The One Benefit of Bankruptcy So Many People Miss

There is a benefit to filing bankruptcy that so many people miss. And after they file the bankruptcy and get a discharge they are surprised to learn of this benefit. You see, so many people mistakenly believe that bankruptcy ruins your credit, and maybe forever. The truth is, just the opposite occurs. People are always surprised to learn that they are able to get credit after bankruptcy. I speak to numerous people who a year after bankruptcy are buying homes, cars, and get credit cards and other lines of credit. They should not be surprised by this at all. You see future lenders don’t care if you fail to pay your creditors, what they really care about is are you going to pay us back if we lend you money?

Kain & Scott has been practicing bankruptcy in Minnesota since 1972. And yet it never fails. Our guests mistakenly think that filing bankruptcy will ruin their credit. I always say to our guests, can you get credit now? If you cannot get credit or you would pay higher interest to get credit you don’t have good credit. Lenders are always worried about your ability to pay them back in light of your other debts. If you eliminate your other debts, future lenders no longer worry about you being able to pay them back. This is exactly why you see people purchase homes and vehicles after bankruptcy. Some people wonder how this is possible. But, their debt is now gone which now enables the person to make payments on a new loan. It is all quite elementary dear sir! 

Call Now for a Free Strategy Session from a MN Bankruptcy Lawyer at Kain & Scott

When the time is right, or when you are ready to get your life back, reach out to Minnesota’s oldest bankruptcy law firm at www.kainscott.com. You will be so thankful you did!

A Word from a MN Bankruptcy Attorney, Wesley Scott