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

When is the Right Time to File For Bankruptcy?

Posted by Wesley Scott on November 27

“Timing is everything.” We have all heard the old adage. We have agreed with it at some point in our lives and rolled our eyes at it during others. Regardless of how one feels about the phrase, it certainly rings true when deciding at what point one should take the plunge and file for bankruptcy. By filing at the wrong time you may be taking needless risks with your money and assets by filing too late or not gaining all the benefits you could be by filing too early.

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Modifying, Amending, or Converting Your Bankruptcy Case

Posted by Wesley Scott on November 26

Change is healthy (and inevitable) fact of life. It can be welcome or not, it can be wonderful or it can be terrible. The bottom line is that we are all going to experience it in our lives –a lot!

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Let Us Worry About Your Overwhelming Debt

Posted by Wesley Scott on October 21

You could not find a single person who will tell you that life is easy. It is not. In fact, sometimes it seems like life is purposefully cruel –dealing blow after blow, hit after hit, and just when you think there might be a moment of relief, life kicks you again when you are down. One of life’s lowest blows is overwhelming debt. Debt creeps into your life and when it finally sinks its fangs in, it is already too late. You are buried alive by it and suffocating –already weakened by the other curveballs that life has lobbed at you. It may seem hopeless. But it is not. 

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How to Understand Bankruptcy in Minnesota

Posted by Wesley Scott on October 21

I love it when I am looking to research a topic and I find the website that is the leading authority on it don’t you? If you need to research what is Chapter 7 and 13 Bankruptcy, what the bankruptcy process is like in Minnesota, and what are the fees, you need to go to www.kainscott.com, Minnesota’s LARGEST Chapter 7 and 13 Bankruptcy website. No cheesy gimmicks just quality information on what is a Chapter 7 and 13 Bankruptcy, what is the process of Chapter 7 and 13 Bankruptcy in Minnesota, and what are the fees.

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Looking to file Chapter 7 Bankruptcy in Eden Prairie, MN? Avoid This!

Posted by Wesley Scott on October 2

Have you ever heard of the word “gimmick”? I bet you have. The word means a “trick” intended to attract attention, publicity, or business. Unfortunately, when people suffer from debt, there are companies and law firms that use tricks to betray the public’s trust. How so?

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What to Expect With Kain & Scott

Posted by Wesley Scott on September 19

With nine full-time attorneys and five permanent staffed locations and growing, Kain & Scott always wants to ensure that we have our clients at the forefront. No matter how many offices, attorneys, or staff members our firm grows to we want to make sure that our clients always get the same top-notch service that Kain & Scott is known for. 

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Learn What To Expect From Your Free Bankruptcy Consultation

The Chapter 13 "SUPER" Discharge

Posted by Wesley Scott on August 20

I’ve written in earlier blogs about the decision-making involved in deciding whether filing a chapter 7 bankruptcy case or a chapter 13 bankruptcy case is the best choice for a particular client.

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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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If I File Bankruptcy in Minnesota How Much Cash Can I Keep?

Posted by Wesley Scott on July 15

Over a third of Minnesotans have more than $1,000 which they keep for financial emergencies. Credit card payments and medical bills usually do not qualify as such. So, many Minnesota bankruptcy filers have at least a few hundred extra dollars in the bank. Sometimes, this money is not even an emergency fund. They simply need it to pay bills.

The bad news is that, in a Chapter 7 bankruptcy, the trustee liquidates as many nonexempt assets as possible to pay the debtors’ medical bills, credit cards, and other unsecured debts. The good news is that cash is often an exempt asset in Minnesota. Even if that’s not the case, at Kain & Scott, we know how to use legal loopholes in your favor.

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Can Chapter 13 Save My Minnesota House?

Posted by Wesley Scott on July 14

Most banks have very little patience when it comes to missed mortgage payments. In fact, many lenders begin pre-foreclosure proceedings after just two missed payments. So, distressed Minnesota homeowners have very little safety cushion.

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Buying a House After Bankruptcy

Posted by Wesley Scott on July 12

For many people, the thought of buying a house after bankruptcy is one of the reasons why they want to avoid filing for relief from their debts. They assume that once they file bankruptcy they will not be able to obtain any type of credit, including a mortgage, because of the bankruptcy.  Unfortunately, this fear keeps some people from filing a bankruptcy case or delays the decision to file bankruptcy until matters are much worse.  The bankruptcy myth that a debtor will never qualify to buy a house after bankruptcy is simply that — a myth.  

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Some Things To Know About ‘Gray Bankruptcy’ In Minnesota

Posted by William Kain on June 30

Most people see bankruptcy as a last resort. Typically, that strategy is a sound one. It’s usually best to try to work things out with moneylenders before choosing a more radical path.

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Secured Debt vs. Unsecured Debt in a Chapter 13 Bankruptcy

Posted by William Kain on June 29

When you file a bankruptcy, you must include all debts; however, not all debts are treated equally in a Chapter 13 case. For example, student loans and taxes (there are exceptions to this!) are non-dischargeable debts that survive the bankruptcy. This means the debtor is still legally liable for paying the student loans and taxes if the debts are not paid in full through the bankruptcy plan. Unsecured debts may only receive a percentage of what is owed and any balance remaining at the end of the repayment period is discharged forever. To complicate matters, tax claims are generally unsecured debts but they are afforded priority status and paid after secured claims but before general unsecured claims. As you can already see, secured debt and unsecured debt get treated differently in a Chapter 13 bankruptcy case, and it can be a bit confusing to comprehend. With this blog I am hoping it make it a little simpler, to give you a better idea of how your debts would be handled in a Chapter 13.

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Will A Minnesota Bankruptcy Affect My Security Clearance?

Posted by William Kain on June 26

This question presses upon the thousands of people who either serve at one of the National Guard bases in Minnesota or work for a firm which supports these men and women. In many cases, if a person loses a security clearance, the person also loses that job. Such a situation clearly makes the family’s financial situation worse instead of better.

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A Chapter 13 Attorney Logically Explains "Why Choose Bankruptcy"

Posted by William Kain on June 24

Struggling with credit card debt is stressful and confusing, but it doesn’t have to be. There are options for consolidating and eliminating your debt, including filing for Chapter 13 bankruptcy. Most clients ask, “Why choose Chapter 13 over hiring a debt consolidation company?” The answer is simple, Chapter 13 allows you to put you and your family ahead of your creditors. Let me explain.

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