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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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Common Terms in Consumer Bankruptcy - Part Two

Posted by William Kain on October 21

In Part One of this series, we began reviewing some common terms you may hear during a consumer bankruptcy case. It is important to understand what is happening in your bankruptcy, which is possible with the help of an experienced Minnesota bankruptcy lawyer at Kain & Scott. Below, find brief explanations of additional common bankruptcy terms.

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Common Terms in Consumer Bankruptcy - Part One

Posted by William Kain on October 20

While bankruptcy can provide many benefits for consumers struggling with debt, the process can be a confusing one. Specifically, you may hear many terms during your case with which you may not be entirely familiar. It is important to have the assistance and guidance of an experienced bankruptcy attorney who can explain every step of the process, including key bankruptcy terms. In the meantime, the following are some brief definitions of common terms in consumer bankruptcy cases. For information regarding your specific situation, call the Minnesota bankruptcy attorneys at Kain & Scott today.

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(Video) IS IT POSSIBLE FOR MY CHAPTER 7 BANKRUPTCY TO BE DENIED?

Posted by Wesley Scott on October 19

There are numerous reasons why a Chapter 7 Bankruptcy discharge can be denied. Section 727 of the Bankruptcy Code outlines these reasons.

Section 727(a)(2) states that if debtor, with the intent to hinder, delay, or defraud a creditor or an officer of the estate has removed, destroyed, mutilated or concealed A) property of debtor within 1 year prior to filing the bankruptcy or B) property of the estate after filing the bankruptcy, your discharge may be denied.

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(Video) CAN I CONVERT MY CHAPTER 7 BANKRUPTCY TO A CHAPTER 13 PRIOR TO DISCHARGE?

Posted by Wesley Scott on October 18

Sometimes, when a debtor files Chapter 7 Bankruptcy, there is a desire to convert to a Chapter 13 Bankruptcy. Maybe, it is because debtor’s income has risen or the US Trustee’s Office has a brought a motion to dismiss debtor’s Chapter 7 Bankruptcy for abuse. What does that mean? In English, it means the US Trustee’s Office believes debtor has the ability to pay back creditors something over a 3-5 year Chapter 13 plan.

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(Video) CAN I BE DISCRIMINATED AGAINST BECAUSE I FILED CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on October 17

Section 525 of the Bankruptcy Code provides protections against discriminatory treatment. Section 525(b) of the Bankruptcy Code provides that a private employer may not terminate the employment of, or discriminate with respect to the employment of a person who has or will file Chapter 7 Bankruptcy.

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(Video) CAN A CREDITOR ASK TO TERMINATE THE CHAPTER 7 AUTOMATIC STAY?

Posted by Wesley Scott on October 16

We have discussed the fact that the filing of a bankruptcy petition with the bankruptcy court is an order for relief. And that order for relief triggers the automatic stay provisions of section 362 of the Bankruptcy Court. This automatic stay is a court order that bars creditors from doing most anything to collect on a pre-petition debt with debtor. Of course, that is the general rule, there are exceptions to this rule like the enforcement of child support or alimony for example.

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(Video) CAN MY CHAPTER 7 BANKRUPTCY BE DISMISSED?

Posted by Wesley Scott on October 15

Variations of this questions get asked all the time. Can a Chapter 7 Bankruptcy be denied? Is there anything that can cause my Chapter 7 Bankruptcy to go away? The short answer is yes. However, the reasons for dismissal are limited.

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(Video) HOW DOES A CHAPTER 7 BANKRUPTCY START? WHAT IS A PETITION FOR RELIEF?

Posted by Wesley Scott on September 23

Section 301(a) of the Bankruptcy Codes states that a voluntary Chapter 7 Bankruptcy is commenced with the filing of a petition with the bankruptcy court. A petition, simply put, is a formal written request, signed by you, appealing to the bankruptcy court for relief.

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(Video) NEVER MEET WITH A PARALEGAL REGARDING CHAPTER 7 BANKRUPTCY

Posted by Wesley Scott on September 22

I am not sure everyone understands the role of a paralegal. Paralegals are not licensed lawyers. They cannot give you legal advice, sign you up, or even quote you a fee without violating state law and many ethical rules.

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(Video) Statutory Presumptions of Fraud Under The Bankruptcy Code

Posted by Wesley Scott on September 21

We have blogged on this topic before. The general consensus in the Bankruptcy Code favors discharging unsecured debt. However, there are reasons why creditors can object to you discharging a debt with them and they are contained in Section 523 of the Bankruptcy Code. Generally, a creditor has the burden of proving that the debt owed to them is not dischargeable, say under Section 523(a)(4) of the code for fraud.

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(Video) Preference Defenses Available to Creditors

Posted by Wesley Scott on September 20

We have already discussed how the code defines preferences both to general unsecured creditors and insider creditors, but what are the common defenses to a preference? We will cover that in this blog but first, let’s refresh our memories and make sure we know what a preference is.

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(Video) WHAT DEBTS GET PAID FIRST OR AS “PRIORITY” IN CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on September 19

Unless you have filed a Chapter 7 Bankruptcy and had non-exempt assets trustee sells and uses to pay creditors, you may never have wondered about this question. Why would you? I mean you have a life and you don’t worry about these things- but now it is happening and the question is relevant. Who gets paid first if a Chapter 7 trustee has money to disburse to creditors? Do all creditors share in the distribution regardless of who they are? What if debtor owes 50k in child support and 50k in credit card debt, do they share the distribution equally?

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(Video) Trustee Preferences: The Chapter 7 Clawback

Posted by Wesley Scott on September 18

You file a Chapter 7 Bankruptcy right? You know going into it that you made a preferential payment of 7k to your dad, no surprise there. Your local bankruptcy lawyer has prepped your case well. But, it dawns on you, what happens to the money the Chapter 7 trustee claws back from your dad? Where does the 7k go to?

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(Video) WHAT DOES IT MEAN FOR A CHAPTER 7 TRUSTEE TO ABANDON ASSETS?

Posted by Wesley Scott on September 17

Section 554 of the Bankruptcy Code outlines a Chapter 7 trustee’s right to abandon assets in a Chapter 7 Bankruptcy case. There are one of two ways an asset gets “abandoned” in a Chapter 7 Bankruptcy case. First, trustee files a notice of abandonment with the bankruptcy court or second, presumptively abandoned by trustee. If an asset was listed but not administered by trustee when the case is closed, the asset is deemed abandoned.

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(Video) WHAT HAPPENS TO “EXEMPT ASSETS” IN CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on September 16

Bankruptcy Rule 4003(a) requires debtors to disclose assets debtor claims to be exempt. Pursuant to Bankruptcy Rule 4003(b) Chapter 7 trustees have 30 days after the meeting of creditors or whenever an amendment has been filed to the exemptions to object to an exemption, whichever is later. If exemptions are not objected to, title to the assets revert back to debtor. In other words, after this period of time, debtor’s assets, once owned by the estate, revert back to debtor.

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