Kain & Scott has been helping Minnesotans get their life back since 1972! We have seen and heard just about everything you can imagine when it relates to debt, how people feel about it and how it affects peoples’ mental and physical health. The apprehension people feel about filing bankruptcy is real. And yet, the vast majority never regret filing bankruptcy.

Bankruptcy is quite unlike other civil cases in Minnesota. In a divorce or commercial dispute, the judge controls almost everything that goes on in the case. But in a bankruptcy, the debtor may not ever even see the judge. In fact, it’s not uncommon for the debtor never to even go in a courtroom.

Instead, the trustee has day-to-day responsibilities in terms of case management. These responsibilities vary significantly between a Chapter 7 and a Chapter 13. However, the trustee’s overall role in a Minnesota bankruptcy remains the same. The trustee, who is not a judge and may not even be a lawyer, must do what is in the best interests of the creditors. The trustee is not on your side. That’s your lawyer’s job.

Out of all of the questions we get asked, this is by far and away the single biggest question we get at Kain & Scott. Everyone, and rightly so, wants to know if I file bankruptcy how will this impact my ability to get future credit. And what you think happens, does not. If you live in Woodbury, Minnesota, or anywhere else in Minnesota, read on.

Many of our guests simply know they need to file bankruptcy. What they don’t always know is who should they hire to help them get their lives back. Recently, we put together a 15 minute video to help with answering the question of who should you hire to help you get your life back. 15 minutes could save you a lot of headache and money! You will soon see the video on our website at www.kainscott.com.

Have you ever listened to the supposed “gurus” on debt who tell you to avoid filing bankruptcy? Why do you suppose they tell you to avoid filing bankruptcy? Perhaps it is because the so called “guru” is making money on you not filing bankruptcy. That is right, how many programs are being sold or seminars held telling you to avoid filing bankruptcy but then proffering some lame program to keep you mired in debt for years? Some of these “gurus” have even filed bankruptcy themselves!

Kain & Scott is St Cloud, Minnesota’s highest google reviewed Bankruptcy Law Firm, St Cloud, Minnesota’s largest bankruptcy ONLY law firm, St Cloud, Minnesota's oldest Bankruptcy Law Firm and St Cloud, Minnesot'a only Bankruptcy Law Firm to help Minnesotan's get debt free and repair their credit using our exclusive FREE 90 Day Credit Repair Program. Exciting? We think so!

The 2005 bankruptcy reform act significantly changed parts of the pre-filing process. Supposedly, banks approached then-President George W. Bush about such a measure shortly after he took office in 2001. But because of the proposal’s harshness, he said he would not sign it until his second term. The 2005 law made a number of changes which were designed to make it harder to file Chapter 7. These changes are outlined below.

Other parts of the pre-filing process are unchanged. That include the initial consultation with your Minnesota bankruptcy attorney. At Kain & Scott, we believe in very thorough consultations which review all your bankruptcy and non-bankruptcy debt relief options. An extensive consultation also helps clients understand what happens when they file bankruptcy. That is a tremendous advantage for everyone.

Supreme Court Justice James Clark McReynolds was one of the first Justices to set out the purpose of bankruptcy laws. In 1915, he wrote that bankruptcy is designed to “relieve the honest debtor from the weight of oppressive indebtedness and permit him to start afresh free from obligations and responsibilities consequent upon business misfortunes.” So, most Minnesota bankruptcy debtors are entitled to debt relief.

The nature of this fresh start largely depends on the type of bankruptcy the debtor files. It also depends on a concept called reaffirmation, especially in certain kinds of bankruptcy.

At Kain & Scott, we want our Minneapolis guests to be careful who they hire to represent them in their bankruptcy case.  Why do you have to be careful who what Minneapolis Bankruptcy Lawyer you hire? Because there are “professionals” who try and solicit you to file bankruptcy with them who are not necessarily the best qualified to represent you in the bankruptcy case.

At Kain & Scott, we have an all-points bulletin and warning for those of you living in Minneapolis, Minnesota and are looking to file bankruptcy. Be very careful who you choose to file your bankruptcy case. Why? Because there are “professionals” out there that may have their bottom line as a priority over your well-being. Be very careful of people advertising to you who are located out of state. Be careful of those people advertising bankruptcy services on park benches, billboards, or even tv!

How do you know which St Paul Bankruptcy Lawyer is right for you? How do you know the law firm you select will show you empathy and be helpful and kind to you while you go through this struggle? I absolutely LOVE Google reviews, and lots of them. I am continually amazed at the people who have the courage to file bankruptcy and also the courage to leave a google review. Bravo to them and those reviews are so critically important for other Minnesotans suffering from overwhelming debt. However, there are things you need to avoid while searching for a lawyer too. If you fall prey to this it could make your experience turn into a disaster. How do we know? We've seen it time and time again.

Most Minnesota families live hand to mouth. Almost half of the households in America cannot cover a $400 emergency expense. Most secured debt payments, like rent, mortgage, or auto loans, are three or four times that amount. In other words, just one missed installment can mean a world of hurt. Most people lack the means to make catchup payments.

Most moneylenders begin adverse action, including the dreaded acceleration notice, after just two or three missed payments. An acceleration notice demands the entire loan balance immediately; the lender will no longer accept partial payments. In situations like this, a federally-guaranteed debt repayment plan is probably your best option. Almost everything you need to know about a Chapter 13 bankruptcy is described below.

Many Minnesota families have excessive credit card debts. Making matters worse, according to one estimate, 60 percent of cardholders struggle just to make the minimum payment. So, every month, the family goes deeper into debt. This downward debt spiral quickly becomes overwhelming.

Many “debt consolidation” firms only make empty promises. But there is a federal debt relief program that’s designed to do away with excess debt and give Minnesota families a chance to start over. But bankruptcy is a very big decision. Before you file your voluntary petition, it’s important to know everything about Chapter 7 bankruptcy.

Many of us, when we are going through financial difficulties, have relied on credit cards to get us through.  We have “emergency credit cards.” We have the credit card to use in a pinch to get us through until the next pay check.  To think about not having that safety net is scary, right? So, for many of us, to think about filing bankruptcy, even if it means getting rid of the debt that haunts us, it also means the scary thought of losing that safety net.  What happens if I need money and I still have a week before my next pay check? What do I do? Does filing bankruptcy mean I lose all of my credit cards? What will be my back up plan? How long before I get another card? What will I do in the meantime?  These are all valid questions and these are things Kain & Scott can help you answer as we prepare you for bankruptcy

The average debt-laden college graduate has almost $30,000 in student loans. That amount has increased 25 percent since 2008. Even with low interest rates and extended repayment periods, the monthly payment is often several hundred dollars a month. That’s a lot of money for anyone, and especially for young people. Quite understandably, many of these individuals delay major purchases and are overly-cautious with their money.

Most likely, bankruptcy would affect a business partner. However, the effects are almost all positive.

Sometimes, liquidating a failing business is the best course of action. This issue is very common, as only a small percentage of new businesses survive past the first five years. A failed business does not necessarily mean that you and your partners are poor planners or businesspeople. It just means that, for whatever reason, a particular concept did not work out.