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.

 

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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The Truth About How Bankruptcy Impacts Your Credit

Posted by Wesley Scott on December 15

Over the years, we have had many Minnesotans contemplate bankruptcy but what they really want to know is, if I do this, how will bankruptcy really impact my credit? If we let our home go back can we get financing to buy another one soon so we are not on the street? Can we buy a car if I need another one- I have to get to work? I completely understand these concerns our guests have and if I were in your shoes I would share the same concerns. We all have them- we need to live, a place to stay and we need vehicles to get around!

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The Plain Truth: How Filing Bankruptcy in MN Affects Your Credit

Posted by Wesley Scott on October 4

Like so many Minnesotans that call us every day, we hear one common concern over and over again. Minnesotans worry about how bankruptcy affects their credit score and credit life after the bankruptcy is filed. If you are contemplating Filing Chapter 7 Bankruptcy in Minnesota, but you just need a better handle on how bankruptcy affects your credit, here it is. The obvious question so many ask about their credit relates to their future dreams and ambitions.

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The Best Ways To Get Rid Of Credit Card Debt

Posted by William Kain on March 9

Wouldn’t it be nice to get rid of all your credit card debt and start fresh again? Could you imagine the peace of mind you would have knowing that you could wipe your credit cards clean and not have to worry about paying them back? If you’re like most Minnesotans it’s pretty easy to rack up large amounts of debt on your credit cards quickly especially if something unexpected happens. Let’s face it, you never know if something unexpected is going to happen that might cost you several hundreds or even thousands of dollars. Let’s say your vehicle breaks down, you get sick or are injured in an accident, your business becomes unprofitable or you maybe you get laid off from work. The bottom line is that these types of things can happen to anyone and they happen all the time.

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Want Proof That Banks Don't Care If You Pay other Creditors?

Posted by Wesley Scott on March 3

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.

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What We Know About VISA (and you should too!)

Posted by William Kain on March 2

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!

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How to Get a Loan After Bankruptcy

Posted by William Kain on November 17

Completing a bankruptcy case can be a relief after the stress, anxiety, and frustration you experienced trying to pay debts that you could not afford to pay. Regardless of whether you filed a Chapter 7 case or a Chapter 13 case, you now have a fresh start to begin rebuilding your financial well-being for the future. Many of our clients have heard or been told that they would never qualify for a loan after bankruptcy, or that it would be many years and very difficult if they did qualify for a loan after bankruptcy. This is a common misconception about bankruptcy.

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5 Ways to Repair Your Credit After Bankruptcy

Posted by Wesley Scott on September 15

One of the top concerns of many of our clients is how filing bankruptcy will affect their credit rating. This is a valid concern because credit scores are no longer used only for obtaining credit. Insurance companies, telecommunications companies, and employers are now checking credit histories and using credit scores to make decisions about more than simply issuing credit. So, how does filing bankruptcy affect your credit score?

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Credit Card Debt Help: What Steps You Should Take

Posted by William Kain on August 27

The following story may sound similar because many American struggling with credit card debt did not incur that debt by purchasing luxury items, taking expensive vacations, or buying unnecessary personal items. In many cases, a person struggling to pay credit card debt incurred that debt because of a financial crisis.

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You Should Never Refinance A Mortgage To Pay Credit Card Debt

Posted by Wesley Scott on July 21

Not all debts are the same.  Some debts are unsecured (i.e. credit card debt) while some debts are secured (i.e. mortgages).  Most people think of a mortgage as “good” debt because as you pay this debt down, you are increasing your net worth because the equity in your home is increasing. Furthermore, a mortgage is a debt that has a purpose — to provide a home for you and for your family. 

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Why You Shouldn't Pay One Credit Card Off With Another

Posted by William Kain on July 16

It is easier than you think to get into trouble with credit cards. You begin with one card and before you realize it, you have several credit cards with substantial balances. You may have several major credit cards in addition to store credit cards. Retailers entice customers to open an account by offering a discount on your first purchase. Of course, you only receive this discount if you charge the purchase on your new account. You open the account to “save money” with the intention to pay off the credit card next month. Unfortunately, many people find themselves making the minimum payments even though their intentions were to avoid them. By the time the balance is paid off, you have paid more money in interest than you saved on your first purchase.

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How is My Credit Score after Bankruptcy Affected?

Posted by William Kain on February 5

The first step in understanding your credit score after bankruptcy is to understand how your credit score is calculated. Credit scores are not as complicated as some of us assume. Credit reporting agencies combine information from your credit history with your current financial condition to calculate your credit score. Credit scores are a very important element of your financial well-being as they are used to determine whether you are eligible to receive credit and the interest rate that will be applied to credit that you receive. However, credit scores can now affect several other areas of your financial life including rental applications, insurance rates and cell phone contracts.

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The Most Important Tip to Rebuild Credit After Bankruptcy

Posted by Wesley Scott on June 17

In my opinion, the single most important tip to rebuild credit after bankruptcy is to not be afraid of credit. One of the biggest mistakes people make is completely avoiding credit after they file bankruptcy. Although avoidance is likely done with good reason, it won’t help rebuild your credit.

Filing a bankruptcy case is an emotional process that most people never want to repeat during their lifetime. However, it is also a process that allows individuals who are suffering from debt problems to receive the help they need to recover from a terrible financial crisis. Taking on credit again after filing a bankruptcy can be scary because credit probably played a role in your decision to file bankruptcy in the first place.

Jane’s Experience with No Credit, Post-Bankruptcy

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Your Poor Credit Score after Bankruptcy Wasn't Caused by Bankruptcy

Posted by Wesley Scott on May 21

One of the biggest concerns that most people have about filing bankruptcy is their credit score. As experienced bankruptcy attorneys, we understand our clients concerns about their credit score after bankruptcy. Your credit score affects everything from obtaining new credit, to the amount you pay for your automobile insurance. Credit ratings are vital to our financial stability, and rebuilding credit takes time and patience.

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Consumer Protection Laws that Exist for Your Benefit

Posted by Wesley Scott on February 4

As consumers, we spend billions of dollars each year on goods and services, both online and in traditional stores. An increasing number of those purchases are made with some type of credit. As debt has increased, the need to protect consumers against credit fraud and unfair or deceptive trade practices has also increased. The Federal Trade Commission (FTC) is the federal agency that enforces consumer protection laws. Below are descriptions of the three most well known consumer protection laws and details about how each one is designed to protect you against unfair creditor practices.

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Don't Waste Your Money - Know When to Stop Paying Creditors

Posted by William Kain on November 14

Making the final decision to file bankruptcy can be challenging, but my clients report feeling immensely relieved. Simply settling on this decision provides relief because you have a plan to move forward and out of your financial darkness. Technically, nothing official happens until you file your petition. However, your peace of mind will lighten your load and allow you to think and see your future clearly.

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