Pandemic’s Effect on Foreclosures in the US
The first case of COVID-19 hit the US in February of 2020, and since then, our lives have never been the same. The entire country seemed to grind to a halt as businesses closed, people were told to stay home, schools closed, masks were everywhere, and the pandemic news seemed to change daily. As the pandemic […]
What Happens to My Tax Refund under Chapter 13?
When people are behind on their mortgage payments and fear losing their house, they often turn to federal bankruptcy laws to stop the foreclosure and get protection. Federal bankruptcy laws offer two different bankruptcy types to individuals, Chapter 7 and Chapter 13. In Chapter 7, the bankruptcy trustee sells the debtor’s non-exempt assets, pays the […]
Medical Debt is Major Cause for Bankruptcy
Medical debt is the leading cause of bankruptcy and the number one reason people are placed into collections. Even with health insurance, medical bills can pile up and cause an undue burden on your financial situation. With the help of Kain + Henehan, a bankruptcy firm in Minnesota, you can get back on track and […]
Will Bankruptcy Save My Home?
Choosing to file for bankruptcy is a difficult and emotional experience. For many people, one of their main fears is losing their home if they file for bankruptcy. However, in most cases, bankruptcy can prevent your home from going into foreclosure and help you get caught up on payments. Choosing the best option when filing […]
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 […]