If life took a turn on you that you didn’t expect, sometimes bankruptcy is the only way out. Oh we humans like to think we can manage on our own, and sometimes we can, but sometimes the sheer size of the debt and headwinds you face are simply too much for humans to take. We cause ourselves to suffer far longer than we should. Its’ part of human nature I guess to see if you can’t pull through anything yourself. Well, I have news for you—you sometimes need help. Are you going to remove the tumor on your hind-end yourself? Of course not. Well then why on earth do you think you can overcome 50k in debt yourself with a modest income?

So many good Duluth residents think that if they file Chapter 7 Bankruptcy, they will ruin their credit forever. We hear this common misconception all the time. They also wonder if, after filing bankruptcy,
can I rent, can I buy a home, and can I get credit cards or vehicle loans again? These are all legitimate questions that I would want to know the answer to as well. But life is not always what it seems. I have a little secret to let you in on: future lenders don’t care if you can pay your current debt, what future lenders really want to know is will you pay us if we lend you money now? That is really what future lenders care about.

You would think a law firm would always have professional spaces to meet with guests, right? You would be so very wrong. I cannot tell you how many times we have met with guests who tell us they met with another law firm and their space was gross and creepy. Really? Trust me folks, I have heard it all. I have had people tell me the lawyer wanted them to meet with him at his own home even? Talk
about unprofessional! I have had guests tell me they met with an attorney in a shabby conference room that had a picnic table in it. A picnic table? I have even had guests tell me they saw a cockroach in one of the offices. Not good.

The second appointment that clients schedule with our firm is what we call the “review and sign” appointment. This is most certainly the big kahuna. This two hour meeting with both a legal assistant and with your attorney digs into the nitty-gritty of your situation and the particulars of your bankruptcy petition and schedules. The review and sign appointment is important for quite a few reasons but really for the following four big ones:

Thank you for the warm welcome.” Our Kain & Scott team sees and hears these words on a daily basis and it never fails to elicit a smile from everyone around. More than once we have all heard that our clients deciding factor when choosing a bankruptcy attorney was Kain & Scott’s hospitality (the experience and professionalism was just considered an added bonus!)

Filing for bankruptcy will not release you from the debt of your student loans. These are non-dischargeable debts. So, if you are suffering from overwhelming student loan debt what relief, if any, can bankruptcy provide?

Much like when Sheryl Crow sang about the first cut being the deepest, the first step of filing bankruptcy is the hardest! Mustering up the confidence to call a Minnesota bankruptcy attorney to schedule an initial consultation is no easy feat! It takes a whole lotta courage to start the process and to continue with that process.

When all is said and done, the end result of all the information you have given us, as well as the reports we have collected is a fully completed and true bankruptcy petition. This hunk of paper is essentially your entire financial life laid out for the bankruptcy court. Once your case is filed, you will receive a copy of your petition for your records and at first glance, it seems like a bunch of legalese mixed with some gibberish for good measure. So, exactly what information does the petition all hold?

We have all had that feeling –that “everyone is staring at me! Why? Is there something in my teeth? Are my pants on backwards?” feeling. Being judged, being scrutinized. And, knowing that feeling, many potential clients worry that once they file for bankruptcy, the entire world will know or somehow be able to smell it on them. Bankruptcy is portrayed as a dark cloud that follows you around everywhere that everyone can see and judge.  

If you ask someone at random to explain bankruptcy, they will probably give you an answer that goes something like, “isn’t it a complicated legal thing that means you have no money and everyone judges you for it?” And the only thing that person would be right about is the “complicated legal thing” part! The gist is that most people, even those that have contemplated bankruptcy, don’t really know what bankruptcy is, just that it has to do with money and it comes with a big, old stigma.

“Humble attorney” may seem like an oxymoron considering how lawyers tend to be portrayed on courtroom dramas –with their newly pressed suits and shiny $400 loafers and constant, “OBJECTION”’s. Having that stereotype floating around in your head can easily make scheduling a consultation with a law firm absolutely daunting.

I am not suggesting that there are no scenarios under which I would sign a reaffirmation agreement. That would not be accurate. In fact, years ago, I had a guy who was living in St Paul, Minnesota and he had a home loan totaling $138,100.00. The mortgage company proposed a reaffirmation agreement where the guy would pay $86,340.00 to keep the house! That was a huge discount and the client totally jumped on it and signed the reaffirmation agreement with my approval.

Which St. Paul, Minnesota bankruptcy law firm you hire is an important question to ask yourself. There are not many stressors in life that are as high as the need to file bankruptcy. Do you really want to hire a law firm that treats you like a number and treats their employees like dirt? Of course not. I am sure you would not be shocked to hear that unfortunately some law firm’s don’t treat their employees very well and when that happens, guess who also suffers? Yes, you do! That is not right—especially in a time of vulnerability for our guests.

Choosing a lawyer is, arguable, almost as important as choosing a spouse (maybe, in some cases more important!) An attorney is going to be with you through some tough times and it is important for you to evaluate your options and know exactly who you are hitching up with!

Post-bankruptcy, one of the most important things that you will want to do is to check your credit report. There are three credit reporting bureaus you will need to go through in order to do this: Experian, Equifax, and TransUnion. Each of the bureaus generates its own individual report for each person. Doing a thorough check of your credit requires pulling reports from all three companies.