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
 

How Chapter 7 Bankruptcy Helps You Get a Fresh Start

Posted by Kelsey Quarberg on October 17

While most Minnesota residents are familiar with the concept of bankruptcy, the nuances between the different types can still be confusing. At Kain & Scott, we offer our Minnesota clients both Chapter 7 and Chapter 13 bankruptcy. This article focuses on Chapter 7 bankruptcy, which can eliminate all of your unsecured debt forever in 90-120 days from filing.

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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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Chapter 7 Bankruptcy: The Fastest Way to Erase Your Debt

Posted by Wesley Scott on October 12

From the newest time-saving gadget to high-speed forms of travel, as a society, we love to get things done fast. With little time to spare, our busy lives require quick and easy solutions to problems – and that includes a fast and easy way to erase debts with Chapter 7 bankruptcy.

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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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Chapter 7 Bankruptcy and Your Credit Score

Posted by Kelsey Quarberg on October 9

October is a time for scares: ghosts, goblins, and ghouls abound and frights are as common as falling leaves.

One type of scare you don’t want in October is to come face-to-face with a low credit score. Unfortunately, for those who are considering filing Chapter 7 bankruptcy in Minnesota, a low credit score is a common problem and, once your score has fallen, it can be difficult to raise it again.

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How Chapter 7 Bankruptcy Erases Your Debt Fast

Posted by William Kain on October 6

If you’re serious about eliminating your debt and recharging your financial future, chances are you have heard of Chapter 7 bankruptcy. Chapter 7 bankruptcy gives you a fresh start by erasing your debt fast and immediately stopping aggressive collections actions and calls from creditors that can cause stress and anxiety, negatively impacting your quality of life. Without your debt to hold you back or creditors to harass you night and day, you have the freedom to make the most of your fresh financial start.

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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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F.A.Q. About Filing Chapter 7 Bankruptcy in Minnesota

Posted by Wesley Scott on October 4

Filing Chapter 7 bankruptcy in Minnesota is a big step towards erasing your debt and getting a fresh start. As with any major life decision, you want to make sure that you have all the facts you need to make the right decision for your family. That’s why our bankruptcy specialists at Kain & Scott have addressed the most common questions our clients have about filing for Chapter 7 bankruptcy in Minnesota.

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3 Tips on Filing Chapter 7 Bankruptcy in Minnesota

Posted by Wesley Scott on October 2

Congratulations on making the decision to get a fresh start with Chapter 7 bankruptcy! Over the past 50 years, we have helped many Minnesota residents just like you discharge their debt by filing Chapter 7 bankruptcy. As a law firm that specializes in Chapter 7 bankruptcy, we know how to ensure that you get the most out of your bankruptcy and how to avoid common pitfalls that can prevent your debt from being discharged.

We’ve compiled a few simple tips to help you file for Chapter 7 bankruptcy in Minnesota:

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The Difference Between Exempt & Non-Exempt Property in Minnesota

Posted by Kelsey Quarberg on September 27

Chapter 7 bankruptcies are known as the “Liquidation” chapter of bankruptcies. That doesn’t mean the judge is going to pull up in front of your house with a moving truck, load up your stuff, and drive away. Instead, it means the court labels your property as either “exempt” or “non-exempt” based on either federal or state laws. Your non-exempt property can either be: 1) surrendered to your Chapter 7 trustee, 2) “purchased” from your bankruptcy estate, 3) or abandoned by the Chapter 7 trustee. Here, I will first discuss the differences between exempt and non-exempt property. Then, I will discuss the three non-exempt property options.

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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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(Video) Filing Chapter 7 Bankruptcy In Eden Prairie, Minnesota

Posted by Wesley Scott on September 19

What is a Chapter 7 bankruptcy in Eden Prairie, Minnesota? It is the same thing it is all throughout the state of Minnesota. Bankruptcy law is based on federal bankruptcy statutes, not state law. So, what Chapter 7 bankruptcy is in Eden Prairie, Minnesota is the same thing it is all across Minnesota. Chapter 7 bankruptcy is like hitting a reset button on your financial life.

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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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How To File For Chapter 7 Bankruptcy

Posted by Erick Bohm on September 13

Don’t you wish there was a fast and easy way to erase your debt in Minnesota?

It’s easy to get into debt: the loss of your job, change of circumstances, an unstable market, and serious illness are just a few reasons you may have fallen behind on your payments. Once you fall behind on your payments, the amount of your debt grows quickly as penalties and interest are added.

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What Happens If You Transfer Money Prior To Filing Bankruptcy?

Posted by William Kain on September 8

Last week I wrote about a common concern that people who are thinking about filing a bankruptcy case have: the entanglement of family members in the potential client’s financial affairs. I wrote about the effect a bankruptcy has on a non-filing spouse and the issues in bankruptcy that come up when a relative has co-signed on a financial obligation with a bankruptcy debtor.

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