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
 

Everything You Need To Know About Chapter 13 Bankruptcy

Posted by Margaret Henehan on May 18

Most Minnesota families live hand to mouth. Almost half of the households in America cannot cover a $400 emergency expense. Most secured debt payments, like rent, mortgage, or auto loans, are three or four times that amount. In other words, just one missed installment can mean a world of hurt. Most people lack the means to make catchup payments.

Most moneylenders begin adverse action, including the dreaded acceleration notice, after just two or three missed payments. An acceleration notice demands the entire loan balance immediately; the lender will no longer accept partial payments. In situations like this, a federally-guaranteed debt repayment plan is probably your best option. Almost everything you need to know about a Chapter 13 bankruptcy is described below.

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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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HOW LONG DOES IT TAKE TO FILE A CHAPTER 13 BANKRUPTCY - PART 2

Posted by William Kain on March 5

Last week I wrote about why being able to file a chapter 13 bankruptcy case quickly is advantageous to debtors. Chapter 13 is often the “emergency” bankruptcy - in many cases that end up being filed as chapter 13s, a mortgage foreclosure is days away, or the repossession agent has been out looking for a client’s car to repossess.  Or in some cases, the repossession has already taken place and the owner has a short period of time in which to redeem the vehicle prior to the vehicle being sold at an auction.  So there are numerous situations in which time matters, and the time is short.  Being able to file quickly is an advantage - and at Kain & Scott we can file a case quickly and professionally.  So the question is, what is there about the Kain & Scott law firm that enables the firm to file a case quickly?

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(Video) CHAPTER 13 BANKRUPTCY - THE GOVERNMENT SPONSORED DEBT CONSOLIDATION PLAN

Posted by Wesley Scott on February 15

I am amazed at the number of Americans that don’t know the government actually has a government sponsored debt consolidation plan for you! It’s called a Chapter 13 Bankruptcy and it is amazing! The number of benefits of being in a government sponsored debt consolidation plan cannot be understated.

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Unexpected Debt and Minnesota Bankruptcy

Posted by Kelsey Quarberg on December 20

Has Mother Nature caught you off guard with unprecedented winter storms?

No matter how prepared you think you are for winter, chances are when an unexpected snowstorm hits, you find that there was something you forgot: extra batteries, driveway salt, or the ever-important loaf of bread and gallon of milk may make the difference between enjoying the winter wonderland outside or cursing the swirling white fury outside your window.

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Tackling Your Debt During the Holiday Season

Posted by Kelsey Quarberg on December 13

Has your debt landed you on the naughty list this year?

It’s that time of year when Santa is making his annual inventory of all the good and bad Minnesotans. But Santa isn’t alone: many Minnesota families are also taking a good hard look at their finances and wondering how much crunch they will feel once their credit card statements come in January. According to a recent report, the average American family spent almost $1,000 on just gifts during the 2016 holiday season and the projected expense of the 2017 season is expected to be even higher. For Minnesota families that are already struggling financially, the added cost of the holidays can turn a bad situation into a dire one.

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Commonly Asked Questions About Your Credit & Chapter 13 Bankruptcy

Posted by William Kain on November 30

When the lawyers at Kain & Scott meet with potential bankruptcy clients, we always make it a point to ask what questions or concerns the client has during our first appointment.  Almost everyone we meet with has worries about filing a bankruptcy case, and many of the questions that spring from that worry are the same from client to client.  Let’s look at some of the commonly-asked questions we get from our clients - and get some answers.

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How Long Does Chapter 13 Bankruptcy Stay On Your Credit Report In Monticello, MN?

Posted by Wesley Scott on November 29

It is a question we get a lot. How long will a Chapter 13 Bankruptcy stay on my credit report? The answer is 10 years- and that is a certainty. However, that does not mean that you will not get credit for 10 years. Quite the contrary. You see eliminating debt is always a good thing for your credit profile. Getting rid of debt, tax free, and going through Kain & Scott’s FREE 90-Day credit Repair Program improves our guest’s credit profiles to a point much better than before they did either.

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Twelve Years After the BAPCPA

Posted by Wesley Scott on November 9

For those of us who were practicing law at the time, the month of October, 2005 is very memorable. It was October 17, 2005 that the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act went into effect - the most sweeping change in bankruptcy law since the Bankruptcy Reform Act of 1978.

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How to File Chapter 13 Bankruptcy in St. Cloud, Minnesota

Posted by Margaret Henehan on November 1

When you visit St. Cloud, Minnesota’s official website, there is a staggering amount of “how to” information for residents: if you want to report graffiti, apply for a dog license, or volunteer for a great cause, all the necessary information is laid out in easy-to-follow steps. If you want to file Chapter 13 bankruptcy in St. Cloud, however, an experienced Chapter 13 bankruptcy law firm that provides excellence in bankruptcy representation to St. Cloud residents is your best source for information and guidance.

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(Video) How does a Chapter 13 Bankruptcy work?

Posted by Kelsey Quarberg on October 30

A Chapter 13 bankruptcy is what we refer to as a “Government Sponsored Debt Repayment Plan.” Instead of using a debt consolidation company or tackling your overwhelming debt on your own, a Chapter 13 bankruptcy can be a great option. The main difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy is the Chapter 13 Plan. When you file a Chapter 13 bankruptcy, you include a 3 to 5 year repayment plan. The repayment plan amount is based on your disposable income. Basically, you take your average income in a month and subtract your average living expenses. The amount left over is considered your “disposable income” which you can contribute to your Chapter 13 plan. Your Chapter 13 payments are then distributed to your creditors.

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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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