Are you suffering from an overwhelming debt problem? If so, at Kain & Scott, we are sorry you are going through this. Living with overwhelming debt is painful, embarrassing, and unstable. Every day you wonder who is going to come out of the woodwork and call you and harass you and your family. It’s a terrifying way to live. However, life is very humbling, and overwhelming debt can happen to anyone in Minnesota from any walk of life. I don’t care if you are a doctor, lawyer, bill collector, credit counselor, or a teacher. So, what are the ways to get rid of the debt? Essentially, there are four and here they are...
1. Do nothing
What happens if you do nothing? Seriously, what happens? Well, you don’t go to jail. I need to know that! But, a creditor can garnish wages and levy your accounts. OUCH!
2. Traditional debt consolidation
This looks terrible on your credit and your creditors eat first- meaning the payment you make back to your creditors will be enormous. So, your family suffers and your credit sucks? Not a good solution.
3. Chapter 7 Bankruptcy
You push a reset button on your life and you get your life back again. Credit improves faster because you are debt free.
4. Chapter 13 Bankruptcy
A government sponsored debt consolidation plan where your family eats first and creditors eat second. You make a payment for 3-5 years, based on what you can afford to pay, and whatever doesn’t get paid off, gets discharged, tax free, forever!
CONCLUSION
If you are suffering from overwhelming debt, doing nothing and traditional debt consolidation only prolong the pain. Meanwhile, your credit still sucks. Chapter 7 and Chapter 13 Bankruptcy are the keys to get your life back sooner and restore your credit faster. When the time is right, reach out to Minnesota’s only bankruptcy law firm to HELP you 1) get rid of your debt and 2) restore your credit using our unique 90 DAY FREE CREDIT REPAIR PROGRAM.
