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.

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What to Expect at Your Meeting with a Bankruptcy Attorney

Posted by William Kain on February 28


Most people never need to hire a lawyer, and when they do, it’s usually at a time of their life that is filled with stress and uncertainty. As a result, meeting with a lawyer a lawyer is often something that people approach with a lot of trepidation. It’s no different when someone is considering filing for bankruptcy. You’re already being harassed by creditors and debt collectors, you may be facing foreclosure, and other legal actions. The idea of meeting with a complete stranger to discuss your financial situation is, at a minimum, daunting. However, it’s important to remember that our Minnesota bankruptcy law firm is here to help you get through these difficult times and make a fresh start.

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General Timeline of a Chapter 13 Bankruptcy

Posted by William Kain on February 28

Chapter 13 bankruptcy is often a good choice for people who want to keep their home or other significant assets. In a Chapter 13 bankruptcy, you repay your debts through a payment plan that is administered by a bankruptcy trustee and that is overseen by the bankruptcy court. Your Chapter 13 payment plan can take up to five years. On the one hand, five years helps you repay your debts in reasonable and affordable monthly payments. On the other hand, five years is a long time and can be intimidating for a lot of people.

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What Income and Expenses Count on the Means Test?

Posted by William Kain on February 27

Chapter 7 bankruptcy is an extremely powerful tool that can help you get out from underneath overwhelming debt and get a fresh start. However, most people don’t realize that you have to be income-qualified in order to be eligible to file for Chapter 7.

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An Overview of United States Bankruptcy Laws

Posted by William Kain on February 26

In 1978, Congress enacted the United States Bankruptcy Code, allowing consumers to file for bankruptcy protection. Since that time, millions of Americans have filed for bankruptcy, all across the country and across all walks of life. Despite how common filing a bankruptcy case has become, many people don’t really understand what bankruptcy is, how it works, or what it can achieve. The following is some brief information about bankruptcy laws. To discuss your specific circumstances, call our Minnesota bankruptcy attorneys today.

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Will You Have to Go to Court for your Bankruptcy Case?

Posted by William Kain on February 26

Thanks to all of the courtroom dramas we see on television, most people are terrified by the prospect of going to court. It often keeps people from going to court who need to - the idea of someone aggressively questioning them and trying to trip them up is just too intimidating. Even people in dire financial situations are afraid to file for bankruptcy because they don’t want to go to court.

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How to Decide if Bankruptcy is Right for You

Posted by William Kain on February 25

Financial stress can be overwhelming and leave you feeling like you have nowhere to turn. Bill collectors are calling, you can’t keep up with your bills, and you don’t see your situation improving anytime soon. While bankruptcy may seem like the obvious choice, this is a big decision and should be made only after careful consideration. If you feel like you’re out of options and are considering filing for bankruptcy, a Minnesota bankruptcy attorney can help you decide whether bankruptcy really is right for you.

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Can You File for Bankruptcy Twice?

Posted by William Kain on February 24

Clients often come to us unsure of whether bankruptcy is the right option for them, or whether they can file bankruptcy at all. If you’ve previously filed for bankruptcy, or if you think you may need to file more than once, this question becomes more complicated. The simple answer is yes, you can file for bankruptcy again, but the timing and other details are important.

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Divorce and Bankruptcy

Posted by William Kain on February 18

Financial trouble is probably one of the leading causes of divorce, and as a result, divorce and bankruptcy often go hand-in-hand. As stressful as it is to face both a possible bankruptcy and the break-up of your marriage, rushing into either decision can create a lot of problems. Fortunately, some careful planning can help minimize the impact so that you can move on with your life and in a better position than you are in now.

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Consumer Bankruptcy for Sole Proprietors

Posted by William Kain on January 31


Judging by what you see and hear in the media, it's not uncommon to hear about businesses filing for bankruptcy. Some of these businesses go on to success in life after bankruptcy. And these aren’t just huge, national corporations - according to the Small Business Administration, roughly 80 percent of small businesses will fail. If you’re a sole proprietor whose business is facing insurmountable debt, you may be wondering whether bankruptcy is a viable option for you.

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When Chapter 7 is Not the Best Choice for You

Posted by William Kain on January 29

Deciding to file for bankruptcy is a big step - so big that it can perhaps feel like stepping off a cliff. However, you may be surprised to feel a sense of relief once you decide to move forward. After all, bankruptcy offers the opportunity to make a fresh start. Most people think of bankruptcy as a legal mechanism that wipes out your debt. In legal jargon, this is referred to as “Chapter 7” bankruptcy or “complete liquidation.” If you’re having difficulty paying your bills and have creditors aggressively seeking payment, the opportunity to make it all go away begins to sound very attractive. However, there are situations in which Chapter 7 bankruptcy may not be your best option.

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The Homestead Exemption in Bankruptcy

Posted by William Kain on January 28

Many people worry that if they file for bankruptcy, they will lose everything - their house, their car, anything of value that can be sold to pay their debts. Fortunately, this is not the case. Bankruptcy law provides for various exemptions that allow people to retain property and avoid creditors’ claims. One of the most important of these exemptions is called the “homestead exemption,” which allows people to keep their homes.

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What Documents Should You Gather to File for Bankruptcy?

Posted by William Kain on January 23

When you file for bankruptcy, you’re basically asking the bankruptcy court to relieve you of the obligation to pay some or all of your debts. As part of that process, you need to demonstrate to the court that you can’t pay all of your creditors in full. As a result, you will need to submit what may seem to be an overwhelming amount of paperwork to the court and the other parties to your bankruptcy case. This is intimidating for many people, especially if they don’t have an attorney to represent them. The documentation you submit is critical if you want your case to be successful - failing to submit the correct documents can jeopardize your case and even result in it being dismissed.

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Priority, Secured, and Unsecured Debts in Chapter 13

Posted by William Kain on January 21

When you file for Chapter 13 bankruptcy, you enter into a payment plan to pay off your debts. However, not all debts are treated equally by the bankruptcy code. Some debts must be paid first, other debts must be paid in full, and other debts may be able to be reduced (and substantially so). In this post, we’ll discuss which debts are which and how it impacts your Chapter 13 payment plan.

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Don’t Get Accused of Bankruptcy Fraud

Posted by William Kain on January 16

When you sit down with your bankruptcy lawyer, you’re going to have to hand over a lot of your financial records. Your attorney will then use those records to fill out the paperwork that will be filed with your bankruptcy case, which you will be required to sign. In signing the filings, you are stating that the information contained in your bankruptcy papers is complete and accurate.

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Modifying a Chapter 13 Payment Plan

Posted by William Kain on January 10

Chapter 13 bankruptcy is an attractive option for people who just need to reorganize and better manage their debt. In order to accomplish this, Chapter 13 requires people to enter into a repayment plan that is approved by the court and managed by the trustee. Your creditors have to halt any collection efforts and are required to make a good-faith effort to work with you on repayment terms that you can afford. The payment plan can take up to five years to repay your debts.

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