The Truth Behind MN Bankruptcy

Posted by Wesley Scott on September 14, 2016 at 2:49 PM
Wesley Scott

the-truth-about-mn-bankruptcy.pngWhen many of us are asked to describe the type of people who we think Contact MN Bankruptcy Lawyers we often begin to apply very negative associations with what we view a bankruptcy debtor to be.  Many people believe those who seek debt relief through bankruptcy are irresponsible with their finances or indigent because of a lack of effort on their part to better their circumstances.  In Minnesota we take great pride in our earning ability, possessions and financial stability yet these things do not define who we are as individuals nor is anyone invulnerable to sudden financial hardship regardless of their prior success, finances or possessions. In this article we will address some of the most common misconceptions surrounding MN Bankruptcy Lawyers and expose the truth behind some of the most frequent situations which cause people of all walks of life to turn to Bankruptcy for relief from their dire circumstances.  Our team of legal experts is here to help you in a way that respects your basic dignity as a human being and without causing you further unjust embarrassment.

A Few Reasons Many Minnesotans File Bankruptcy

The most common perception of a debtor is someone who is incompetent, irresponsible or downright abusive with their finances and although this can be the case there are protections in place within the bankruptcy code which prevents individuals such as these from abusing the bankruptcy process.  As a society we tend to believe that those who have experienced wealth and success in the past are taking advantage of the bankruptcy process when they file however The Bankruptcy Process is designed to provide help for all who qualify regardless of their prior circumstances.  The future is uncertain and financial difficulties can present themselves to anyone at any given moment regardless of their current financial stability. 

1. Income Drop

Our nation has experienced a number of economic setbacks in recent years and it is important to remember that it is not just the common laborer or staff employee who is affected by this; in fact in many cases it is the company executives and investors who are most impacted by financial hardships.  Imagine a company who is faced with the need to make cut backs with its finances  in order to remain in business.  In this scenario it may be in the company’s best interest to lay off their executive and administrative staff rather than reduce their labor force.  Now we can begin to see how someone with substantial earning power may be faced with difficulties especially if this leads to long term unemployment.  Long-term unemployment is also becoming more and more commonplace as the landscape of our society changes moving away from traditional labor jobs and “brick and mortar” businesses in favor of technology and online services.  Many people who have maintained themselves with success for years are now finding themselves faced with the difficult task of finding new employment opportunities which they are qualified for.  The changing labor needs of our society are a major contributor to the financial difficulties facing individuals who had been associated with industries which are becoming less relevant in today’s markets.

2. Divorce And Relationship Breakups

Divorce and separation can also place significant strain on ones finances, especially if children are involved.  Court cases regarding divorce and custody can be very costly and lengthy and it can be quite difficult securing your possessions and determining who will be liable for what following the divorce decree, additionally not all states recognize the court’s ruling on who is responsible for what following the divorce meaning an individual may still be pursued for a debt that has been assigned to their former spouse in the divorce decree.  Individuals can bring these matters before the courts to demonstrate their ex-spouse is acting in contempt of the divorce decree yet this too can be costly and time consuming and it often compounds your existing problems.  Bankruptcy relief may be the best option for individuals experiencing financial difficulties following a divorce or custody ruling.  Many parents feel obligated to assist their former partner or spouse with their finances for the sake of the child’s well-being and this can mean paying for not one but two households and all that goes with that.  Child support or spousal maintenance may be ordered by the courts following a divorce or separation and although bankruptcy cannot release you from these responsibilities it can provide a clean start with the rest of your financial obligations so that you may focus on fulfilling your commitments to your children or former spouse. 

3. Medical Debt

Medical expenses in America have skyrocketed over recent years and spawned a deluge of legislation, some of which is designed specifically to protect facilities and assure payment for services.  When an individual suddenly finds themselves in need of substantial medical services the bills can reach unfathomable heights.  Many of us are under the false impression that legal action is seldom taken against those experiencing medical problems or that their care providers will be patient and understanding with them due to their health matters and this is simply not true.  Many medical facilities and providers have been found to be malicious and unwilling to negotiate manageable terms for repayment with their patients and their families.  Although your medical expenses are very different from a credit card you maxed out taking a vacation there are little protections in place to assure your situation is given special consideration, additionally those protections which are offered can be difficult to enforce and time consuming which is the last thing anyone experiencing major health issues wants to deal with while still recovering or receiving ongoing treatment.  Bankruptcy can provide you the relief you need so that you can focus on your health and recovery.  Call us today and see how we can assist you with your individual situation.  We look forward to working for you and providing you the help that you need!

Brainerd Bankruptcy Lawyers MN - 218-822-3300

Eagan Bankruptcy Lawyers MN – 612-843-0525

Eden Prairie Bankruptcy Lawyers MN - 612-843-0524

Maple Grove Bankruptcy Lawyers MN - 612-843-0529

Minneapolis Bankruptcy Lawyers MN- 612-843-0527

Roseville Bankruptcy Lawyers MN - 612-843-0523

St Cloud Bankruptcy Lawyers MN - 320-252-0330

Woodbury Bankruptcy Lawyers MN - 612-843-0526

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Topics: Bankruptcy Lawyers MN, MN Bankruptcy

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