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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(Video) WHO ARE THE MAJOR PLAYERS IN A CHAPTER 7 BANKRUPTCY AND WHAT DO THEY DO?

Posted by Wesley Scott on November 10

So, you are thinking about filing Chapter 7 Bankruptcy and you say to yourself, I don’t want to lose my Harley Davidson Some folks are a lot like me, they have high anxiety and want to know who exactly is involved in this process and what do they do?

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MAKING THE DECISION - PART TWO

Posted by William Kain on November 9

In an earlier post, I wrote about the decision-making process that our clients go through in determining whether to file a bankruptcy case.  The last post dealt in large part with the advisability of thinking through the financial problems carefully, and involving friends and relatives to get a sense of whether these supporters think the bankruptcy option is a good one.  At the end of the post I wrote that seeing an attorney is essential to good decision-making regarding the wisdom of filing a bankruptcy case.

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WHAT HAPPENS WHEN YOUR INCOME CHANGES WHILE YOU ARE IN A CHAPTER 13? PART TWO

Posted by William Kain on November 8

In an earlier post, I started writing about a common issue in chapter 13 bankruptcy cases: a change in income experienced by the debtor while the chapter 13 plan is open.  The last post looked at why this is an issue - namely, the 2005 revision of the bankruptcy law that required chapter 13 bankruptcy debtors to annually send the chapter 13 trustee copies of filed state and federal income tax returns.  It’s from that tax information that a chapter 13 trustee can ask individuals already in confirmed chapter 13 plans to adjust their income and expense schedules to more accurately reflect the debtor’s month-to-month financial situation.

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WHAT HAPPENS WHEN YOUR INCOME CHANGES WHILE YOU ARE IN A CHAPTER 13?

Posted by William Kain on November 5

A chapter 13 bankruptcy is a very helpful tool for many people who are encountering overwhelming financial problems.  For individuals dealing with a potential mortgage foreclosure, chapter 13 offers a structured, affordable way to keep families in their homes.  For a person who has a car payment that has unexpectedly become too expensive, chapter 13 offers a way to restructure the car loan to make the payment more affordable.  For the person who is dealing with child support arrears, or back income taxes, chapter 13 provides a structure to pay these important obligations. 

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(Video) WHAT NOT TO DO BEFORE FILING CHAPTER 7 BANKRUPTCY

Posted by Wesley Scott on November 4

So, you are thinking about filing Chapter 7 Bankruptcy and you say to yourself, I don’t want to lose my Harley Davidson worth 8k and no liens against it right? So, what do you do? You transfer the title to the Harley to your brother for nothing. Problem solved right? Wrong!

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(Video) WHAT IS A REAFFIRMATION AGREEMENT IN A CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on November 3

To understand what a reaffirmation agreement is in Chapter 7 Bankruptcy, you first must understand what the goal of a Chapter 7 Bankruptcy is. The goal of a Chapter 7 Bankruptcy is to obtain a Chapter 7 Bankruptcy discharge. A Chapter 7 Bankruptcy discharge absolves you of your personal liability for the underlying debt. Creditor must write the debt off and is not able to pursue debtor for the debt again.

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(Video) WHO NORMALLY ATTENDS A CHAPTER 7 MEETING OF CREDITORS?

Posted by Wesley Scott on November 2

I think one of the most anxiety producing events for a client is the meeting of creditors or 341 meeting. This is the meeting where the Chapter 7 trustee has debtor verify that the information on the schedules is true and correct and complete.

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(Video) WHAT IS A CHAPTER 7 341 MEETING OF CREDITORS AND WHY DO I HAVE TO ATTEND?

Posted by Wesley Scott on November 1

Section 341 of the Bankruptcy Code requires Chapter 7 trustees to conduct and for Chapter 7 debtors to attend a meeting of creditors. The code requires that a meeting of creditors must be conducted within a reasonable time from filing the Chapter 7 Bankruptcy. The purpose of the meeting of creditors is two-fold. First, it is to give the Chapter 7 trustee a chance to verify that the information contained in debtor’s schedules is true, correct, and complete. Second, the purpose of the meeting is to give creditors a chance to appear and ask debtors questions about debtor’s assets and debts and financial circumstances.

