are always amazed to find out that there really is a government sponsored debt consolidation plan. Most Minnesotans are not aware of this. If you live in St Paul, Minnesota and you are suffering from overwhelming debt and you are currently in a traditional debt consolidation plan, you are wasting your time. You read this right, you are wasting your time. Why? Because the government sponsored debt consolidation plan is much better for you and your family.

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      DID YOU KNOW THE GOVERNMENT HAS A DEBT CONSOLIDATION PLAN?

      Posted by William Kain on October 23

      A lot of people have no idea the government has a debt consolidation plan. Did you know that? Probably not. What if I told you this debt consolidation plan is limited to 3-5 years, you pay what you can afford to pay, and at the end of the plan whatever doesn’t get paid off, gets wiped out, tax free? Peeks your curiosity doesn’t it?

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      Common Terms in Consumer Bankruptcy - Part Two

      Posted by William Kain on October 21

      In Part One of this series, we began reviewing some common terms you may hear during a consumer bankruptcy case. It is important to understand what is happening in your bankruptcy, which is possible with the help of an experienced Minnesota bankruptcy lawyer at Kain & Scott. Below, find brief explanations of additional common bankruptcy terms.

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      Common Terms in Consumer Bankruptcy - Part One

      Posted by William Kain on October 20

      While bankruptcy can provide many benefits for consumers struggling with debt, the process can be a confusing one. Specifically, you may hear many terms during your case with which you may not be entirely familiar. It is important to have the assistance and guidance of an experienced bankruptcy attorney who can explain every step of the process, including key bankruptcy terms. In the meantime, the following are some brief definitions of common terms in consumer bankruptcy cases. For information regarding your specific situation, call the Minnesota bankruptcy attorneys at Kain & Scott today.

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      (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.

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      (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.

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      (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.

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      (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.

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      (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.

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      (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.

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      (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.

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