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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What You Should Know: “Reaffirmation Agreement”

Posted by Wesley Scott on May 28

Chances are if you have a secured debt listed on your bankruptcy (i.e. vehicle, second or third mortgage) you will be sent what is called a reaffirmation agreement from the lender. What this is, essentially, is a way for creditors to protect themselves from a total loss. Theoretically, you could simply stop making payments, surrender the collateral, and then have that debt discharged through your bankruptcy –a definite hit to the creditor.

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Before You File Chapter 7 Bankruptcy in St Paul - READ THIS

Posted by Wesley Scott on May 27

Don’t get me wrong, filing Chapter 7 Bankruptcy is going to be the best thing you have ever done. Solving a debt problem for good feels amazing. So what is the thing you need to look out for? Unfortunately, there are people who prey on people who are in debt. They play on your fears and tug at your heart strings.

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Things To Ponder Before Your Initial Consultation

Posted by Wesley Scott on May 24

Knowing just what to expect can go a long way towards easing any nerves that come with meeting a bankruptcy attorney. If you have never filed for bankruptcy before, you may not have a single clue as to what a consultation will entail.

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I’ve Filed For Bankruptcy Before, Can I File Again?

Posted by Wesley Scott on May 23

The answer is yes! Life can hit you in unexpected ways and sometimes the hits keep coming. A number of our clients have filed for bankruptcy multiple times –and filed with our law firm multiple times.

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Challenging the Stigma of Bankruptcy

Posted by Wesley Scott on May 22

When my cousin was lamenting over his finances at our last family get together, I made the (apparent) mistake of asking why he doesn’t consider talking to a bankruptcy attorney. He was aghast –eyes like saucers, jaw practically on the floor, “Oh no, no, no.” And, since the holiday had been dull so far –I challenged him. “Why not?”

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What You Should Know: ‘Automatic Stay’

Posted by Wesley Scott on May 21

One of the most important terms and concepts for debtors during bankruptcy is “automatic stay.” The automatic stay is a big old stop sign between you and your creditors. For either a Chapter 7 or a Chapter 13, from the time of filing to the time of discharge the automatic stay stops creditors from collecting on your debts with them.

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Completing Your Credit Counseling Course

Posted by Wesley Scott on May 20

 A mandatory step during a bankruptcy filing is the completion of a U.S. Trustee certified credit counseling course. Many people worry about this –is it a test? A class they must attend? I have even had one client ask if the credit counseling is a punishment!

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Don’t Fall for Debt Consolidation - Here's Why...

Posted by Wesley Scott on May 17

We’ve all seen or heard commercials advertising debt consolidation as the ideal way to escape financial difficulty. Have trouble paying your bills? Call us to fix all your problems! But while the actors in these commercials are overjoyed after one call, debt consolidation often is not a long term solution.

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The Most Common Post-Filing Concerns

Posted by Wesley Scott on May 16

Even when you have all your ducks in a row, life tends to throw a goose in the mix. Our instinct is to panic or get angry but if this happens to you after you’ve filed you can be assured that we’ve got your back! Here are some of the most common post-filing obstacles that we can help with!

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The Road After Your Review & Sign

Posted by Wesley Scott on May 15

You’ve just completed your review & sign appointment. You’ve gone through your petition with a Kain & Scott attorney and verified all the schedules and information is true and correct. The I’s have been dotted; the t’s have been crossed. But we’re not quite done.

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Why a Credit Report is Important

Posted by Wesley Scott on May 14

If you have ever had a credit card, loan, or a debt collection, you are likely to have a credit report. A credit report is one of the most important documents of your financial life. A credit report is a compilation of information about how much debt you’ve accumulated, how you pay your bills, where you live, where you work, whether you’ve filed bankruptcy or had a lawsuit judgment entered against you, and whether you’ve had a home foreclosed or vehicle possessed. If it sound like a credit report contains a lot of information, it does. An annual credit report can be over 100 pages long.

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How To “Shop” For A Bankruptcy Attorney

Posted by Wesley Scott on May 13

Many times the most frustrating (and counter-intuitive) part of bankruptcy is fees. I have to pay to file bankruptcy?! It feels like finding attorneys or law firms who aren’t trying to kick you when you are already down is a hell of a lot harder than it should be. Most firms bill you by the hour and demand a thousand dollars or more down up front before your case is even filed. Other firms will charge you for an initial consultation appointment. 50 bucks for them to tell you that you may not even qualify for a bankruptcy discharge?!

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What Should I Wear to a 341 Meeting?

Posted by Wesley Scott on May 10

Clients often wonder how much they should dress up for their 341 meeting, also called the meeting of creditors. Though the meeting does not take place in court, meetings with the trustee are often held in a courthouse or other government building. Clients want to make sure they are making the right impression, which generally means dressing business casual.

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Are Student Loans Dischargeable Through Bankruptcy?

Posted by Wesley Scott on May 9

In general, student loan debt is not dischargeable in bankruptcy. The Bankruptcy Code prohibits the discharge of student loans in almost every instance. This boggles the mind given how burdensome student loan debt is to so many Americans, but student loans are not currently covered in bankruptcy.

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Minnesota Vs Federal Bankruptcy Exemptions

Posted by Wesley Scott on May 8

When filing for bankruptcy, debtors are able to exempt certain assets from the bankruptcy. In other words, there are some assets a debtor can definitely keep in a bankruptcy, be it a home, car, personal belongings, or other property, up to a certain amount of value. In Minnesota, bankruptcy filers can choose to take state or federal exemptions, but not both. Depending on the asset, the state or the federal exemption will be more generous. The exemptions change periodically to adjust for inflation.

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