Different Types of Bankruptcies—Chapter 7 and Chapter 13
For individuals going through a rough financial period, filing for bankruptcy can help them get their lives and finances back on track. What many people may not realize is that there are different types of bankruptcies. For individuals, this comes down to two options—chapter 7 bankruptcy and chapter 13 bankruptcy. In this article, Kain & […]
Who Files Bankruptcy?
This question is a bit harder than it looks to answer. This is because the bankruptcy court doesn’t request any demographic information when someone files bankruptcy. The court maintains up to date statistics regarding how many people file bankruptcy and where, but not much beyond that. This means we are left to wait for researchers […]
Thinking of Filing Bankruptcy For Your Small Business?
Having a corporation or LLC file a chapter 7 bankruptcy case to clean up business debt after a small business has gone out of business may seem attractive to a business owner. But in almost all cases, having a business file a chapter 7 bankruptcy should be avoided. One of the big reasons is that […]
Is Relief on Student Loans Coming with Landmark Bill?
The numbers regarding student loan debt in the United States are staggering. There are 43.2 million people in the U.S. that owe a combined $1.56 trillion in federal student loans. The average debt load per borrower for federal student loans is $39,351. On top of that, there is $136.31 billion in private student loans outstanding […]
5 Bankruptcy Myths-Debunked
1. If I file for bankruptcy, it shows I am financially irresponsible. Not true! Most people file for bankruptcy due to circumstances beyond their control. Divorce, job loss, illness, are some of the most common reasons we see. Just the other day I saw a $40,000 medical bill for a MedEvac flight, my client didn’t […]
What Happens to My Mortgage When I File Bankruptcy?
If you own a home and you file a chapter 7 or a chapter 13 bankruptcy, you will still owe on your mortgage, as long as you want to keep your home. Your mortgage company has to be careful to comply with the bankruptcy laws surrounding collecting a debt. They may suspend automatic payments or […]
5 Tips for Chapter 13 Success
The District of Minnesota has one of the highest rates of discharge for clients that file a chapter 13 in the country. So you are already off to a good start in a district that tries to see clients succeed and eliminate barriers to their success. With that, a chapter 13 isn’t an easy journey […]
Getting Started: Meeting With An Attorney
If you’ve reached the point where you know you have to talk with someone about your money issues, the next step is to set up a time to speak with an attorney who practices bankruptcy law. At Kain + Henehan, you can have that meeting several different ways. You can meet in person. You can […]
Re-negotiating Your Car Loan in Ch. 13
Chapter 13 bankruptcy offers some real advantages for debtors who are concerned that if they file a bankruptcy case, either the bankruptcy trustee will be able to take their car away from them because it might not be exempt, or that the car lender will ultimately repossess the car because the payments are difficult to […]
The Steps In A Chapter 7 Case
If you think you might need to file a bankruptcy case, and it turns out that you choose to file a chapter 7, what are the steps in the bankruptcy process? If you have Bill or Margaret at Kain + Henehan represent you, here’s what you can expect. First meeting – facts, law and a […]