Many people ask us, “Will filing bankruptcy affect my spouse’s credit?” This is a common question we hear in our law firm when one spouse needs to file a bankruptcy case but the other spouse does not. The concern that one spouse’s debt problems will negatively affect the other spouse is a normal concern; however, there are many cases where one spouse can file bankruptcy and the other spouse is not affected at all.

Getting out of debt is a great feeling. Many of us want to get out of debt but we do not know exactly where to begin. Having a plan to get out of debt is the first step. When you have a plan and specific goals, it helps you  focus on the steps that you must take to achieve your financial goals. Below are several ways you can improve your financial well-being by taking control of your finances to get out of debt.

As part of the bankruptcy reform in 2005, Congress enacted a provision in the Bankruptcy Code that requires debtors to complete a credit counseling course, also known as a pre-bankruptcy course, prior to filing bankruptcy. Regardless of the reason why a person may need to file for bankruptcy relief, each person must choose a consumer debt counselor to complete the credit counseling course.

In today’s world, it is oftentimes necessary to take out some form of credit to pay for necessary items such as schooling, vehicles, a home, and emergency needs such as new tires for your car. In times of need, this available credit can be very beneficial. However, when you look at credit from the other side, this credit is now a debt you owe to a creditor. Owing debt is in no way a negative thing; in fact, most everyone you know probably owes some form of debt. If you find yourself in over your head with the debt you owe, a bankruptcy may be the relief you need.

When most people walk into their initial bankruptcy consultation they don’t know what to expect, and in turn this can create some nervous feelings about what is going to happen. A bankruptcy is a big step to take on the road to financial freedom, so here at Kain & Scott we want to make sure that we make our clients as comfortable as possible. From the moment you walk in, you will be treated with the respect, courtesy and dignity you deserve. From the initial greeting with our receptionist to the handshake at the end of our meeting, you will feel comfortable and taken care of.

Choosing a Minnesota bankruptcy attorney is a big decision. With there being hundreds to choose from, how do you make sure that the one you pick is right for you? Some factors you may want to consider when choosing an attorney are:

When you file a bankruptcy under Chapter 13, a Chapter 13 trustee will be assigned to your case. Most people refer to this person simply as their “trustee” or “Chapter 13 trustee” but the exact title given to this person by the United States Trustee’s office is the “Chapter 13 Standing Trustee for the District of Minnesota.” There are two Chapter 13 trustees that serve in Minnesota. Each trustee is assigned a specific jurisdiction.

William Kain was born and raised in St. Cloud, MN. He came from a modest home where his parents made financial sacrifices to make sure that their children were provided for. Bill greatly appreciates the sacrifices they made, because he enjoyed going to school and was able to obtain a law degree from the University of Minnesota Law School after graduating from Saint John’s University.

In 1982, after graduating from law school, Bill came back to St. Cloud to practice. Starting off Bill’s focus was not on bankruptcy. However, when the demand for bankruptcy work increased due to the financial crisis that occurred in the agriculture community, he decided to give it a try. From the first bankruptcy case he filed he knew it was a rewarding area of practice for him because he enjoyed working with the clients and enjoyed the end results.

The first step in understanding your credit score after bankruptcy is to understand how your credit score is calculated. Credit scores are not as complicated as some of us assume. Credit reporting agencies combine information from your credit history with your current financial condition to calculate your credit score. Credit scores are a very important element of your financial well-being as they are used to determine whether you are eligible to receive credit and the interest rate that will be applied to credit that you receive. However, credit scores can now affect several other areas of your financial life including rental applications, insurance rates and cell phone contracts.

Bankruptcy is and has always been intended as a way for people who are struggling with debt to resolve their debt problems and receive the relief they need to rebuild their lives. In order to help people and businesses overcome debt problems, Congress enacted bankruptcy laws to provide a legal means of handling debt. It divided bankruptcies into six different chapters. Each bankruptcy chapter has its own set of requirements for eligibility as well as its own advantages and disadvantages for the debtors. Knowing what chapter of Minnesota bankruptcies to file is something that an experienced bankruptcy attorney can help you determine based upon your unique financial situation and your long-term financial goals.

If you are facing a serious surgery, would you be willing to drive an extra hour or two to have one of the best surgeons in Minnesota perform it?  Of course you would! Maintaining your health is one of the most important things that you can do for yourself.  Not only is your physical health important, but your financial health is as well. The Minnesota bankruptcy attorneys of Kain & Scott, P.A. help individuals throughout Minnesota in addition to the St. Cloud, Brainard and surrounding communities get their financial health back on track.

When you are struggling to pay your debts, the idea of losing tax refunds after bankruptcy is frightening.  Some people rely on their tax refunds each year to make necessary repairs to their home or vehicle, pay for medical checkups or buy clothes and other necessities for their children.  We often have clients say that they want to put off filing a bankruptcy case because they are worried what will happen to their tax refunds after bankruptcy. 

In some instances, overwhelming debt develops when consumers are unaware of how much they are spending. Other common reasons include job loss or health problems that drastically reduce available funds. Whatever the reason, when debt starts to consume your life, bankruptcy can provide a fresh start and a clean slate to begin rebuilding your finances. People oftentimes become overwhelmed with debt due to unexpected medical problems, divorce and other life events. One way to become more aware of your finances and prepared for unplanned events is by starting a household budget.

Under the Bankruptcy Code, spouses may file joint bankruptcy petitions or either spouse may file individually. Two of the most common reasons couples choose to file individually include:

Filing bankruptcy is an important decision; it can be the first step in resolving your debt problems so that you can focus on recovering and rebuilding your finances. We understand that you may feel nervous about meeting with an attorney to discuss bankruptcy options. We also understand that you may have doubts about whether bankruptcy is right for you, especially if you are considering a Chapter 7 bankruptcy case.