I often tell clients that banks don’t care if you pay your creditors. What? How can that be? I thought credit scores and paying your creditors was the most important thing to banks when they look at the decision to either lend you money or not. Turns out, that is not always true. Let’s look at a case study to illustrate the point.

It’s no surprise that VISA is a wordwide powerhouse in the financial industry but I bet you would be shocked to know how big they really are! VISA Inc. started their 2016 fiscal year off with over a whopping 857 million credit cards issued worldwide! That’s enough credit cards to wrap around the world twice! To top it off they ended their year in 2015 with over 14 billion dollars in gross profit and nearly 7 billion of that net profit! Unbelievable. That’s right I said BILLION. With that net profit, half of every BILLION dollars VISA sees, after every expense is paid, gets deposited directly into the bank account!

Article I, section 8, clause 4 of the United States Constitution states that . . . ”The Congress shall have the power to establish . . . uniform laws on the subject of bankruptcies throughout the United States . . . ” And so it is that the framers of the Constitution envisioned that the people of the United States would have the right to File Bankruptcy in the United States and that Congress will have the power to establish uniform bankruptcy laws throughout the United States. When you hear of individuals having a Constitutional right to file a bankruptcy, that is a bit of a misnomer. Technically, the US Constitution gives the Congress the power to give you the right it does not give you the right to file bankruptcy directly in the Constitution.

Have you ever had the experience of buying a piece of furniture that was in a box, not yet assembled? Oh how I hate and I mean HATE assembling furniture. You take everything out of the box, lay it on the floor, and think well this doesn’t look that complicated. So, without further ado, you start screwing this together, and that piece with this piece and things are going fairly well. And then it happens, you are 2/3 finished when a piece of the furniture remains and the furniture just doesn’t quite look right- right?

Declaring Chapter 7 Bankruptcy can be intimidating and stressful especially if you don’t know exactly how the Bankruptcy Process works. Unfortunately, the pressures of society can make you feel like a failure often leaving you down in the dumps. As such, you worry about what your life is going to be like after you file, what’s going to happen to your credit score, your house, the car you drive and most importantly the future of you and your family. However, remember bankruptcy can happen to anyone and you’re not alone! There are plenty of advantages of hiring a Bankruptcy Attorney to help you get your life back!

Suffering from overwhelming debt is crushing and draining physically and mentally. When the weight of debt is upon your shoulders you may feel like you are the only one experiencing overwhelming debt. Trust us, you are not alone. Life can be very humbling. Have you ever gone to a medical clinic for an infection? Maybe the infection was in an embarrassing location on your body? I doubt highly the medical professionals find your infection or it’s location interesting at all. In fact, their job is to hear about your problem, see the problem, diagnose the problem, and then solve the problem. This is what to expect when you file wIth our maple grove bankruptcy attorneys.

At Kain & Scott, we get the question all the time, "What happens to my credit score if i file bankruptcy?" It is a question that concerns every Minnesota debtor facing bankruptcy and wondering what the bankruptcy aftermath looks like. I am high anxiety so I would be asking the same question too. Fortunately, what makes up your credit score and how bankruptcy affects it is a lot better than you would think.

For decades Chapter 13 Bankruptcy has been developing a negative stigma. The critical view is that it’s the result of ignorance and irresponsibility. But why? The stereotypes and negative stigma that it evokes are false and unfair. At Kain & Scott the Bankruptcy Attorneys in Roseville, with over 47+ years of experience know better. The reality about people who file Chapter 13 Bankruptcy is quite the contrary and always has been. Chapter 13 was designed and sponsored by our government as a way for responsible people, aware of their debt problems, to resolve their debt and get their life back. There’s no question that Choosing Chapter 13 Bankruptcy is a great option, for any debtor, for three main reasons.

What is a Chapter 13 Bankruptcy? How does it work? Could it be the answer to our national student debt crisis? Possibly! We have a conference call scheduled with Senator Amy Klobuchar’s office on February 17, 2016 to discuss this very possibility. Chapter 13 could be the answer to our Student Debt Crisis forever! Help us fight to free students from the bonds of student loans for the rest of their lives. 

If your overwhelmed by debt, sick of creditors calling you and struggling to make your payments don't worry, you’re not alone. Millions of MN residents are struggling with debt and truthfully finding someone these days that is not is like finding a needle in a haystack – virtually impossible. 1 in 3 people carry credit card debt month to month and hundreds of thousands have debt in collections. Most of the time at no fault of their own. Wouldn’t it be nice just to eliminate it all? Could you imagine how much less stress you would have? Just imagine how well you could sleep at night! The good thing is that’s a possibility. When it comes to resolving overwhelming debt you have 4 options.

Let’s face it. There are numerous articles written about how to file bankruptcy on the internet. You can literally type in a search phrase and with the click of a button you’ll have millions of pages to look at. But with such a vast amount of information, if you have no legal education or experience, where do you even start? How are you supposed to know what is true and correct and if the authors are trustworthy? This is one of the biggest problems with the free bankruptcy resources on the internet today. At first glance, filing bankruptcy without the assistance of the Roseville Bankruptcy Attorneys might look easy but the deeper you dig into bankruptcy law the more complex you’ll find it.

Imagine… you’ve fast forwarded your life a few days and you no longer have any those pesty creditors or debt collectors calling, writing and harassing you demanding payments. All collection activity, including lawsuits, wage garnishments, levies, foreclosures and repossessions has stopped. A few months later, by law, you are legally debt-free! All of your department store cards, credit cards, utility bills, medical bills and unsecured loans have been discharged and life is good! Most people in a serious financial pinch, struggling and stressing about overwhelming debt, would give anything for this. Fortunately, this is what you can expect from the Maple Grove Bankruptcy Attorneys at Kain & Scott. And there's more:

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.