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.


Does a Minnesota Bankruptcy Erase Student Loans?

Posted by Wesley Scott on July 26

Since about 2000, college tuition has increased massively in most places. At the same time, banks have remained eager to lend these students lots of money, even as credit requirements elsewhere tightened. As a result, Americans now owe over $1.5 trillion in education debt. If everything goes as planned for recent graduates, paying off student loans is usually not a problem. Many people might have to put off large purchases for a few years, but that’s a price most are willing to pay.

But as we know, everything does not always go according to plan. That’s basically the reason that the United States has such a generous bankruptcy law. In most cases, the debtors simply miscalculated, and they deserve fresh starts.

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Does Bankruptcy Wipe Out Student Loans In Minnesota?

Posted by Wesley Scott on May 15

The average debt-laden college graduate has almost $30,000 in student loans. That amount has increased 25 percent since 2008. Even with low interest rates and extended repayment periods, the monthly payment is often several hundred dollars a month. That’s a lot of money for anyone, and especially for young people. Quite understandably, many of these individuals delay major purchases and are overly-cautious with their money.

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Shackled by Student Loan Debt? Here’s How Bankruptcy Can Help…

Posted by Erick Bohm on April 5

Are you one of the 44.2 million Americans with student loan debt? If so, you completely understand the enormous strain student loan debt causes to your financial well-being. For individuals between the ages of 20-30, the average monthly student loan payment is $351. $351 over the course of 12 months comes out to $4,212.

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10 Promises Every Minnesota College Student Should Make

Posted by Wesley Scott on August 29

I was driving around a campus of one of our major Minnesota Universities, my Alma mater actually, and it really struck me. It’s August 2016 and it’s that time of year again when college campuses start to come alive. The once dormant campus in the summer is now crowded with young and old kids of all ages carrying back packs and going from here to there.

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Student Loan Debt 2016 - A National Crisis

Posted by Wesley Scott on February 22

As young as I can remember, the mantra to stay in school, go to college, it will lead to more prosperity, a better life, a better job, rang out like a blow horn in your ears. So, being young and impressionable, and wanting to better your life and your financial position in it, you listen. I can remember my older siblings telling me not to worry about Student Loan Debt, you will make more than enough to pay the student loans back and then some. It will all be worth it in the end- they say. I personally graduated from college in 1991 with $6,000.00 in debt. Law school tacked another $44,000.00 in debt. At the time I graduated from law school, in 1996, I had $50,000.00 in student loan debt and I seriously wondered what I have I done? How will I ever pay this amount back? How long is this going to take me to pay it back and at what cost? I obsessed about how I will ever pay this back in my life time without suffering a lot!

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Chapter 13 Student Loan Discharge To The Rescue!

Posted by Wesley Scott on February 17

What is a Chapter 13 Bankruptcy? How does it work? Could it be the answer to our national student debt crisis? Possibly! We have a conference call scheduled with Senator Amy Klobuchar’s office on February 17, 2016 to discuss this very possibility. Chapter 13 could be the answer to our Student Debt Crisis forever! Help us fight to free students from the bonds of student loans for the rest of their lives. 

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Ways to Pay Off Your Student Loan Debt

Posted by Wesley Scott on August 18

The amount of student loan debt owed by Americans has surpassed the total credit card debt owed in this country. The cost of receiving a college education continues long after the student receives his or her diploma in the form of student loan payments.

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PERSONAL EXPERIENCE: Student Loans After Bankruptcy Are Manageable

Posted by Wesley Scott on February 10

Here at Kain & Scott, one of the most common debts that our clients struggle with is their student loans. Unfortunately, in most cases, student loans are not dischargeable in a bankruptcy case. You may think there is no hope in solving your student loan issues, but we want to assure you that bankruptcy CAN help you. Read on to hear a personal experience from a client who had unmanageable student loan debt.

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Bankruptcy and Student Loans: Though Usually Non-Dischargeable, You Have Options

Posted by Wesley Scott on December 4

In today’s world, a college degree has become a necessity to acquire a good job. More often than not, students start college right after completing high school. This typically means they haven’t had much time to begin saving up for their higher education. Unless their parents were able to put money away for them, most students end up taking out student loans to pay for the bulk of their education. Then, when they complete college they have a large amount of debt waiting for them; and, if they are unable to find a good paying job right away, troubles can begin escalating quickly. It doesn’t take long for student loans and their interest rates to spiral out of control.

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3 Bankruptcy Discharge Debt Limitations You Should Be Aware Of

Posted by Wesley Scott on September 18

When you file a bankruptcy, the end goal is to receive a bankruptcy discharge (a.k.a. freedom from your debts). The bankruptcy discharge releases you from the legal liability to repay all debts that are discharged through your bankruptcy case. Post-bankruptcy-discharge your creditors are prohibited from attempting to collect discharged debts, including but not limited to contacting you to request payment of a discharged debt, filing or continuing a lawsuit or turning the debt over to a debt collector for collection.

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5 Tips to Manage Non-Dischargeable Student Loan Debt

Posted by William Kain on March 6

Student loan debt is a serious problem in America. As an increasing number of individuals choose to further their education by taking college courses, the amount owed from student loans has inched increasingly higher each year. Student loan debt now exceeds credit card debt as the leading debt problem in America. Currently, there is about $1.2 trillion in student loans owed by college graduates and current students. College graduates are completing their education and entering the job market burdened with a crushing debt load and years of student loan payments ahead of them.

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What do Bankruptcy and Student Loans Have in Common?

Posted by William Kain on February 6

For anyone familiar with bankruptcy and student loans, you may be wondering how these two topics could have anything in common. First, bankruptcy is designed to relieve you of your debt. On the other hand, incurring student loans places you in debt. Furthermore, student loans are typically non-dischargeable (there are exceptions in some cases) in bankruptcy making them one of the few unsecured debts that survive a bankruptcy filing. It would seem that these two concepts would be the exact opposite of each other; however, there are similarities between bankruptcy and student loans.

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