Wesley Scott grew up in a humble family of nine children in Foley, Minnesota. His dad worked in a factory and his mother was a work-at-home mom. Not only did his mom take care of her nine children, but she also babysat other children to earn money to feed their family. It was a big family, with lots of love, but little money.

One of the more common reasons why people file for bankruptcy is because of a business failure. A business failure is a difficult time and you shouldn’t make it more difficult than it has to be by trying to handle the situation on your own. If you find yourself in over your head with business debt, filing bankruptcy can provide you with a more manageable way to pay those debts. It can also give you the fresh start you need to rebuild your finances and get your life back after closing your business.

The Minnesota Bankruptcy Law Firm of Kain and Scott, P.A. has an extensive bankruptcy background and has been involved with filing bankruptcies since 1972. We have spent decades perfecting our bankruptcy practice and our service to clients.

Most people spend their lives building up their assets. From homes and vehicles to retirement savings, the American dream is to be able to provide for these things. When an unexpected life event happens that causes a major blow to your finances, bankruptcy can be a viable solution to solve your financial troubles. However, for those contemplating filing bankruptcy, losing assets is a major concern. 

In today’s world, it is very common to be asked to provide a co-signer when seeking a loan, apartment, or other form of credit from a bank or company. It is their way of assuring themselves that they will get paid. You may think that they require this because they don’t trust people to make their payments, but in reality, they too know that bad things can happen to good people. Things in life may happen that are not under control of the debtor such as unemployment, divorce, death of a spouse or a prolonged illness. When these events happen, the duties of a co-signer may become a reality.

In today’s world, a college degree has become a necessity to acquire a good job. More often than not, students start college right after completing high school. This typically means they haven’t had much time to begin saving up for their higher education. Unless their parents were able to put money away for them, most students end up taking out student loans to pay for the bulk of their education. Then, when they complete college they have a large amount of debt waiting for them; and, if they are unable to find a good paying job right away, troubles can begin escalating quickly. It doesn’t take long for student loans and their interest rates to spiral out of control.

In our experience, when someone decides to file bankruptcy they are taking the first step in a final solution to their debt problems. There are other alternatives to bankruptcy, but they act more like a Band-Aid than a solution. Choosing bankruptcy is an important personal decision, but too often people allow other’s misconceptions about bankruptcy prevent them from resolving their debt through bankruptcy.

There are many factors that can play into your decision to want to file bankruptcy. Oftentimes creditor harassment becomes too much to handle, or you come to the realization that you are in too far over your head and need some help finding a way out. Most of the time we encourage our clients to stop waiting and take action right away to get on the fast track to debt relief.

One of the most common fears when someone considers filing bankruptcy is that everyone will know about it. In reality, very few people other than your creditors or those you tell personally will ever know that you filed a bankruptcy case. Though bankruptcy filings are a matter of public record, it is not as easy to locate these records as it is to find other matters of public record, such as arrests, driving violations or real estate purchases. 

People from all walks of life can end up with financial struggles; no one is immune to financial crises and overwhelming debt. The events that unfold after falling behind on payments vary by case, but one common element that is involved in many cases is a mortgage payment. For many families, mortgages are one of the highest monthly payments they have, which makes it one of the first to fall behind on. I’ve asked James and Jean if I could share their story, to show you that financial trouble can occur at any time in your life – but this chapter in your life doesn’t need to end poorly.

We receive questions from clients about eliminating tax debts in bankruptcy on a regular basis. Owing the IRS is a frightening and frustrating experience because it can seem as if no matter how hard you try, you never get out from under your IRS debt. The interest and penalties alone can quickly add up to more than the actual tax debt, making it impossible for most individuals to pay it off. When dealing with the IRS becomes too overwhelming, people turn to us for help.

If creditors are threatening to take your property or money for a debt, you may want to ask a lawyer how you can stop lawsuits, garnishments, repossessions, foreclosures or other collection efforts.

A myth is an idea or belief that is believed by many people to be true when in reality the idea or belief is false. Myths can be harmful because they are passed from person to person until people begin to believe them without question. Bankruptcy myths can be especially harmful, because those who truly need the financial relief bankruptcy provides won’t even consider it as an option.

When you file a bankruptcy, the end goal is to receive a bankruptcy discharge (a.k.a. freedom from your debts). The bankruptcy discharge releases you from the legal liability to repay all debts that are discharged through your bankruptcy case. Post-bankruptcy-discharge your creditors are prohibited from attempting to collect discharged debts, including but not limited to contacting you to request payment of a discharged debt, filing or continuing a lawsuit or turning the debt over to a debt collector for collection.

Once you decide to consult with a bankruptcy law firm to discuss your options, some of the stress that you have been experiencing will start to diminish as you take a positive step toward resolving your financial problems. However, some of our clients feel overwhelmed by the legal terms that get used throughout the bankruptcy process.  During our initial consultations we explain everything in great detail, but below is a list of the most common legal terms used, for your reference.

An initial bankruptcy consultation should help you decide if bankruptcy is the right option for you based on an analysis done by an experienced bankruptcy attorney. If you schedule an initial bankruptcy consultation with our office, here are some of the things you can expect: