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Bankruptcy in Minnesota: You Are Not Sick, Your Finances Are Sick

Written by Wesley Scott | October 4, 2021 at 11:45 AM

I constantly remind Minnesotans, your finances are sick, you are not. If you need a metaphor to think about this, here is one; actors and actresses many times need to be told, you are not the same person as the actor or actress.

You are two different people. So when people criticize the actor/actress, they are not criticizing you, they are criticizing someone else. Same thing with debt. You are not your debt. You are you and your finances are separate and if your finances are sick we need to give medicine to your finances (bankruptcy) not you.

What can make your finances sick? Many things can make your finances sick. However, here are some common things that can make your finances sick: 1) Business failure; 2) income drop; 3) relationship break-up; 4) medical problems; and 5) bad financial decisions. Now, if you want to talk about my personal bad financial decisions, I hope you have all day. If you are human, you have made bad financial decisions, as we all have. Big deal. Robots may not make mistakes but humans certainly do.

I don’t think I have ever had someone in my office who said, I sure hope my business fails, or I hope my marriage ends in disaster, or I hope my body never breaks down, ever. These are ridiculous because we are broken human beings subject to constant failure and breakdowns. Thankfully, there are easy ways to fix financial problems quickly. Bankruptcy is not only authorized in the US Constitution it is also prescribed by Congress in the Bankruptcy Code.

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