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
 

Counseling Requirements When Filing for Bankruptcy

Posted by Erick Bohm on October 13

Before you can file for Chapter 7 or Chapter 13 bankruptcy, you must consult with a nonprofit credit counseling agency. There are two courses you must complete. One is pre-filing and one is post-filing. Most people attend these courses online but they can be completed over the phone as well. The purpose of the first course is to see whether there are any options outside of filing for bankruptcy and the purpose of the second course is to educate you on your budget moving forward.

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How to Achieve a Debt Free Life

Posted by Erick Bohm on October 10

Have you ever wondered what life without debt would be like? Believe it or not, it’s entirely possible. Whether you’re under water on your vehicle, fallen behind on your mortgage, or have overwhelming credit card debt, bankruptcy can help you break free from the shackles and live a debt free life. In a matter of a few short months, you could have your financial life back! Here’s how…

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How Does Bankruptcy Affect Foreign Debt?

Posted by Erick Bohm on October 5

Here in Minnesota, it’s not unheard of to have clients who are either from Canada or frequently move back and forth. Sometimes clients will come to us with questions regarding their foreign debt. When I say foreign debt, I’m referring to debts which were incurred outside of the United States. So, what happens when someone incurs a debt outside of the United States and then moves here? Well, unlike debts which are recognized across state borders, international debts are generally not collectible.

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How to File for Chapter 13 Bankruptcy

Posted by William Kain on September 23

If you’re filing Chapter 13 bankruptcy in Minnesota, you may be aware of the stress and time-commitment required when filing your bankruptcy petition without an attorney. But did you know that with the wrong bankruptcy attorney the process can still be long, difficult, and stressful?

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What is a Priority Creditor - Part 2

Posted by William Kain on September 21

Last week, I wrote about priority debt - the type of unsecured debt that Congress decides should take priority over general unsecured debt in a bankruptcy case. Holding priority debt can be very beneficial for creditors, since in a chapter 7 case, all priority debt is paid, in full (if there are sufficient funds available) before any general unsecured debt is paid, and in a chapter 13 case, all priority debt must be paid in full in order for a chapter 13 plan to get confirmed and for the chapter 13 debtor to receive a discharge.

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Why Should I File Chapter 13 Bankruptcy?

Posted by Wesley Scott on September 18

If there was a win-win solution for your debt, would you take it?

In life, as well as in finances, there are very few circumstances that could be properly called a “win-win.” As such, it is normal to be wary of promises of a win-win solution, especially in terms of eliminating your debt.

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What is a Priority Creditor?

Posted by William Kain on September 14

When the lawyers at Kain & Scott file bankruptcy cases, one of our jobs is to “classify” debt. There are three classes of debt in bankruptcy cases: unsecured, secured and priority.

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What is Chapter 13 Bankruptcy?

Posted by Wesley Scott on September 11

When you file for bankruptcy in Minnesota, it’s important to know which type of bankruptcy is right for you. Each type of bankruptcy has its advantages and can help your family get back on track, but chances are, one type is more suitable for your family than others. While an experienced bankruptcy lawyer can best help you decide which type of bankruptcy is appropriate for your unique situation, below we explore the reasons why Chapter 13 bankruptcy is popular among debtors and may be the debt solution you need to regain control over your finances.

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How Can I Keep My Family Out Of My Bankruptcy?

Posted by William Kain on September 7

Most of the people that I see at my office who are experiencing financial problems are feeling a significant amount of stress about their money problems. And many of the people with whom I meet are concerned about what will happen to family members if they choose to file bankruptcy. The concerns come from many fact situations.

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Pros and Cons of Declaring Bankruptcy

Posted by Erick Bohm on September 5

Let’s face it, nobody wants to file bankruptcy. Then again, nobody wants to struggle financially, either. Unfortunately, we all struggle with our finances at one point or another. Sometimes we find ourselves in a financial bind and we need help getting out from underneath the pressure. Bankruptcy is a powerful option that helps consumers resurface after being brought down by crippling debt. Whether the debt is caused by ever-increasing interest rates, unmanageable credit cards, divorce, or medical related issues, bankruptcy may be a great option to get your life back.

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(Video) How To Get Rid Of Debt Without Paying It – Tax Free!

Posted by Wesley Scott on August 28

Are you suffering from an overwhelming debt problem? If so, at Kain & Scott, we are sorry you are going through this. Living with overwhelming debt is painful, embarrassing, and unstable. Every day you wonder who is going to come out of the woodwork and call you and harass you and your family. It’s a terrifying way to live. However, life is very humbling, and overwhelming debt can happen to anyone in Minnesota from any walk of life. I don’t care if you are a doctor, lawyer, bill collector, credit counselor, or a teacher. So, what are the ways to get rid of the debt? Essentially, there are four and here they are...

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(Video) The Simple Differences Between Chapter 7 and 13 Bankruptcy

Posted by Wesley Scott on August 23

Wouldn’t it be nice to understand the simple differences between a Chapter 7 and Chapter 13 bankruptcy? Like, give it to me in plain English so I can actually understand my choices, right? So many lawyers talk in legalisms that are hard for most of us to understand. So here are the basic differences in simple terms...

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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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How Chapter 13 Bankruptcy Can Help with Your Second Mortgage

Posted by Erick Bohm on August 3

If you’re under water on a second mortgage, you may be in luck. Chapter 13 Bankruptcy provides two options for solving this issue. Those two options are referred to as lien strip and cramdown. Both options can be advantageous to the property owner who has real estate valued at less than the amount owed on a first mortgage. These options are provided for under the law to promote property ownership while protecting individuals from overwhelming debt. Depending on your situation, one option may be more beneficial than the other. Ultimately, the question comes down to whether or not the property is your homestead.

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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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