When you're experiencing a business failure, income drop, divorce or medical problem or any type of financial struggle that you feel like you just can't escape, you're not alone! On average this happens to thousands of Minnesota residents every year leaving them with their best option to file bankruptcy. Just last year over 10,000 Minnesotan's needed to file a Chapter 13 or Chapter 7 Bankruptcy to restore their 1st class citizenship again. It can happen to anyone. Even some of our own family members have filed bankruptcy. Fortunately, at Kain & Scott P.A., Maple Grove's nicest bankruptcy law firm, there are just 5 easy steps you need to take to get yourself on the road to a debt-free life again!

Are you struggling with debts that you cannot pay? Are creditors calling you at home and at work? Have you received threatening letters, been served with a debt collection lawsuit, or are facing a foreclosure or repossession? You may have considered filing bankruptcy to resolve your debt problem but are unsure if a bankruptcy is the best way to get rid of your debt. You may have heard that you will lose all of your property if you file bankruptcy or that you will never qualify for credit if you file bankruptcy.

Are you having trouble paying your bills? Are creditors calling your workplace or calling family members for information? Have you been served with a foreclosure complaint or a debt collection lawsuit? If so, you may need to file bankruptcy to get rid of your debt. People file bankruptcy for several reasons — unemployment, medical bills, divorce, loss of a spouse, and business failure.

The new year is a time for new beginnings, and if you haven’t already done so, it is time to make your New Year's resolutions for 2016. If you are living with overwhelming debt, this year’s resolution should be easy to determine – take control of your finances and improve your financial well-being in 2016. To make your New Year’s resolution easier to attain, we’ve compiled a list of several tools you can use to reach your goal.

Are you tired of spending your evenings pouring over bills that you cannot pay? Have you reached the end of your financial rope and you are ready to consider filing bankruptcy? Filing bankruptcy is a serious step; however, filing bankruptcy is a step that will put you on the road to financial recovery.

The History of Bankruptcy

The history of bankruptcy in the United States dates back to the founding of our country. The framers of the Constitution recognized that bankruptcy would be an essential element of a successful capitalist economy because the alternatives of sending individuals to “debtor’s prison” or allowing individuals to suffer under the weight of overwhelming debt would be unacceptable. Therefore, they authorized Congress to provide a legal process for citizens to resolve debt problems.

Time has a way of flying by before you realize it. That’s what happened to me. I thought I had my entire life ahead of me but before I realized it, it was almost time to retire. I had enjoyed a good life and I was looking forward to enjoying my retirement with my family, until I received the news that no one wants to hear — “you have cancer.” Those first few weeks were spent in doctors’ offices discussing treatment options and attorneys’ offices preparing for the worst-case scenario. I fought cancer and I won! I have been in remission now for five years; however, the fight was very long and very costly.

It is not hard to fall behind on bills. Most people you know have probably done so at some point in their life; it is common and can happen to anyone at any time.

Jackie had a bright future ahead of her. She graduated high school at the top of her class and she was accepted to one of the top colleges in her state. Jackie had received help with tuition from several sources including some grants and scholarships; however, the cost of room, board, and tuition far exceeded the funds. In addition, she needed to support herself on a part-time job because her parents were not able to help her and her course of study did not allow her to work a fulltime job. In spite of the challenges, Jackie excelled in college.

Bankruptcy has a bad reputation. Most, if not all, of these negative feelings about bankruptcy are due to myths that have been passed on from one misinformed person to the next. We are here to set the record straight and show you that those myths are completely wrong. With bankruptcy experience dating back to 1972, our firm can assure you that you will not have to go through any of the following experiences.

Are you considering filing a bankruptcy case in Minnesota to relieve your debt problem?  If so, you may have already found a great deal of information about what you should do prior to filing bankruptcy; however, the things you should NOT do prior to filing bankruptcy are just as important.  In many cases, what you do prior to filing bankruptcy may not have a direct impact on your bankruptcy case. However, there are a few actions you can take that may negatively affect your case.  Below are five things you should never do if you are contemplating filing a bankruptcy case.

One of the top concerns of many of our clients is how filing bankruptcy will affect their credit rating. This is a valid concern because credit scores are no longer used only for obtaining credit. Insurance companies, telecommunications companies, and employers are now checking credit histories and using credit scores to make decisions about more than simply issuing credit. So, how does filing bankruptcy affect your credit score?

Our story may sound familiar because so many other families are experiencing the same situation due to the recession. My husband and I had great jobs before the recession.  We were in debt with our house, vehicles, and a few credit cards but we were doing great. We paid our bills each month and had money left over to contribute to savings. Then the recession hit and my husband lost his job.  Unemployment compensation helped for a while; however, it eventually ran out. We cut expenses and reduced spending — we even took our children out of pre-school and day-care to save money since my husband was home to take care of them.