Suffering from overwhelming debt is crushing and draining physically and mentally. When the weight of debt is upon your shoulders you may feel like you are the only one experiencing overwhelming debt. Trust us, you are not alone. Life can be very humbling. Have you ever gone to a medical clinic for an infection? Maybe the infection was in an embarrassing location on your body? I doubt highly the medical professionals find your infection or it’s location interesting at all. In fact, their job is to hear about your problem, see the problem, diagnose the problem, and then solve the problem. This is what to expect when you file wIth our maple grove bankruptcy attorneys.
The Maple Grove Bankruptcy Attorneys Are Debt Problem Doctors
At Kain & Scott, the Maple Grove Bankruptcy Attorneys view debt problems like doctors view infections: as a problem to solve and nothing more. One day it seems like life is good- you have a good paying job, you can pay all your bills on time, and you even have money left over to have a little fun; and the next day, you lost your job, have no income, and you suffered a stroke and by the way- you have no insurance because you lost your job right?
At Kain & Scott, since 1972 we have seen everything you can imagine under the sun. Debt can be accrued in millions of different ways. However, there is a common thread that extends through 95% of our bankruptcy cases.
Most Common Causes of Bankruptcy
1. Business failure:
Do you think that anyone starts a business with the expectation the business will fail and lose money? Of course not. You start a business hoping to make enough money to pay the bills and eventually produce a profit! Things don’t work out the way you always expect when you start out- big deal, it happens. If it happens to you, count the Maple Grove Bankruptcy Attorneys and let us help you reset your life and start fresh again.
2. Income Drop
So, you are working at a company and making a great income right? It’s fantastic to make 75k a year, pay your bills and have a little fun. But then, at a Christmas Eve party your boss’s wife lets it slip that the boss intends to close the doors. WHAT? Yes, it’s true the boss confirms- it turns out that the company is reducing expenses by moving to Mexico. Did you cause your job loss or was it unexpected and catastrophic? How in the world do you pay your bills when you went from 75k per year to unemployment income? Panic sets in- but you tell yourself to borrow some money on the credit cards because things will turn around soon. They don’t, and now you are 50k in debt with credit cards.
3. Divorce
You make 50K. Your wife makes 50K. You have a household expenses of 100k, just enough to get by on both of your incomes. Life happens- relationships break up and now you are going to two different households. Your income has been cut in half your expenses are double, and the financial hemorrhaging doesn’t seem to abate. You hire a lawyer- debt! You incur credit card debt because you have to furnish a new home- debt! You panic- life is humbling. The stress you are under with the divorce is enormous. Adding to your stress is the increase in debt and no way to pay it all back. Taking care of yourself takes a back seat.
4. Medical Problems
Is this self explanatory? Do you really have to apologize for getting sick, or missing work, or having a surgery? No one in Minnesota should have to apologize for taking care of their health- period! And don’t get me started on the quality of our national health insurance and the rising deductibles and lack of coverages.
5. Bad FInanacial Decisions
Have you ever seen the commercial - oh us humans and the things we do? You know, we cut the tree branch over a brand new car and the branch crushes the car. Or, we take the brand new car and drive it through the garage door? We are human, we make mistakes- so what? If you have never made a bad financial decision, you are not alive. We all have. I had no health insurance all through college- I got lucky- very lucky- with no catastrophic medical bills. Others are not so lucky. I am not saying going without health insurance is a smart decision- read the above- we are all human.
Family First, Creditors second (if at all)
What the Maple Grove Bankruptcy Attorneys find at Kain & Scott in Maple Grove is our clients come from all over Minnesota. We meet with them day in and day out in Brainerd, St Cloud, Maple Grove, Eden Prairie, Roseville, Eagan, and Woodbury. Do you know what they say to us? I never expected this to be me or this is not what I want to do. Of course it is unexpected and we know you don’t want to file a bankruptcy. However, if you push me into a corner and force me to make a decision- protect my family or pay my credit cards, my credit cards will lose- always. My family must come first and so should yours.
We all want to pay our bills but when you can’t you must chose between your family and creditors. I always tell my clients no creditor is going to buy your family groceries tonight- only you will.
THere is A Solution
Thankfully, there is medicine available to solve a debt problem. Our Constitution guarantees us the right to file bankruptcy. As Donald Trump says- it’s a tool that is available to him and he used it. If Donald Trump can use it to protect his businesses, you can use bankruptcy to protect your family.
