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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3 Reasons Why The Sooner You Talk To A Minneapolis Bankruptcy Lawyer the Better

Posted by Wesley Scott on May 7

Nobody wants to file for bankruptcy. This is no secret, but for many people in Minneapolis each year it is their only hope for debt relief. At Kain & Scott when most of our clients come to visit us they’ve been struggling with the repercussions of an overwhelming debt problem for a very long time. Far too often this struggle could have been avoided if they would have met with our Minneapolis Bankruptcy Lawyers a lot sooner. Our Lawyers can help you avoid a variety of debt related problems. Here’s how:

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Minnesota Bankruptcy: What Else Should I Know? (Part 3)

Posted by William Kain on May 4

In my last two blogs, I’ve written about some unexpected consequences that some of our clients experience as a result of filing a bankruptcy case.  These surprises come from different areas - from the fact that ACH payments can be discontinued to the fact that a lapsed car insurance policy can result in a safe driver being dropped into the risk pool when a new auto-owners policy is taken out.  This week I’ll continue to write about expecting the unexpected as a result of filing a bankruptcy case.

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Would Bankruptcy Affect Your Job in Minneapolis?

Posted by William Kain on May 3

Absolutely not. Financial problems are so common that they touch almost everyone. Many people live paycheck-to-paycheck. So even a slight income disruption or a small unexpected expense is often devastating. One in four Minnesotans worry about money so much that they have PTSD-like symptoms. That figure is self-reported, so the actual number may be even higher.

In other words, if financial problems could affect your job, many of us would be out of work. That’s simply not a workable environment, so bankruptcy discrimination is illegal.

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Will Bankruptcy Remove Liens in Minnesota?

Posted by William Kain on May 3

Bankruptcy gives fresh starts to distressed debtors. But it uses the least restrictive means to accomplish this goal. Property rights are sacred to many people in America, and that includes a contract between a debtor and a creditor. So, bankruptcy does not interfere with that contract.

Instead, a bankruptcy discharge removes the debtor’s legal obligation to repay debt. It does not affect the collateral consequences. Assume a judge discharges past-due university tuition. The school cannot do anything to collect the amount owed. However, it can withhold the student’s transcript until the debt is paid or otherwise resolved. A bankruptcy judge does not have the authority to order the school to release the transcript.

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Minnesota Bankruptcy: What Else Should I Know? (Part 2)

Posted by William Kain on May 1

Last week I started writing about the collateral events in a bankruptcy case that can confuse, concern or surprise bankruptcy debtors.  I looked specifically at the fact that many creditors will automatically discontinue ACH automatic withdrawals out of the bank accounts of bankruptcy debtors and that many creditors will disable a bankruptcy debtor’s ability to pay bills online (by the way, many pay-by-phone services are discontinued, also).

This week I will write about some other “surprises” that debtors can find in a bankruptcy case.

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Posted by Wesley Scott on May 1

So, last we spoke, we spoke about Mary’s account being frozen. The creditor had frozen Mary’s 12k 401k loan proceeds and Mary had come in to see me about what her choices were to resolve her debt problem.

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Posted by Wesley Scott on April 27

There are 3 mistakes you should avoid when filing bankruptcy in St Paul, Minnesota. These mistakes have to do with representation in a bankruptcy or a lack thereof. At Kain & Scott, we are Minnesota’s oldest bankruptcy law firm. We have seen a thing or two and we would recommend you avoid the mistakes we have seen others make. For example-

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Posted by Wesley Scott on April 26

Welcome to Woodbury, Minnesota’s best bankruptcy law firm, Kain & Scott. Why Kain & Scott? Good question. We wrote the book, “Filing Bankruptcy Sucks, Your Lawyer Should Not!” We wrote the book because we were frustrated by how Minnesota bankruptcy guests were being treated. Well, let’s break it down, why is Kain & Scott Woodbury, Minnesota’s best bankruptcy law firm? I will give you 5 reasons:

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Posted by Wesley Scott on April 26

The following is based on a true story. The names I use are fictional but the story is real. Mary came into see me about her account being frozen by one of her creditors. Mary had just taken a loan out from her 401k and the 12k in proceeds were in her bank account when the unthinkable happened- the creditor placed a levy on the account and froze 12k. Now, to say this was not good timing is an understatement. Mary is an RN but she was off work for several months due to medical complications. She was not entitled to short term disability and so she was taking the 401k loan out to help her and her husband survive the time when she was out of work.

