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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Bankruptcy Planning for Non-Exempt Assets in MN

Posted by Col Ovik on April 8

When you find yourself on the brink of filing bankruptcy, you can do some bankruptcy planning, and you should. When filing a chapter 7 bankruptcy, it is important to remember this is a liquidation bankruptcy, so non-exempt assets and funds will be liquidated to pay your creditors. There are times when bankruptcy filers find themselves with more non-exempt assets than originally expected, and rather than have the assets liquidated in the bankruptcy, they decide to spend, sell or use the asset.

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How Can Disposable Income Impact My MN Bankruptcy Case?

Posted by Amanda Scharber on April 7

You may have heard the words disposable income come up when you have researched bankruptcy. Disposable income is what is left after you take your income and minus all reasonable and necessary expenses. In terms of bankruptcy, what does it actually mean and can it impact you?

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Will I Have to Go to Court After I File Bankruptcy in MN?

Posted by Tim Tonga on April 6

The prospect of having to file for bankruptcy can be daunting and intimidating, especially for someone who has never filed for bankruptcy, or maybe, has never even been in court before. Most bankruptcy cases are very routine and are relatively simplistic in terms of the process. Those filing standard bankruptcy will not have to go to court in the traditional sense or like a criminal prosecution with a jury. Instead, those filing attend a creditor's meeting at a courthouse, or during COVID-19, remotely.

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Timing Matters When You File Bankruptcy in MN

Posted by Jake Peden on April 5

For most people, considering “when” you should file bankruptcy can be as important as the decision of “if” you should file for bankruptcy.

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The Flexibility in a MN Bankruptcy Chapter 13 Payment Plan

Posted by William Kain on April 3

I posted recently about the composition of a chapter 13 payment. A number of factors – not simply a budget calculation – go into determining the final payment amount. And that recent post only covered some of the considerations. Here are some more things to keep in mind in determining what a monthly chapter 13 payment will be.

In some cases, the amount that has to be paid over the lifetime of a plan – attorney fees, trustee fees, auto loan payments, mortgage arrears, tax arrears, etc. – works out to a higher monthly payment that a debtor can afford right now. Does that mean that a chapter 13 simply won’t work in this situation? Not necessarily.

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What Happens If I Cannot Make My Bankruptcy Chapter 13 Payments in MN?

Posted by Jake Peden on April 2

A debt reorganization bankruptcy, also known as chapter 13 bankruptcy, allows people in debt to restructure their finances and dedicate their future “disposable income” towards repaying past debts. In bankruptcy payment plans, the debtor(s) has the ability to restructure their debts, prioritize what is important, and make a single monthly payment which then gets divided up to prescribed parties by a bankruptcy trustee.

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Kain & Scott IS Minnesota's Bankruptcy Law Firm

Posted by Wesley Scott on April 1

Kain & Scott has been protecting Minnesotans from their creditors since 1972. We have ironed out the process for filing bankruptcy in Minnesota to make it the smoothest possible for our guests. At Kain & Scott, we have no worksheets to fill out and our staff HELP you all the way. We don’t sign our guests up and say good luck to them. No, at Kain & Scott, from the very moment you reach out to us, we hold your hand through the whole process.

We know it took courage for you to reach out to us for help. We honor that courage by delivering the most kind, helpful, professional, and exceptional customer service of any bankruptcy law firm in Minnesota. How do we know this to be true? Kain & Scott is Minnesota’s HIGHEST Google reviewed bankruptcy law firm in Minnesota.

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What If I Get Married or Pregnant After Filing Chapter 13 Bankruptcy in MN?

Posted by Kelsey Quarberg on March 31

The good news about Chapter 13 bankruptcy is that your life does not need to remain at a standstill once we file your case. You are allowed to live! Get married! Get pregnant! Move! We can always adjust your Chapter 13 plan through what is called a motion to modify the plan.

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MN Bankruptcy and Credit Scores: What Is the Real Truth?

Posted by Jake Peden on March 30

“What effect will filing bankruptcy have on my credit score?” is probably the most common question I get during my first consultations with Minnesotans. My response starts with: “what is your current credit score now?”

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§ 341 Meetings in Minnesota: Then and Now

Posted by Jake Peden on March 29

11 U.S.C. § 341 provides: “Within a reasonable time after the order for relief in a case under this title, the United States trustee shall convene and preside at a meeting of creditors.” It further provides: “The court may not preside at, and may not attend, any meeting under this section including any final meeting of creditors.”

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Minnesotans Needing to File Bankruptcy Turn to Kain & Scott

Posted by Wesley Scott on March 28

At Kain & Scott, we promise you, “we don’t judge you, we HELP you get your life back!” To us, getting your life back means eliminating debt and repairing your credit using Kain & Scott’s FREE 90-Day Credit Repair Program. So debt gone + repairing your credit = life back.

How do we eliminate unwanted debt? Easy, we turn to either Chapter 7 or Chapter 13 Bankruptcy to help eliminate unwanted debt. Following your discharge, we send you through Kain & Scott’s FREE 90-Day Credit Repair Program, valued at up to $3,250.00.

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What Is the Minnesota Working Family Credit and Earned Income Credit?

Posted by Serena Seashore on March 27

The Minnesota Working Family credit is a refundable credit for working individuals whose income is below a certain level. This credit can reduce what you owe and could result in a refund. You must be a full year or part year Minnesota resident and not prohibited from claiming the IRS Earned Income Tax Credit. The credit amount depends on your income, filing status, and number of qualifying children.

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Filing Bankruptcy in MN? Know That You Are Not Alone

Posted by Wesley Scott on March 26

In today’s world, it can be easy to feel like you are alone. I actually think that “loneliness” is one of the biggest health challenges we face in the world today. Prior to the pandemic, we were already tail spinning our way into a world where we communicate virtually (think Facebook, Twitter, and a myriad of other ways). Once the pandemic hit, our tail spin has become a complete vertical drop into the virtual abyss. The farther away we get from human to human contact, the worse it becomes.

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Minnesota Chapter 13 Co-Debtor Stay and Taxes

Posted by William Kain on March 25

The co-debtor stay is a nice feature of chapter 13 bankruptcy. When an individual files a bankruptcy case, there is an automatic “stay” that is put in place by the Bankruptcy Court. The automatic stay prevents creditors from collecting against a bankruptcy debtor. In chapter 13 that stay can also, in many cases, extend to co-signers and joint account holders. As long as the chapter 13 case is pending, other people obligated on debts that are “in” a chapter 13 case can be protected by the same automatic stay.

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Taking That First Step Towards Filing MN Bankruptcy

Posted by William Kain on March 24

Financial problems can generate so much stress that it is difficult for a lot of people to collect financial information – embarrassment and anxiety can cause good people to shut down by not opening mail, answering phone calls or even checking bank balances because of the paralyzing fear that the news is going to be bad.

Still, if someone decides that filing a bankruptcy case is in their best interest, the lawyer representing the client has to prepare a bankruptcy petition and schedules that accurately reflect the client’s financial situation.

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