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


Posted by Wesley Scott on August 6

If you are a renter, or know you will become one, one of your concerns filing Chapter 7 Bankruptcy will be can I rent after I file Chapter 7 Bankruptcy? We people with high anxiety worry about being able to rent and the ultimate fear of will I be out on the street? With the gift of high anxiety comes the “worst case” scenario thinking. We always go to the extreme. You know- if I file Chapter 7 Bankruptcy, I will be living on the street because no one will rent to me.

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(Video) How Does Chapter 7 Bankruptcy Affect My Cosigner?

Posted by Wesley Scott on August 5

This part sucks. Having debt in your name is one thing, but when you have someone else on the hook for the same debt- well, that sucks.  Occasionally, people think well if I file bankruptcy then the debt is wiped out as to me and my co-debtor right? Wrong! The reason banks want co-signors is if you default, co-signor is still on the hook and has to pay. Remember, if you file a Chapter 7 Bankruptcy, YOUR liability for the debt goes away, but your co-signor’s does not.

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(Video) What Should Come First... Divorce or Bankruptcy?

Posted by Wesley Scott on August 4

It is one of the big triggers for Chapter 7 Bankruptcy. Not every relationship stays together. This, is a fact of life. Not shocking stuff right? But, the aftermath of a divorce can leave you financially and emotionally devastated. The question naturally becomes, do I get a divorce first or start my Chapter 7 Bankruptcy first?

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What Are My Bankruptcy Filing Options in Minnesota?

Posted by Wesley Scott on August 3

After about a decade of steady decline, bankruptcy filing rates have leveled off since about 2015. Many observers take that to mean the filing rates will start going back up, which has not happened since a spike in filings following the 2005 bankruptcy reforms.

The filing rates are usually higher in non-judicial foreclosure states like Minnesota. Other than bankruptcy, homeowners in these states have few options once the mortgage company begins foreclosure proceedings.

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Top Four Reasons People File Bankruptcy in Minnesota

Posted by Wesley Scott on August 2

Bankruptcy filings declined again in 2017, but only by 0.07 percent. That’s the smallest decline since 2010, and it signals that the number of filings may soon inch back up. The growing number of retail and other business bankruptcies may accelerate this trend. Small brick-and-mortar, mom-and-pop businesses in Minnesota and elsewhere simply cannot compete anymore.

That last point is an important one. Moneylenders like to promote the myth that only people who recklessly overspend and are financial failures file bankruptcy. This myth discourages people from seeking Chapter 7 and other bankruptcy relief. In some cases, overspending is a problem. But in most cases, there are other issues involved. Typically, these issues are beyond the debtor’s control.

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Posted by Wesley Scott on August 1

Legally no. There is no legal requirement that you must have so much debt before you qualify for a Chapter 7 Bankruptcy. In theory, you could file Chapter 7 Bankruptcy on $500.00 in debt. Now, you wouldn’t do this because it wouldn’t make any sense.

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(Video) Are Chapter 7 Bankruptcies Made Public?

Posted by Wesley Scott on July 31

Yes, Chapter 7 Bankruptcy is public information. To get this information you would have to know the website to go to, create an account, and link a credit card to it so you can be charged for documents you download. One of the more pervasive concerns Americans, suffering from overwhelming debt have is, is bankruptcy public information and who will know I filed Chapter 7 Bankruptcy? We get that concern completely. But, like most concerns, the way it works in reality is not what you think.

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How Does A Minnesota Bankruptcy Affect Tax Debt?

Posted by Wesley Scott on July 30

Every year, the IRS collects over $3 trillion. Given the size of this revenue stream, many people think that the Service will overlook a few thousand dollars in unpaid taxes here or there. But that’s definitely not the case. The IRS is, in effect, the world’s largest bill collector. And this agency has access to many tools that private debt collectors can only dream about.

Bankruptcy is usually the best way, and sometimes the only way, to keep the IRS at bay. As outlined below, it gives families breathing space and also permanently eliminates tax debt in many cases.

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(Video) What Will My Credit Score Be After Chapter 7?

Posted by Wesley Scott on July 29

We have talked about many issues surrounding the impact of filing Chapter 7 Bankruptcy on your credit reports, credit score, and credit profile. But, in this blog I am going to write about what actually happens to your credit reports when you file Chapter 7 bankruptcy? Like, when you actually file a Chapter 7 Bankruptcy what do your credit reports say? What do they say when the bankruptcy is done? What happens if the credit reports are incorrect?

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Posted by Wesley Scott on July 28

The impact a Chapter 7 has on your credit reports is a paramount concern for anyone in the United States who is considering filing a Chapter 7 Bankruptcy. There are a lot of misconceptions about how long a Chapter 7 Bankruptcy remains on your credit reports. I have heard everything you can imagine but the single most common misconception is that a Chapter 7 Bankruptcy remains on your credit report for 7 years. Not true.

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(Video) How Long Does It Take For Chapter 7 To Be Discharged?

Posted by Wesley Scott on July 27

What an exciting time in your life!? I know that sounds strange to say but once you summon that courage to tackle an overwhelming debt problem, you naturally want to know okay, how long does this take? The process starts with setting up a consultation with a competent bankruptcy lawyer. Never, and I mean never, ever, contact or meet with a paralegal or an out of state “sales person” who is a non-lawyer. Only lawyer can give you legal advice. Most will do it for free at the first consultation.

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Does a Minnesota Bankruptcy Erase Student Loans?

Posted by Wesley Scott on July 26

Since about 2000, college tuition has increased massively in most places. At the same time, banks have remained eager to lend these students lots of money, even as credit requirements elsewhere tightened. As a result, Americans now owe over $1.5 trillion in education debt. If everything goes as planned for recent graduates, paying off student loans is usually not a problem. Many people might have to put off large purchases for a few years, but that’s a price most are willing to pay.

But as we know, everything does not always go according to plan. That’s basically the reason that the United States has such a generous bankruptcy law. In most cases, the debtors simply miscalculated, and they deserve fresh starts.

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(Video) Business Failure: One Common Cause of Chapter 7 Bankruptcy

Posted by Wesley Scott on July 25

It is the America dream. Quit your miserable job and start out on your own. Stretch and try to reach new heights while having a blast and making gobs of money right? I am not sure there is a person alive who has not had the flicker of running their own business at one point.

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(Video) Buying A House And Car After Filing Chapter 7 Bankruptcy

Posted by Wesley Scott on July 24

A common concern for so many people is can I get financing for homes/vehicles after I file Chapter 7 Bankruptcy? Now, this is a good question although ponder this question- Can you get financing to purchase a home/car now?  Most cannot. For those that can, I ask if you could get financing for a home/car now would you pay higher interest or need a co-signer in order to get the financing? Most say yes.

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(Video) Can My Chapter 7 Bankruptcy Be Denied?

Posted by Wesley Scott on July 23

You sit back and think to yourself, ok if I summon the courage to do this, can my Chapter 7 Bankruptcy be denied? The answer is yes, but it is very rare. The vast majority of Chapter 7 Bankruptcies go through and debtors receive a discharge- i.e. their debts get wiped out, tax free, forever! Occasionally, Chapter 7 Bankruptcy filings can go awry.

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