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Will Bankruptcy Affect My Husband?

Posted by Wesley Scott on April 24

To protect their property and families, thousands of people file bankruptcy in Minnesota every year. Moneylenders want people to feel ashamed when they file bankruptcy, to discourage such actions. But most people file bankruptcy because of medical debt, divorce, unemployment, or some other situation which was totally beyond their control.

Nevertheless, there are still many impediments to filing bankruptcy in Minnesota. Some people worry about how a voluntary petition will affect their jobs. Others worry about how bankruptcy may affect their spouses, and that’s the subject of this post.

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Will Bankruptcy Clear All Of My Debt?

Posted by William Kain on April 23

Technically, the answer to this question is “yes.” However, there may be some debt that you do not want bankruptcy to clear.

There’s a significant difference between secured and unsecured debt. Secured debt includes things like home mortgages and auto loans. If the debtor violates the security agreement, the moneylender has the right to repossess the collateral. That right remains in place whether the debtor files bankruptcy or not. Unsecured debts are things like credit cards and medical bills. As outlined below, these debts sometimes have collateral consequences as well. But in most cases, they are quite limited.

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Bankruptcy Basics For Debtors in Minneapolis

Posted by Wesley Scott on April 20

Hi everyone! So you are on line searching for information on the basics of bankruptcy. How does it work? What are the differences between a chapter 7 and a chapter 13? Which bankruptcy looks better on my credit report? These are all great questions right? But, can someone explain them in simple terms? I can! 

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Everything You Want To Know About Filing Minnesota Bankruptcy

Posted by William Kain on April 19

One of the most common questions that I get from clients after we’ve gone through the process of preparing a bankruptcy case for filing at Kain & Scott is “what else should I know?”

It’s a perfectly understandable question - our clients have been with us at every step of the process of preparing their bankruptcy petition, schedules and statements.  They’ve spoken with us at the initial stage, where we put together a “game plan” for addressing their financial problems. They’ve been with us as our assistants verify the facts of their case to make sure the information that is on the petition and schedules filed with the court is complete and accurate.  And they’ve sat in with the lawyer on their case to make sure, as the lawyer and clients review the petition and schedules together, that the lawyer is satisfied that there are no legal issues that will create complications in the client receiving a bankruptcy discharge. We process a lot of information, together.  But many clients want to be sure that they’ve been fully informed as to what will happen when their case is filed and what they can expect after filing and after they receive their discharge.

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Posted by Wesley Scott on April 18

It is odd that I have to say this, but if a Minnesota resident intends to file for bankruptcy in Minnesota, choose a Minnesota BASED law firm. Why do I say this? Because there are out of state law firm’s soliciting Minnesota residents to file bankruptcy using an out of state law firm- some of who refer you back to a Minnesota lawyer who doesn’t have the same bankruptcy experience many other Minnesota bankruptcy attorneys have.

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Will Bankruptcy Clear Court Fines?

Posted by William Kain on April 17

Bankruptcy gives fresh starts to unfortunate yet honest debtors. This fresh start usually comes through a Chapter 13 repayment or a Chapter 7 “liquidation” bankruptcy.

Unfortunately, there is a presumption in the law that criminal and civil fines are related to dishonesty. That’s certainly not always the case. Some people make one poor decision under difficult circumstances. Others got mixed up in a bad situation they did not fully understand. Still others were simply in the wrong place at the wrong time. But the presumption of dishonesty still applies.

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