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(Video) WHAT ARE THE DUTIES OF A CHAPTER 7 TRUSTEE?

Posted by Wesley Scott on October 31

Section 704 of the Bankruptcy Code outlines the duties of a Chapter 7 trustee. A chapter 7 trustee’s primary role is to administer the Chapter 7 Bankruptcy case. This means that once assigned a Chapter 7 case by the US Trustee’s Office, a Chapter 7 trustee must review the schedules, question the debtor at a 341 meeting, and generally make sure debtor’s schedules are verified by debtor themselves.

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(Video) WHAT ARE REDEMPTION AGREEMENTS IN CHAPTER 7 BANKRUPTCY?

Posted by Wesley Scott on October 30

We have discussed what reaffirmation agreements are in Chapter 7 Bankruptcy but what is a redemption agreement in a Chapter 7 Bankruptcy? The best way to illustrate a redemption agreement is to give you an example. Say you own a vehicle worth 5k but you owe 12k on the underlying loan.

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(Video) STATE RESIDENCY REQUIREMENTS TO FILE CHAPTER 13 BANKRUPTCY

Posted by Wesley Scott on October 29

While Section 109(a) describes who can file a Chapter 13 Bankruptcy, we want to know now where can the bankruptcy be filed?

It is not possible to move from one state to another and file Chapter 13 Bankruptcy the next day. 28 U.S. Code Section 1408 states that debtor may file a bankruptcy in the bankruptcy court of the federal judicial district in which the person filing bankruptcy has his/her principal residence, place of business, or principal assets. The domicile has to be where you were domiciled the greater part of the last 6 months and so, where you have been domiciled the last 91 days.

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(Video) MOST COMMON OBJECTION TO A DEBT BEING DISCHARGED IN CHAPTER 7 BANKRUPTCY

Posted by Wesley Scott on October 28

What is the goal of filing a Chapter 7 Bankruptcy? Getting a Chapter 7 discharge. Getting a Chapter 7 discharge means the debt is wiped out, tax free, forever. Are there situations where creditors can object to you discharging a debt? You bet there is. Section 523 of the Bankruptcy Code outlines several reasons a creditor could object to you discharging a debt made with the creditor.

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(Video) FINALLY- A GOVERNMENT SPONSORED DEBT CONSOLIDATION PLAN IN ST PAUL, MN

Posted by Wesley Scott on October 27

Minnesotans are always amazed to find out that there really is a government sponsored debt consolidation plan. Most Minnesotans are not aware of this. If you live in St Paul, Minnesota and you are suffering from overwhelming debt and you are currently in a traditional debt consolidation plan, you are wasting your time. You read this right, you are wasting your time. Why? Because the government sponsored debt consolidation plan is much better for you and your family.

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(Video) HOW DO I GET RID OF JUDGMENTS AFTER A CHAPTER 7 BANKRUPTCY DISCHARGE?

Posted by Wesley Scott on October 24

Unfortunately, when you receive a Chapter 7 Bankruptcy discharge, there is no little bankruptcy dude that runs throughout the state and erases public records. I wish this were true, but it’s not. When you receive a discharge in Chapter 7 Bankruptcy, the public record needs to be cleaned up. The judgments you received before you filed Chapter 7 Bankruptcy on pre-petition debt still linger in the public records after you receive your discharge.

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DID YOU KNOW THE GOVERNMENT HAS A DEBT CONSOLIDATION PLAN?

Posted by William Kain on October 23

A lot of people have no idea the government has a debt consolidation plan. Did you know that? Probably not. What if I told you this debt consolidation plan is limited to 3-5 years, you pay what you can afford to pay, and at the end of the plan whatever doesn’t get paid off, gets wiped out, tax free? Peeks your curiosity doesn’t it?

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