So, you live in Monticello, Minnesota and you are contemplating getting your life back by filing Chapter 7 Bankruptcy, right? Wouldn’t you like to know the commonly asked bankruptcy questions and the answers to them before you file Chapter 7 Bankruptcy too? I would!
Nestled on the banks of the Mississippi River, Monticello is a charming little community in between St, Cloud, Minnesota and the twin cities. I would describe Monticello as somewhat of a bedroom community in that many of its residents work outside the city. If you are suffering from overwhelming debt, it doesn’t matter how quaint Monticello is, you and your family are suffering and looking for solutions.
In considering whether to file chapter 7 bankruptcy or not, here are some of the commonly asked questions and their answers.
1) WILL I LOSE MY ASSETS?
This is a commonly asked bankruptcy question in Monticello, Minnesota and all across the state of Minnesota. People naturally fear losing assets when they file bankruptcy. After all, the focus in a chapter 7 bankruptcy is on your assets, and the question arises, are your assets exempt (protected from creditors) or non exempt (subject to execution by your creditors).
The vast majority of Minnesotans who file bankruptcy lose no assets in chapter 7 bankruptcy. Most people’s homes, vehicles, clothing, furnishings, and pensions are protected. In the few cases where there are non exempt assets, you will know what they are, and how it works in bankruptcy. In other words, after discussing your assets with experienced bankruptcy counsel, you will know what your choices are with that asset.
Just because you have a non exempt asset does not mean you will lose the asset to the trustee. Most chapter 7 trustees don’t want your assets at all! What they really want is for you to make a deal with them to keep the asset in exchange for a payment to the estate. What we have found is that the deals are usually very reasonable and allow most of our guests to maintain ownership of the asset.
2) WILL MY CREDIT BE RUINED FOREVER?
Want to hear something really crazy? I would argue bankruptcy improves your credit score and profile. Why? Because you go from a position of debt to no debt! You see, people think that banks care if you pay other creditors. They don’t care. What do future lenders really care about? Are you going to pay me! It’s true.
Also, when done right, your credit profile should look better than it has in years. What do I mean? At Kain & Scott, we not only help our guests get rid of debt, we also sign them up automatically for Kain & Scott’s FREE 90 DAY CREDIT REPAIR PROGRAM. In this program, our guests receive a FREE Kain & Scott Credit Repair specialist, FREE judgment removal (client to pay costs), FREE credit report repair work, FREE list of Minnesota professionals who help with auto and home financing, and a FREE mini course to learn tricks to improve your credit even faster.
The above program is limited to Kain & Scott guests only. We believe that the firm you hire should not only HELP you get rid of unwanted debt, they should also HELP you get back on your feet with your credit score and profile as fast as possible. After all, if that is a big concern for our guests, it is a concern for us too!
Our guest’s concerns over credit are real. However, if your credit is already trash, the only thing you are going to do by filing bankruptcy is improve it because you have less debt, no judgments, cleaned up credit report, and you have now learned some tricks to propel your score higher. Occasionally we meet with guests who have great credit scores and are even current on their bills. BUT, they see the freight train coming down the tracks.
3) WHO SHOULD I HIRE?
While I admit we don’t get this question directly, indirectly we do. We receive hundreds of phone calls from Minnesotans wondering if they should hire us and not someone else. There are hundreds of lawyers in Minnesota who can do bankruptcy work, so the question arises, who in Minnesota should I hire and how do I go about choosing a bankruptcy lawyer?
We have developed a set of 5 criteria that we believe will lead you to the Minnesota Bankruptcy Law Firm you should hire.
- Make sure Chapter 7 and Chapter 13 Bankruptcy work is all they do!
- Read ALL the firm’s google reviews.
- Choose a firm that has been around a very long time!
- Choose a firm that HELPS you 1) get rid of debt and 2) and repair your credit fast!
- Pick a firm that guarantees it’s service to you.
Choosing a bankruptcy lawyer to represent you is a VERY important decision. We are talking about the right professional to protect your assets and be your rock during this process. This isn’t the same process you would choose to pick a plumber. No way, this person should be kind, helpful, professional, and you should receive exceptional customer service. If you see anything less, we would tell you think twice.
As long as we are on this subject, we find it unprofessional to meet with lawyers in their homes, garage offices, or down a dark alley or at 9:00 pm in some dingy office park. The location where you meet your Bankruptcy Lawyer should be professional and there should always be someone there to greet you. If you told to wait for a lawyer in an office hallway, we would not find that professional.
CONCLUSION
We are sorry you are feeling the pain of overwhelming debt. Many of our previous Minnesota guests have felt the same way you do now. What they have found though, is that once they filed the chapter 7 bankruptcy, they didn’t regret filing the bankruptcy, but they did regret waiting so long to file.
When you are ready, or when the time is right, reach out to Minnesota’s 24/7 Bankruptcy Help Line at www.kainscott.com. You will be glad you did.
