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.

 
You can search for specific topics or just click around. If you can't find what you're looking for here or in our FAQs please Send Us A Message
 

What Is Chapter 7 Bankruptcy and How It Works in Minnesota

Posted by Wesley Scott on May 17

Bankruptcy is a serious legal tool that shouldn't be entered into lightly. Fortunately, it can – in specific situations – help you move forward toward greater financial freedom. Chapter 7 bankruptcy is a specific chapter in the federal bankruptcy laws that represents what is known as straight or liquidation bankruptcy and that can wipe your financial slate clean (regarding a variety of unsecured debts). If your bills have become insurmountable and keeping up with the costs of daily living is no longer possible, a Chapter 7 bankruptcy can work as a financial do-over that allows you to move beyond the financial rubble you find yourself in. It's important to note that Chapter 7 bankruptcy is not without serious consequences that can include relinquishing possessions and taking a serious hit on your credit score.

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What Is Chapter 13 Bankruptcy And How It Works In Minnesota

Posted by Wesley Scott on May 10

If you’re currently facing financial issues, it can color everything you do and can make your financial future seem bleak at best. If your financial situation seems insurmountable, help may be available in the form of a Chapter 13 bankruptcy. While bankruptcy is obviously not the answer for everyone in every financially dire situation and is a fairly drastic move, it can – in certain situations – give you the kind of financial reboot you need to move forward with renewed confidence and purpose.

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What is Bankruptcy? A Minnesota Bankruptcy Lawyer Explains...

Posted by Wesley Scott on May 7

Bankruptcy is a legal process that offers individuals and companies facing overwhelming debt with the opportunity of a fresh start. The bankruptcy process can eliminate debt and halt the efforts of your creditors. In the long run, it can also improve you credit score and ability to obtain a loan.

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What Happens when you File Bankruptcy in Minnesota?

Posted by Wesley Scott on May 3

Filing for bankruptcy in Minnesota could be the first step on your path to a financial fresh start. However, the exact steps along that path will depend on a few factors including the type of bankruptcy proceeding you have selected.

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What Happens to My Bankruptcy Co-Signer When I File in Minnesota?

Posted by Wesley Scott on April 21

When you receive your bankruptcy discharge, your liability on the debt is discharged, but your co-signors isn’t. What will happen to them after you file and whether their credit will be impacted by your filing are common questions.

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What's the Process for Handling Unprotected Property in Chapter 7 Bankruptcy?

Posted by Tim Tonga on April 19

In most chapter 7 cases, the debtor does not have to give up any property because all the property they have is exempt, and therefore, protected, under law. However, in certain cases, some debtors may have property that is not protected.

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How Does Chapter 7 Bankruptcy Really Work in Minnesota?

Posted by Wesley Scott on April 15

A lot of Americans want to know, how does a Chapter 7 Bankruptcy really work? This article dissects a Chapter 7 Bankruptcy from the moment it becomes a thought in your head to when you actually get your life back after bankruptcy.

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What If I Inherit Money After Filing Bankruptcy in MN?

Posted by Kelsey Quarberg on April 11

Unfortunately, we have seen clients inherit money from the passing of a relative after filing bankruptcy in Minnesota. The impacts of the inheritance on your bankruptcy depend on which chapter of bankruptcy you are in and how much you inherit.

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How Does Wage Garnishment Work in Minnesota?

Posted by Jesse Horoshak on April 10

Wage Garnishment is one of the most pressing concerns for a great deal of our potential clients. They want to know if creditors can garnish their wages, and if so, when it can happen and how much can they take.

Unfortunately, the answer to the first question is yes, under Minnesota state law, the creditors have the right to levy on any available non-exempt property, and that includes a portion of your wages.

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What You Need to Know About Credit Unions and Filing MN Bankruptcy

Posted by Margaret Henehan on April 9

Credit Unions operate differently than banks in many aspects, and there are a few big differences in how credit unions operate within the bankruptcy world.

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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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