I cannot stress enough that at Kain & Scott our Roseville MN Bankruptcy Lawyers have never had a client come back to and tell us that they regretted Filing Bankruptcy. No one at our firm in Roseville have ever heard that… from anyone. Filing Bankruptcy is an important decision. One that you will probably spend a good amount of time researching and thinking through carefully. However, even so... We've still never heard of anyone regretting their decision and here's why:
The First Reason
The first reason is because our Roseville MN Bankruptcy Lawyers only File Bankruptcy for our clients only after reviewing each person’s individual circumstances in order to decide if bankruptcy is even the right option. It often is, but it is not for everyone. Our Bankruptcy Attorneys at Kain & Scott in Roseville, MN will never force anyone into a Bankruptcy or apply any pressure at all for you to file. We don’t work on quotas, and don’t need to file a certain amount of cases each month. Unfortunately, this is how other Bankruptcy Law Firms work. When you come into meet with us there is no judgment and no pressure. We will have a conversation about your situation, we will not talk down to you, confuse you will legal terms or pressure you to make any sort of decision at your consultation. You should be comfortable with the Bankruptcy Lawyer you are working with. That means not hesitating to ask questions, or bring up concerns. Meeting with a Roseville MN Bankruptcy Lawyer because of debt is like going to a doctor because you are sick, the doctor has seen it all, isn’t there to judge, and is there to offer solutions.
The Second Reason
Another reason I don’t have clients coming back and telling me they regretted filing is that the Bankruptcy offers people a huge amount of debt relief. That goes for both Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Bankruptcy is unlike debt consolidation, or settlement on debt. In a Chapter 7 Bankruptcy you can go from having $50,000 in credit card debt to $0 in just three months. Without you paying the creditors anything, without us paying the creditors anything, without the court paying the creditors anything. That’s huge! That is something you will only find in a Bankruptcy. In a Chapter 7 Bankruptcy you’re discharged of any legal responsibility to pay that debt. You pay no taxes on the discharged debt, that can also by huge!
In a Chapter 13 Bankruptcy you get put back in the driver’s seat, you are back in control of your finances. You may have $50,000 worth of credit card debt but due to what you can afford to pay you may only end up paying $15,000 of your credit card debt in the 5 year Chapter 13 Plan. Your payments are set based on what debt you need to pay on the Chapter 13 Plan, like tax debt, and what you can afford to pay when we look at your income and expenses. If you have $35,000 worth of credit card debt that didn’t get paid at the end of your Chapter 13 Plan, that amount is discharged. You will not have to pay that amount, your legal responsibility to that debt is wiped away. Again you will not have to pay taxes on this discharged debt!
In a settlement with credit cards on debt or a cancellation of debt outside of a Bankruptcy there are tax implications. You will need to report that cancellation of debt as income. When you do that, you will often be left with a tax bill because you now let’s say $10,000 in debt was wiped that is now considered ‘income’ and you have had no taxes withheld from that amount. All of a sudden you have wiped out some credit card debt and now you may have IRS or Minnesota Department of Revenue debt. That’s not how it should work!
THE Third REASON
Another reason people don’t regret Filing Bankruptcy is because often times it is all that is left in terms of an option. It’s often a last resort but it’s a great last resort: financial freedom, taking your life back! People don’t often see it that way but that’s not how our Bankruptcy Lawyers see it. People often times feel forced into a bankruptcy, being forced into anything makes people uncomfortable and upset, you want to be able to make your own decision and not feel like the decision was made for you. I get that. While this may feel like a last resort, you should still feel comfortable with the process and the Roseville MN Bankruptcy Lawyer that is representing you.
Just because you feel like it’s your only option doesn’t mean you need to be treated poorly and pushed around through the process. You’ve tried everything, making monthly on time payments, using one credit card to pay another, trying to refinance a mortgage, get a line of equity, get a consolidation loan from the bank, settle the debt, a debt consolidation plan, pay day loans, a car title loan. By the time your considering Bankruptcy you don't need a cold and pushy Bankruptcy Lawyer. However, the bottom line is that you need to pay your mortgage payment and put food on the table rather than struggle to make your monthly credit card payments.
For information about Bankruptcy or Why You Should Hire Our Roseville MN Bankruptcy Lawyers contact us for a FREE, no-obligation Bankruptcy Consultation today!Kain & Scott, P.A.
100 South Fifth Street #1900
Minneapolis, MN 55402