Kain & Scott has been Minnesota’s Bankruptcy Law Firm since 1972. Our Minneapolis Bankruptcy Lawyers have seen a thing or two about the reasons that hold people back from filing bankruptcy. The truth is, all of the reasons you think you shouldn’t file bankruptcy are actually the reasons you SHOULD file bankruptcy. Crazy right? Well, read on if you are skeptical.
REASON 1: Filing BANKRUPTCY In Minneapolis WILL NOT RUIN YOUR CREDIT
I know this sounds really crazy- but bankruptcy actually improves most people’s credit scores. What? Yes, it is true. Why? Because you have less or no debt.
Most of the people that our Bankruptcy Lawyers in Minneapolis meet with are concerned about their credit because they naturally want to be able to buy a house or a car. Sometimes, the concern is linked to needing a credit card to conduct business or do your job.
The concern of being able to get credit in the future is a legitimate concern. The “lie” is that if you file bankruptcy you will never get credit again. You hear it all of the time from well meaning people- oh don’t file bankruptcy, you will ruin your credit. When people hear this what they hear is I will not get credit again, ever, the rest of my life. This is FALSE!
First, think about this for a minute. If you meet with someone who says hey, I have 23k in credit card debt and they have not made a credit card payment in 8 months, and they are getting sued, do you think they have good credit now? Obviously not! No bank or lender would lend you money if you were in this predicament.
So, if your credit is already in the toilet, and you could not get credit extended to you now, or if you could it would be at some crazy high interest, do you honestly think you have good credit now? Obviously not!
Second, when you file bankruptcy you eliminate debt right? If you have no debt, do you think a future creditor is more likely to lend you money with no debt or 23k in debt? Obviously with no debt! Why? Because the bank/lender is not worried about getting paid back. You cannot file bankruptcy again for 8 years and you have no debt. In other words, with no debt you have a greater ability to pay the bank. In addition, the lender will tickle your interest rate higher so they drive a Cadillac, that is the way this works!
Here is a truth that many of our guests do not hear very often. Banks don’t give a rat’s ass if you pay other creditors. What they really want to know is are you going to pay us! For most people we meet with, the freight train has already ran their credit over, and if it has not, they see the freight train storming down the tracks and it’s too late to stop it from running your credit over.
The outcome of filing a bankruptcy is it is on your credit report for 10 years, it does increase most people’s credit score, because you have less debt, and most of our guests can get future credit to buy homes and cars. Car financing can be obtained immediately after bankruptcy discharge. Home financing may take a year or two. Of course, all of this depends on you and your income and any deposits down you may have that would improve your financing terms greatly.
REASON 2: MOVE ON WITH YOUR LIFE NOW- NOT LATER
At kainscott.com, we have a graph that shows different solutions to overwhelming debt problems and how long it takes for you to get your life back using each solution. For example, doing nothing obviously will mean a significant delay in getting your life back because the debt does not go away.
If you participate in debt consolidation, how many years will it be before you can breathe again? And that’s only if the debt consolidation program works, and most do not! But even assuming it works as the out of state “professionals” say it will how many years do you suffer, and your family suffers, through a program like this?
Bankruptcy is a quick way to get your life back and put your family first. It rips the band aid off so you can move on with your life. Chapter 7 bankruptcy is a 4 month process from start to finish. At the finish line you are debt free!
Now that is moving on with your life. As a person with high anxiety, I don’t mind problems, but I really hate no solutions to those problems or solutions that take too damn long. Most of our guests have suffered long enough. The thought of having to struggle and suffer for many more years just seems cruel and inhumane.
REASON 3: JOIN THE THOUSANDS OF Minnesotans WHO NOW HAVE THEIR LIVES BACK!
Just think- there are literally hundreds of thousands of Minnesotans from all walks of life that have filed a bankruptcy and that have gotten their lives back. These people don’t think about their debt anymore, because they have none!
These good people are just like you and they had all the same scary thoughts. And then, once they file bankruptcy and got on the other side of this, their world improved dramatically. Don’t believe me? Read our reviews. These folks don’t regret filing, they regret waiting so damn long to file and get their lives back!
Speaking of anxiety and nerves, which I have plenty of, the scariest part is always the wondering and thinking about the “what ifs” right? You worry yourself so damn much you make yourself sick! My mom used to tell me when I was young, and would worry about things constantly, she would say, “if your aunt had nuts she would be your uncle.”
While that my seem crude, it also happens to be true. When we meet with our guests, you can visually see the worry and anxiety melt away. The anxiety comes before you reach out. The solution comes when you meet with us.
Join the thousands we have helped get their lives back by reaching out to us when the time is right or when you are ready, you will be glad you did.
conclusion
Life is crazy. Some of the same reasons we hear why people don’t file bankruptcy are some of the reasons why you should file bankruptcy. If your fear is not being able to get credit, tell that to our thousands of former guests who have their lives back, can now pay their bills on time, have much improved credit scores, and buy homes and cars all the time.
Tell that to the guests our Minneapolis Bankruptcy Lawyers have helped get their lives back now as opposed to the people who are still suffering needlessly through debt consolidation plans that don’t work or that are so burdensome that your family suffers for years on end.
And most importantly, tell that to the guests our Lawyers have helped get their lives back whose only regret is they should never have waited so long to have filed bankruptcy in the first place. Tell that to our guests who did file bankruptcy and now are not worrying about their debt at all because they have no debt!
