Most of the people that I see at my office who are experiencing financial problems are feeling a significant amount of stress about their money problems. And many of the people with whom I meet are concerned about what will happen to family members if they choose to file bankruptcy. The concerns come from many fact situations.

Kain & Scott is Minnesota’s oldest bankruptcy law firm- we have been around since 1972. We have seen a thing or two when it comes to the aftermath of filing Chapter 7 Bankruptcy and have helped thousands of Minnesotans get their lives back.  Here is the truth about what the effect filing Chapter 7 bankruptcy will have on your credit:

Let’s face it, nobody wants to file bankruptcy. Then again, nobody wants to struggle financially, either. Unfortunately, we all struggle with our finances at one point or another. Sometimes we find ourselves in a financial bind and we need help getting out from underneath the pressure. Bankruptcy is a powerful option that helps consumers resurface after being brought down by crippling debt. Whether the debt is caused by ever-increasing interest rates, unmanageable credit cards, divorce, or medical related issues, bankruptcy may be a great option to get your life back.

At Kain & Scott we get asked what the chances of getting denied a Chapter 7 discharge a lot and we completely understand this concern. But, let’s talk about what actually happens to the VAST majority of Minnesotans who file a Chapter 7 bankruptcy. The VAST majority get their discharge and have their debts wiped out,  tax free ! However, a very small percentage of cases do get denied, here are the reasons:

Many of our clients wonder what happens after bankruptcy. The good news is, it is not that complicated. After your bankruptcy case has ended, you simply go on with your life. You live your life as you see fit. There is no one looking over your shoulder to scold you about purchasing a new pair of shoes or taking a family vacation. Creditors and debt collectors are not permitted to pick up where they left off and begin harassing you about debts that were discharged in your bankruptcy. In most cases, no one will ever know that you filed a bankruptcy case unless you tell them, they were directly involved with your bankruptcy case or you give them permission to access your credit report. In other words, what happens after bankruptcy is up to you.

So you need to file a Chapter 7 bankruptcy but you are wondering who should you hire? There are all kinds of so-called “MN Bankruptcy Lawyers" or other paralegal services who peddle their services on park benches and street corners. But, how do you really know who to trust with filing a Chapter 7 bankruptcy for you in Minnesota? At Kain & Scott, we have heard the horror stories from our guests who have met with the park bench paralegal, the lawyer who meets with you in his house, and the lawyers who advertise on TV but don’t treat their guests like rock stars. Take it from us here's how to choose the best Chapter 7 Bankruptcy Law Firm in Minneapolis...

Lease agreements and executory contracts can either be assumed or rejected through Chapter 7 bankruptcy. Depending on your circumstances, you may wish to separate yourself from an existing lease agreement, or you may want to continue with your obligations after the bankruptcy. Through Chapter 7, you can choose to do either. In this blog we will look at various types of executory contracts and your options for each through Chapter 7.

Are you on the hunt for an experienced bankruptcy law firm in Mankato, Minnesota, but think you have a better chance of finding Bigfoot than a bankruptcy law firm that erases your debt and repairs your credit?

If you're struggling with overwhelming debt there's no better time than now to start searching for an Edina Bankruptcy Lawyer to help you get the debt relief you need and deserve through bankruptcy. 

Are you suffering from an overwhelming debt problem? If so, at Kain & Scott, we are sorry you are going through this. Living with overwhelming debt is painful, embarrassing, and unstable. Every day you wonder who is going to come out of the woodwork and call you and harass you and your family. It’s a terrifying way to live. However, life is very humbling, and overwhelming debt can happen to anyone in Minnesota from any walk of life. I don’t care if you are a doctor, lawyer, bill collector, credit counselor, or a teacher. So, what are the ways to get rid of the debt? Essentially, there are four and here they are...

Wouldn’t it be nice to understand the simple differences between a Chapter 7 and Chapter 13 bankruptcy? Like, give it to me in plain English so I can actually understand my choices, right? So many lawyers talk in legalisms that are hard for most of us to understand. So here are the basic differences in simple terms...

Many individuals are worried about the potential damage that can be done to their credit score after bankruptcy. Don’t get overwhelmed; in fact, you can rest assured knowing that filing for bankruptcy is an initial step in the right direction for rebuilding your score. While you should be responsible with what you are spending post-bankruptcy, don’t be afraid to start using credit again. Responsibly using credit cards is a great way to get back on track, and begin building up your credit. Know your limits, and start small.

What happens to your credit after you file Chapter 7 bankruptcy is not what you think. Most of our guests are completely shocked to find out that Chapter 7 bankruptcy does not have the negative repercussions on your credit you think. We know, there is a stigma associated with filing bankruptcy. Have you ever wondered why or who really benefits if there is a stigma associated with filing bankruptcy?