Posted by Wesley Scott on June 18, 2018 at 9:46 AM
Wesley Scott

In a world full of confusion, wouldn’t it be nice just to have some straight forward facts about Chapter 7 Bankruptcy? I think so too. So, what follows are facts about Chapter 7 Bankruptcy.

First, Chapter 7 Bankruptcy is on your credit report for 10 years- period. Second, Chapter 7 Bankruptcy improves your credit profile. Why? Because you have no debt! Think about it- if you are a bank would you lend someone money who is in debt say 100k in credit card debt? Hardly. Now, would you lend the same person money if they had no debt? Why not!? They have no debt!

Filing Chapter 7 Bankruptcy and Your Assets

Third, the vast majority of Minnesotans who file Chapter 7 Bankruptcy lose no assets. Most guests have assets that are what we call “exempt” from creditors. Exempt assets are those things you need to go on living with like a house, car, furnishings, clothing, pensions etc.

Fourth, we have never had a single guest regret the decision to file Chapter 7 Bankruptcy. Interestingly, they do regret waiting so long before they file the bankruptcy. Why? Because of all the suffering they went through before they file the bankruptcy case.

Fifth, if a light went off on top of every person’s head who has filed a bankruptcy case, you would be SHOCKED! Why? Because bankruptcy can affect anyone from stars, to doctors and lawyers, to your family and friends and mine too! Life humbles everyone.  Incomes drop, relationships break up, businesses fail, medical problems occur, and yes, we all make bad financial decisions, so what!? The point is- life is not perfect.


When the time is right, or when you are ready, reach out to Minnesota’s nicest bankruptcy law firm guaranteed or 100% off your fees at www.kainscott.com. You will be so glad you did!

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Topics: Chapter 7 Bankruptcy, Filing Bankruptcy, MN Bankruptcy

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