Many people fear that filing bankruptcy means they will never be able to get a loan again—their credit will be ruined and they can kiss any future large purchases goodbye. Not so. Bankruptcy certainly affects credit, but the effects are not overwhelmingly dire, nor irreversible.

A discharge is a court order stating that a debtor is relieved of paying his or her debts. This is the aim of bankruptcy. Bankruptcy does not discharge every type of debt, however, so if you are having trouble paying any of the following debts, bankruptcy may not be right for you.

An important category of documents needed for a 341 meeting is bank statements. The trustee wants to see statements from any kind of account you had on the day you filed for bankruptcy, even if the account had zero dollars in it. The trustee needs statements from every account listed in the bankruptcy petition.

Four types of bankruptcy are available under federal law. They are each intended for different types of debtors and are outlined in Chapter 7, 11, 12, and 13 of the Bankruptcy Code.

There are countless hurdles in life that can push us into financial hardship and no one’s journey to and through bankruptcy is exactly the same. But there do tend to be unavoidable similarities in many cases: drop in income, the dissolution of a relationship, and medical debt are facts of life for many of our clients.

Judgments are issued when a creditor or debt collector takes you to court for the debt that you owe. A summons is sent to you and if you do not respond to that summons or if you lose the case, the court will issue a judgment in favor of the creditor.

Kain & Scott offers a FREE 90-day Credit Repair Program for all of our clients who file a Chapter 7 or 13 bankruptcy through us. A Credit Repair Specialist can help you start rebuilding your credit as efficiently as possible. The program’s services can be performed at any time, but are free for the first 90 days after discharge.

At Kain & Scott, the final step before filing a bankruptcy is the Review & Sign appointment. Clients come into the office to prepare the bankruptcy petition and make sure the client is ready for filing. Being prepared ensures this meeting goes smoothly and allows the bankruptcy to be filed promptly, generally within days of the appointment.

One thing we hear almost daily from our clients is how they wish they would have filed for bankruptcy sooner. They wish they would have pushed aside all of their preconceived ideas about filing and the negative stigmas and gone with their gut.

Many of our clients find themselves filing for Chapter 7 bankruptcy because they are out of options. And while bankruptcy is supposed to give you a fresh start, we understand that it often feels more like a defeat. Many clients worry if they will ever be able to qualify for a loan after their bankruptcy case. While you may have to pay a higher interest rate and meet other requirements, the good news is that getting financing after your Chapter 7 bankruptcy is easier than you might think. An experienced Minnesota bankruptcy attorney can help you develop a plan and identify your options.

Deciding to file for bankruptcy is a big step, especially if you own and operate a business. You need to get out from under your debts, some which were directly related to your business, while other debts were strictly personal. Business owners worry about how the bankruptcy will affect their business, with good reason - the idea of closing down your business and the loss of income can be quite worrisome. The good news is that the point of bankruptcy is to help you make a fresh start, not make your life more difficult.

In the first part of this topic, we discussed developing good financial practices to help you rebuild your credit. If you haven’t already read that post, we strongly recommend that you review it before reading this one - the steps discussed in this post won’t do you much good if you haven’t yet gotten your financial house in order. Good financial habits are a necessity when it comes to rebuilding your credit after bankruptcy.

Getting your bankruptcy discharge is a milestone event in reclaiming your financial future. In some ways, however, this is just the beginning. In order to maximize the value of your bankruptcy and get back on the right track, you need to rebuild your credit. For many people, this means relearning how to manage their finances.

Most people come into our office wondering whether bankruptcy is the right choice for them. However, there are some instances where the choice is made for them because they have had an involuntary bankruptcy petition filed against them.

When you file for bankruptcy, you are required to notify all of your creditors. This gives your creditors the opportunity to challenge your bankruptcy filing - they might argue that you shouldn’t be allowed to file bankruptcy at all, or they might have an issue with some particular aspect of your bankruptcy. As intimidating as this may sound, the reality is that you will be given an opportunity to respond to their challenges, and ultimately, the court will decide whether or not you should be allowed to proceed. It may still sound scary, but rest assured that the playing field while in bankruptcy is much more level than it was before you filed for bankruptcy. If you’re worried about possible objections to your bankruptcy case, a Minnesota bankruptcy attorney can help you both avoid and respond to those objections.

Collection calls can make an already difficult situation miserable. They won’t stop calling until to you talk to them, but you don’t know what to say - you don’t want to make promises you can’t keep, and you’re so overwhelmed that you’re not sure there is anything you can pay. If you could just get the calls to stop, you could maybe focus and come up with a plan to get out of your current situation.