I know- you think I am a little crazy saying this right? Well, I am a little crazy but I believe the above statement with all my heart. We start with the premise that everyone wants to pay their bills on time- everyone. There are not a lot of universal statements you can make but I believe this is one of them. But then something happens to us. That something is called life. If you have not yet been humbled by life’s events then you are not living- seriously, you are dead.
5 CAUSES OF BANKRUPTCY IN MINNESOTA
1) BUSINESS FAILURE:
It is statistical certainty. The vast majority of businesses that start each and every day will fail eventually. Business failure is as common as the rain or the sun shining. We want people trying to start businesses, because when they succeed, they employ people and that is good for the economy.
But when they fail, you need an out. Part of the policy behind bankruptcy is want people taking those risks and starting businesses- that is the engine that drives the economy.
2) INCOME DROP:
What are the chances your income goes straight up for the rest of your life without any drop in income at some point? Not good. Household incomes rise and fall all the time. Incomes are like the tide, they rise and fall.
3) RELATIONSHIP BREAKUP:
How many of us are with the same person we first started dating? Not many. Relationships break up, people piss you off and disappoint you, it’s part of life, and then you dump them. Some times those breakups can be financially devastating. Part of life.
4) MEDICAL PROBLEMS:
Ok, here is a real zinger. What are the chances you will survive life without major medical problems? Uh, not good! You certainly cannot help medical problems. Who the hell wishes for brain cancer for goodness sake?
5) BAD FINANCIAL DECISIONS:
Bad financial decisions are part of life. If you have not made bad financial decisions, again, you are not alive. If you are not alive, you are dead. If you are dead, you are not reading this blog and you are probably happier! Just kidding!
3 REASONS WHY FILING BANKRUPTCY IN MINNEAPOLIS IS BEAUTIFUL
1) YOU GET YOUR LIFE BACK!
Living with debt sucks. You worry about it night and day. It causes sleepless nights and ulcers. It affects your interactions with your family and your co-workers. Debt is a cancer that eats at you and causes enormous stress.
Getting rid of debt improves mental and physical health. It allows you to breathe again and worry far less. When you are debt free, you live in the here and now and plan for a wonderful future without debt. With debt, you live in the past- worrying about how it got accumulated and punishing yourself endlessly for incurring it.
The freedom you gain by shedding debt is real. We never have heard a client regret filing bankruptcy and getting their lives back, but they always regret waiting so long before they filed. The calculation is simple: life + debt = crappy life. Life - debt= a beautiful life!
At Kain & Scott, our Minneapolis MN Bankruptcy Lawyers specialize in helping Minnesotans get their lives back as fast as possible. Our guests feel the shame and embarrassment you likely feel too. Many of our former guests have felt the same way. But, what they found is once they met with Kain & Scott, and realized we are all human and we are just looking for solutions to human problems, our guests knew they were right where they needed to be- with Kain & Scott getting their lives back and solving a nagging problem for good!
2) YOU ARE DEBT FREE, TAX FREE!
Have you ever thought about settling your debts with a creditor for a fraction of what you owe them? Think about the tax consequences before you do so! For example, if you owe 100k in credit card debt, and settle on all of this debt for 20k, that is a savings of 80k! WRONG! When the creditor files their tax return, they will write off 80k in bad debt. When they write of 80k in bad debt, guess who the IRS thinks just made 80k in income?
Now, lets be clear with each other. Paying taxes on 80k is better than paying 80k but it still leaves you with bad credit and now a tax bill. So, yes, congratulations- you dodged bankruptcy but your credit still sucks and now you owe uncle Sam a lot of money. There is a much better way.
3) YOUR CREDIT SCORE IMPROVES AFTER A BANKRUPTCY DISCHARGE!
That is right folks, the sun shines on dog’s ass once in a while. Our guests have found that obtaining a bankruptcy discharge improves your credit score. Why? You have no debt! If you have no debt, your credit score is going to increase. I know it sounds really strange to say that filing bankruptcy can improve your credit score, but it does!
The irony is if you settle debt with creditors, it looks worse than if you get a discharge in bankruptcy. Your credit report will show that you paid the creditor less than what you owe them. That, combined with the tax bill, is reason enough for most to avoid going this route. But then add to this the pain of having to come up with the money to settle the debt and the fact that it does not take care of all of your debt, and it all just seems a little cruel.
Don’t believe everything you hear about bankruptcy and it’s impact on your life. I think it is just the opposite of what you think. Most people think bankruptcy is this painful event that profoundly effects your credit score for the rest of your life. Nothing could be further from the truth.
Every day, my Minneapolis Bankruptcy Lawyers and I speak with Minnesotans who have got their lives back and are so thankful they had the courage to take the plunge. Instead of agonizing and suffering with overwhelming debt for years on end, in most cases, it makes sense to push the reset button on your life and start fresh.
Once you free yourself from the chains of overwhelming debt, you will have wished you had done it years ago. Filing bankruptcy in Minneapolis is beautiful! For our Minnesota guests looking at this blog and still suffering with debt, please stop being mean to yourself. Instead, treat yourself to Minnesota’s nicest bankruptcy law firm guaranteed!
