I was driving into work today, and as I was driving, I was reflecting on what it is exactly that we do at Kain & Scott. It was like a light bulb going off in my head. What we do at Kain & Scott is restore human dignity. We humans have imperfect brains. If we didn’t have imperfect brains life would be very dull and we would all be the same; we would all be perfect. That would really suck.

We see a lot of Minnesotans who are suffering from overwhelming debt. When they initially speak to us they always want to know, are there things I should not do before filing Chapter 7 Bankruptcy? The answer is yes! Two things come to mind right off the bat. Sometimes, it is not that these things will prevent you from filing Chapter 7 Bankruptcy, but they will definitely complicate your bankruptcy needlessly.

A common concern people contemplating filing Chapter 7 Bankruptcy have is what assets can I keep if I file Chapter 7 Bankruptcy? Will I lose all my assets? Can I keep all my assets? Exactly what will I lose and what can I keep?

This is a question I would be asking if I were facing a Chapter 7 Bankruptcy near Eagan, MN. What can I expect after filing Chapter 7 Bankruptcy in Eagan, MN? Like what happens to the debt? Does it get paid? What happens to my credit? Can I get credit after I file Chapter 7 Bankruptcy?

The goal in consumer bankruptcy cases is the discharge of debts. Both a successful Chapter 7 and Chapter 13 bankruptcy will end with the court discharging a debtor’s qualified debts, which releases their obligation to pay those debts. It is important to understand what happens when you file bankruptcy,when a discharge occurs and how it works to improve your financial situation.

Chapter 13 bankruptcy is commonly known as the “reorganization” bankruptcy. Under this chapter of the U.S. Bankruptcy Code, the bankruptcy trustee will reorganize your debts based on priority, and then will require a debtor to make monthly payments, which the trustee will then distribute to creditors. Your repayment plan can last for three to five years, depending on your financial situation. Some debts must be fully repaid during the repayment plan, and the court may discharge any qualified debts that remain upon completion of the plan.

You’ve filed for Chapter 7 bankruptcy and have heard this type of case referred to as “liquidation bankruptcy.” This is because the bankruptcy trustee has the authority to seize a filer’s property and assets to liquidate and distribute the proceeds to your creditors. You look around your home, at the things you have, and the thought of selling everything to pay off creditors is understandably concerning.

You’ve filed for bankruptcy, and you get a notice from the court about a creditors meeting. What is this? Is it important? Do you have to go? What will happen at the meeting? Can the creditors stop your bankruptcy case?

Most people who file a bankruptcy case do so once in their lives. Thus, most people who file bankruptcy have no idea what a creditors meeting is, what happens there, what impact it can have on their bankruptcy case or, truthfully, anything at all about what the creditors meeting means or does. This is only one of many reasons why you should always hire an experienced attorney to take you through bankruptcy. An experienced attorney can guide you and help you understand what happens when you file bankruptcy every step of the way, including the meeting of creditors.

When you file for bankruptcy, you likely face debts that far exceed your ability to pay them, and may have for some time. Maybe you have medical bills, car repairs, house repairs, or other unplanned major expenditures that make it difficult for you to keep up with your regular bills, like your car payment, utilities, credit cards, and your mortgage or rent. You’ve fallen behind on bills, and you alternate paying different bills each month, sometimes just enough to keep the water and electricity turned on. Maybe you’ve even fallen behind on your mortgage. You never answer your phone for numbers you don’t recognize out of fear it is another creditor calling to demand payment. You may receive notice loans in default or of lawsuits filed against you by creditors. You want to make it stop, but you don’t have the money to catch up, and you don’t know any other way to keep your creditors at bay.