On March 27, 2020 the CARES Act was signed into law, which among many things, provided temporary student loan relief. This relief is only for federal student loan borrowers whose loans are held by the US Department of Education. This is an important point. Any private student loans are not affected by this Act, and continue to remain collectable.

Your credit score is a number that measures how likely you are to repay loans on time. It essentially assesses the risk of an individual not being able to pay back that loan.

The US Constitution authorizes Congress to enact uniform laws regarding bankruptcy. Congress created the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure. The Code and Rules set forth the formal procedures and legal processes for individuals and entities experiencing debt.

Debt smothers the life out of you. Everything is dependent upon how much debt you have. Think about it, the kind of vehicle you drive, the kind of home you live in, and even the quality of food you eat is determined by the amount of debt you have. No wonder thousands of Minnesotans each year decide to get their lives back by ridding themselves of debt and repairing their credit using Kain & Scott’s FREE 90 Day Credit Repair Program.

I wonder about this question a lot. If you think it doesn’t take courage to file bankruptcy, you have never done it. My mom used to say that about raising children. She would say, “if you think raising children is easy, you have never done it.” My mom was right about that! Let me ask you a question. When you go to the doctor, and get a physical, do you like doing so? Of course not. We humans are private people and we would prefer not to be exposed. And yet we still go to the doctor. Why? Because we want to protect our health.

We know you would rather be fishing, going to the park, or spending time with your family rather than filing bankruptcy. Having debt problems cripples your life. Everything is seen through the prism of the debt you have. Can you purchase this? No, you have too much debt. Can you buy a house? No, you have too much debt. And so the story goes.

At Kain & Scott, we have two jobs. One is to help our guests eliminate debt using either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. Once the debt is eliminated, we do not leave our guests hanging. We go the distance with our guests.

On March 27, 2020, Congress passed, and the President signed into law the CARES Act, designed by Congress to address the pressing financial concerns facing Americans in light of the  Coronavirus pandemic.

The preparation of bankruptcy petitions, schedules and statements, whether for a chapter 7 or a chapter 13 case involves an analysis of how much income is earned by the bankruptcy debtor or debtors.  It’s a factor in the determination of monthly income (the means test) and it’s a factor in scheduling an accurate budget in the bankruptcy schedules.

The CARES Act passed last week by Congress authorized stimulus checks based on income for most Americans.

One leading reason for people to consider filing a bankruptcy case is becoming a defendant in a lawsuit.  In many cases, being served with a lawsuit is the “last straw” that makes people who have been trying to fight off their financial problems change course and decide to file a bankruptcy case.

Every single client has unique circumstances that brings them into our office. We fully understand that bankruptcy is not what people want to be doing and for that specific reasoning, they don’t want to be in our offices. Please make note, we will never judge you or your circumstances that brought you to us—we will simply help you in the most empathetic and professional way possible.

Whether it is after you have received a discharge in your bankruptcy or you are looking for ways to boost your credit score, you have come to the right place! Not only does Kain & Scott specialize in bankruptcy, we also have an in-office credit repair specialist that will make sure your credit report is clear and free of creditors! This is a program we offer free of charge after you receive your bankruptcy discharge.

On the surface, a Chapter 13 bankruptcy can be kind of a complex configuration of numbers and rules to understand. Our team at Kain & Scott is dedicated to complete transparency and communication with our clients—we want you to understand the ebb and flow of your chapter 13 bankruptcy case!

If you need to file bankruptcy there is a certain way you would like to be treated by the professional you hire. You would like to be treated with kindness, helpfulness, professionalism, and yes, exceptional customer service. There is one bankruptcy law firm in Minnesota who delivers on these values; Kain & Scott.  These just happen to be the four values Kain & Scott lives by. Those values are the prism for how we hire employees, grade each other, and ultimately the test to see if you can continue to work at Kain & Scott.

Just because one event in your life causes you to seek relief in bankruptcy that doesn’t mean it couldn’t happen again. Think about this. You start a business when you are 34. The business ends miserably and you discharge your liability on a large commercial lease, trade payables, and a bank loan in a bankruptcy. Next thing you know you are 48 years old, you suffer a heart attack and you were in the middle of switching jobs and got caught with no health insurance because the Cobra premium was insane and you could not afford it. What do medical bills from a heart attack look like without insurance? I bet the medical bills total 50k or more.