Bankruptcy in MN is normal. Don't be embarrassed.

Posted by Wesley Scott on June 24, 2020 at 11:58 AM
Wesley Scott

Financial trouble brings with it a boatload of negative emotions.  People dealing with money problems experience stress, depression, anxiety and desperation.  Being in a tough spot financially can lead to a feeling of isolation – it’s embarrassing to talk with someone about these troubles, whether that someone be a friend or relative or a stranger.

But here’s the thing: like so many other challenges in life, trying to fix a financial problem by yourself doesn’t always work.  Yes, you can negotiate with creditors.  Negotiation might result in some reduced payments, a reduction in interest rates or in some rare cases, a reduced balance owed.  But some balance remains, and if you don’t comply with the terms of the repayment agreement, any benefit you might be receiving from the creditor will disappear and you’re back at square one.  And if you do complete your side of the agreement, you might have tax consequences.

Or you can try a debt resolution program, where a service you hire attempts to work out a payment schedule with all your creditors.  That payment schedule might be expensive, and since these services have to get paid their own fee to stay in business, the typical model is that your monthly payments to the service are first applied to the service’s fees, not your debts.  So creditors can be kept waiting for payment while you pay the service.  And again, if you can’t afford to make the monthly payment, the agreements fall apart and you are on your own with your creditors.

The reality of going it alone for a financial fix is that there’s no guaranteed way to resolve debt issues.  But engaging a legal professional – like the attorneys at Kain & Scott – to help you through a bankruptcy will give you certainty and predictability.  Bankruptcy is the legal approach to taking care of money problems and it has the advantages of all legal proceedings – that there is a defined process with predictable results that are designed to give you a fresh start financially.  Don’t be embarrassed; contact our office and take your first steps to getting back to where you want to be financially. When the time is right, or when you are ready, reach out to Kain & Scott at www.kainscott.com. You will be so happy you did!

Take the first step toward  getting your life back  Let us help you get started on your road to a debt-free life Sign Up for a Free Consultation