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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William Kain

William Kain
I have been practicing law for over 30 years, more than 20 of those have been with Kain & Scott, P.A. I continue to enjoy helping those who fall into unfortunate financial situations get back on their feet. St. Cloud is the community where I live, work and play, and I take great pride in helping and supporting my fellow community members in their time of need.
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Recent Posts

Pros and Cons of Chapter 7 Bankruptcy

Posted by William Kain on August 16

Making the decision to file a bankruptcy case is never easy; however, bankruptcy may be the best solution to your debt problems.  Bankruptcy offers many advantages that other debt solutions do not offer. Although there are numerous advantages, there are also some disadvantages. To help you weigh your options, our attorneys discuss all of the pros and cons of Chapter 7 during your free bankruptcy consultation.  Below are some of the common pros and cons of Chapter 7 that apply in most cases filed in Minnesota.

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When Should I File for Bankruptcy?

Posted by William Kain on August 14

Answering the question, “When should I file for bankruptcy” is a difficult thing to do when you are immersed in the overwhelming stress caused by debt. Worrying about how you will pay your bills and take care of your family, while dealing with aggressive debt collectors and threatening lawsuits, can quickly take its toll. This is precisely when you should meet with an experienced bankruptcy attorney. Doing so before things get out of hand and you are tempted to do something drastic will payoff in the long run.

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What Are The Requirments to File Chapter 7 Bankruptcy?

Posted by William Kain on August 14

When I meet with clients who are facing financial difficulty, I tell them that the first thing we have to decide is if they need to do something to resolve their debt issues, other than just using the same debt reduction strategies that they’ve been using up until the time we met. For the vast majority of the people I meet with, the answer to that question is yes - the reason they are in my office is that they don’t see a good financial outcome by maintaining the status quo.

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The Requirements To File A Chapter 7 Bankruptcy

Posted by William Kain on August 12

Last week I wrote about the Requirements to File a Chapter 7 Bankruptcy Case. I wrote who (or what) can file chapter 7 case, the means testing requirement involved in chapter 7 cases, and the requirement that a chapter 7 debtor have a credit counseling briefing prior to filing a chapter 7 case. This week, I will look at the question that, while it does not come up often, can be quite important in the few cases where it is an issue: the venue of the bankruptcy case. Then I will write about what a chapter 7 debtor has to do to obtain a discharge.

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Inheritances in Chapter 7 and Chapter 13 Bankruptcy

Posted by William Kain on August 10

The clients with whom I meet to discuss filing bankruptcy come in all ages, and genders. Some of my clients are very low-income wage earners; others have fairly high salaries. But my clients have one thing in common: they haven’t had very much good luck financially. For many of these people, filing a bankruptcy case, whether under chapter 7 or chapter 13, is the best option they have to resolve their financial issues. For a small percentage of these people who file bankruptcy cases, the years of bad luck that they experienced prior to filing is changed suddenly when they learn that they will inherit money or property from a deceased loved-one’s estate.

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What Makes Up Your Credit Score and How Bankruptcy Affects It

Posted by William Kain on August 5

Credit scores are a very vague concept to most people, yet they can hold so much power over your financial well-being. Almost everybody has a credit score, and like it or not, it can affect everything from being able to open up a new credit card to determining if you will be approved for a mortgage or rental property. If you are considering filing for bankruptcy, chances are your credit score has already taken a hit, and is lower than what is recommended. You are also likely worried that if you go through with a bankruptcy, your credit score will become even lower, to a point that is irreparable. We are very happy to tell you that this is not something you should worry about. 

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Chapter 7 vs. Chapter 13 Bankruptcy

Posted by William Kain on August 2

When you make the decision to file for bankruptcy in Minnesota, you are making the decision to erase your debts and change your life for good. But knowing which type of bankruptcy to file – Chapter 7 or Chapter 13 – can be confusing. Each type has the power to erase your debts and which is right for you is determined by your unique financial situation.

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What Happens After Filing Chapter 7 Bankruptcy?

Posted by William Kain on August 1

You’ve taken a major step in regaining your financial freedom by filing Chapter 7 Bankruptcy. Congratulations on being well on your way to becoming free from debt!

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Choosing Chapter 13 Bankruptcy: Minnesota Family Shares Their Story

Posted by William Kain on July 29

We see individuals and families of all shapes and sizes in need of help due to financial instability and hardship. In order to portray the “true story” of filing bankruptcy in Minnesota we want to share some of our experiences with people just like you, looking for a way out of debt and a fresh start. We are going to add generalizations and change the personal details for privacy purposes. However, many debtors experience similar situations and circumstances, so these stories are likely shared by many.

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Escape Debt Danger With The Best Bankruptcy Lawyers in Woodbury, MN

Posted by William Kain on July 23

Does your debt make you feel like you are walking on a tightrope without a safety net? Are you in constant danger of falling further behind on your bills as you struggle living paycheck-to-paycheck?

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MN Bankruptcy Lawyer Explains: What Happens When You Default On Credit

Posted by William Kain on July 18

Most of the potential clients our MN Bankruptcy Lawyers meet with at Kain & Scott have defaulted on at least one of the accounts they hold. For many of the people I meet, they have been able to stay current on some accounts, but because of their financial circumstances, they have not been able to maintain current payments on all of their accounts.

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Do Debt Consolidation Loans Actually Work?

Posted by William Kain on July 16

There are many situations in which debt consolidation loans can be used and applied. In some situations a debt consolidation loan will benefit your financial situation, and in others it will not. Determining the best solution suited for your specific situation can be tricky, and I highly recommend discussing with a legal professional or financial advisor before taking action.

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Pros and Cons of Bankruptcy, from a Filer's Perspective

Posted by William Kain on July 15

Nancy*, one of my previous clients, went into her bankruptcy kicking and screaming. Here is how she tells her story today: Filing a bankruptcy case was the last thing I wanted to do, but I had lost my job and the bills began to pile up. There was no end in sight. I hated imagining what my parents, neighbors, co-workers and friends would think when they found out that I filed bankruptcy. I tried to find another way out of debt; however, nothing I tried helped and some solutions even made the situation worse.

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How Does Debt Consolidation Work?

Posted by William Kain on July 14

Debt consolidation can be a very confusing concept. Generally speaking, debt consolidation works by combining all of your debts into one payment, often extending your repayment period, resulting in an increased total amount paid. There are four options commonly sought by those looking to get out of a difficult financial bind through debt consolidation and each works in its own way.

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8 Pros and Cons of Bankruptcy

Posted by William Kain on July 6

If you are struggling with debts and dealing with creditor harassment, you are not alone. Many Americans are facing the same situation because they are unable to meet their financial obligations due to the loss of a job, a medical illness or the loss of a spouse. Whatever the reason, stress from unpaid bills is draining both emotionally and physically.

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