Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.


      Your Credit Union and Bankruptcy

      Posted by Charles Nguyen on January 31

      You may think that your credit union is the same as a typical bank, and in many respects, it is; but, there are some differences. For example, your credit union is a nonprofit, whereas a bank like Huntington Bank, is for profit.

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      How Do I Repair My Credit After I File For Bankruptcy?

      Posted by Charles Nguyen on January 27

      Two common questions I get when I speak to clients are – what happens to my credit and how do I repair it after I file my bankruptcy? Bad news first, your credit will suffer negatively when you file. Now the good news, filing bankruptcy is often the fastest way to repair credit and obtain better financing.

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      Get the Best Possible Fresh Start, at Kain & Scott

      Posted by Wesley Scott on October 29

      I am reminded often of how we go the distance with clients at Kain & Scott. Part of our job at Kain & Scott is to make sure the client has the best fresh start possible. Sometimes that means bringing claims on behalf of the client without charging the client. In fact, at Kain & Scott, we often bring objections, responses, and motions and then attend the hearings on behalf of the client all for free. Why do we do this? Because it is the right thing to do. Sometimes these claims would cost the client far more in attorney’s fees than they are worth pursuing. I think the creditors and trustees often know this so these claims remain just that, claims.

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      What Makes Up Your Credit Score and How Bankruptcy Affects It

      Posted by William Kain on March 28

      Credit scores are a very vague concept to most people, yet they can hold so much power over your financial well-being. Almost everybody has a credit score, and like it or not, it can affect everything from being able to open up a new credit card to determining if you will be approved for a mortgage or rental property. If you are considering filing for bankruptcy, chances are your credit score has already taken a hit, and is lower than what is recommended. You are also likely worried that if you go through with a bankruptcy, your credit score will become even lower, to a point that is irreparable. We are very happy to tell you that this is not something you should worry about. 

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      Can You Use Your Credit Cards in Brainerd Before Filing Bankruptcy?

      Posted by Jesse Horoshak on February 2

      You have had a good paying job and also using your credit cards for purchases like any other person would when the unthinkable happens: you either lose your job or for some reason your income decreases.  The dam is about to break and there is no relief in sight because you now have these credit card bills that you previously had been able to pay and had every intent to pay back.  Bankruptcy seems like the best option to get your life back, but you have heard that your creditors will cry “FRAUD!” because you have been using your credit cards recently and you fear you need to wait 90 days before you can file bankruptcy.  Your worry is that you simply cannot wait any longer.  You do not want to be accused of fraud, but you also do not think you can wait 90 days before filing for bankruptcy.  You need relief sooner rather than later.  What can you do?  What SHOULD you do?

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      Should I be Considering Bankruptcy if I’m Current on all my Payments?

      Posted by Wesley Scott on December 11

      I get this question a lot. When is the right time to think about bankruptcy? Should I even be considering it if I’m current with everything? I think it really depends on circumstances and if you can project what the next couple of months forward will look like.

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      How Does Wage Garnishment Work in Maple Grove, Minnesota?

      Posted by Wesley Scott on December 6

      Wage garnishment is often one of the most pressing concerns for our potential clients in Maple Grove, Minnesota. They want to know if creditors can garnish their wages, and if so, when it will happen and how much they can take. Unfortunately, under Minnesota state law, creditors can garnish your wages because creditors have the right to seize any available non-exempt property, and that includes a portion of your wages. But there are things you can do to prevent or stop wage garnishments, and we will discuss the collection process and how you can stop it below.

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      How Long Does Chapter 13 Bankruptcy Stay On Your Credit Report In Monticello, MN?

      Posted by Wesley Scott on November 29

      It is a question we get a lot. How long will a Chapter 13 Bankruptcy stay on my credit report? The answer is 10 years- and that is a certainty. However, that does not mean that you will not get credit for 10 years. Quite the contrary. You see eliminating debt is always a good thing for your credit profile. Getting rid of debt, tax free, and going through Kain & Scott’s FREE 90-Day credit Repair Program improves our guest’s credit profiles to a point much better than before they did either.

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      The Equifax Data Breach: How To Ensure It Doesn’t Affect Your Credit Score

      Posted by Margaret Henehan on September 26

      That’s probably what a lot of people thought when they first heard of the Equifax breach last week. After a bankruptcy rebuilding your credit score quickly is important. You don’t want anything getting in the way like a data leak. There have been a lot of mixed messages on what to do to protect yourself, now that most likely, your social security number, birth date, address and other personal information is floating around the universe. The breach affected 143 million people, which is basically every adult living in the United States.

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      (Video) How Does Filing for Chapter 7 Bankruptcy Affect Your Credit Score?

      Posted by Wesley Scott on September 6

      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:

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      5 Steps for Life after Filing for Bankruptcy

      Posted by Wesley Scott on August 21

      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.

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      (Video) What Happens To Your Credit After Chapter 7 Bankruptcy?

      Posted by Wesley Scott on August 18

      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?

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      What Does Bankruptcy Mean for My Future?

      Posted by Wesley Scott on July 31

      There are many misconceptions and myths about filing bankruptcy. The biggest bankruptcy myth is that you will lose everything you own if you file for bankruptcy relief. Another popular bankruptcy myth is that you will never recover your good credit rating and never be able to obtain a loan after filing a bankruptcy. While there may be some truth intermingled with the bankruptcy misconceptions that clutter the internet, the fact is that filing bankruptcy does have both benefits and a few temporary disadvantages. Wondering what bankruptcy means for your future is a valid concern that many clients have when first consulting a bankruptcy attorney. It is with the help of an experienced bankruptcy attorney that many people find the answer to their question, “What does bankruptcy mean for my future?”

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      MN Bankruptcy Lawyer Explains: What Happens When You Default On Credit

      Posted by William Kain on July 18

      Most of the potential clients our MN Bankruptcy Lawyers meet with at Kain & Scott have defaulted on at least one of the accounts they hold. For many of the people I meet, they have been able to stay current on some accounts, but because of their financial circumstances, they have not been able to maintain current payments on all of their accounts.

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      How To Rebuild Your Credit After Filing Bankruptcy In Minneapolis

      Posted by Margaret Henehan on December 28

      Here at Kain & Scott our professional, kind and helpful team of Minneapolis Bankruptcy Lawyers are truly honored to help each and every one of our clients get their lives back. Our client satisfaction and peace of mind is our top priority which is why we strive to continuously build upon our reputation as the nicest (most kind and helpful) Bankruptcy Law Firm in Minneapolis and the greater Twin Cities area. We know that the Bankruptcy Process doesn’t end with filing your case, so here’s some helpful information to give you a better understanding of how to begin rebuilding your credit score after you’ve received your discharge.

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      How To Deal With Creditors Before You File Bankruptcy

      Posted by William Kain on December 25

      One of the most difficult aspects of a financial hardship can be the actions taken by creditors to collect their debts in spite of your inability to pay. Your income and assets can be brought into question and many of our clients come to us facing garnishment and liens on assets. It can be difficult to deal with the constant phone calls and collection notices but there are ways we can manage these complications and prevent them from hindering the goal of financial recovery. At Kain & Scott, our team of highly skilled MN Bankruptcy Lawyers can assist you with any concerns you may have regarding your creditors. Let’s begin by taking a look at some helpful information outlined for you so that you may steer clear of any avoidable complications with creditors throughout the bankruptcy process.
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