Sometimes, the best way to understand that you are not alone in your financial distress and the emotional despair that comes with it is to share a story of someone who has been in your shoes. So I’ve asked Patrick* if he was willing to share his story with you. He isn’t the stereotypical candidate for bankruptcy – in fact, most filers don’t fit that mold – and his journey is representative of many that come through our doors.
Meet Patrick
My story may sound familiar to you if you are dealing with overwhelming debt. My name is Patrick. My wife and I were both successful in our careers and blessed to have a good income to support our children and our lifestyle. This was until I was laid off from my job two years ago. I qualified for unemployment and we managed to make ends meet by cutting expenses and making lifestyle changes. Unfortunately, my unemployment ran out before I was able to find another job. My wife and I both assumed that I would be able to find another job within a short period of time; however, due to the recession and the economy, jobs within my industry were difficult to come by.
After my unemployment ended, we were unable to keep up with our living expenses, in addition to our other monthly bills. Of course, we tried to keep our mortgage and car payments current because they were necessary for our survival. We did not pay our credit cards, personal loans and medical bills in favor of paying our house payment, car payments and living expenses. We managed to hang on for several month months but eventually one of our vehicles was repossessed. Creditors and collection agencies would call at all hours of the day and night, they even began calling my wife at work and threatening to file lawsuits. We received notice that we owed a deficiency on our car loan and they would be seeking a judgment to force us to pay the amount due. It seemed that the more we tried to settle with creditors, the more aggressive and demanding they became.
Bankruptcy Wasn’t Ever Considered an Option
We never discussed filing bankruptcy as a way to solve our financial problems. My wife and I fully intended to pay our bills once I could find another job; however, it took two full years to find another job. I had several part-time jobs during that time; however, the pay was far below that which I had earned before being laid off. We had depleted our savings and were about to begin dipping into our retirement accounts when the darkness completely consumed us. We received a lawsuit from one of our credit card companies and that is when we decided it was time to consult a bankruptcy attorney.
Wes, our Minnesota bankruptcy attorney, did not judge us, nor did he act as if we had done something wrong because we could not pay our bills. He was compassionate and understanding of our situation. He explained that we were not alone in struggling to pay our bills. He also explained that our retirement accounts were protected from creditors and the bankruptcy trustee under bankruptcy law; therefore, we did not need to dip into these funds to pay creditors. We needed to reserve these funds to pay living expenses, if necessary, but more importantly, for our retirement. Wes Scott also explained that bankruptcy is not something to be feared, but something that can shine a light into the darkness of debt. The Bankruptcy Code was established to help people just like us who experienced a devastating financial crisis and needed help so that we could recover, rebuild and move forward.
I can’t explain the relief that swept over me when I knew how bankruptcy would relieve our debt problems. Wes explained that because of our income (or lack thereof) we qualified to file a Chapter 7 bankruptcy case that would discharge (wipe out) most of our debts. For the first time in a long time, we were able to see light at the end of a long dark tunnel. Wes was patient and answered each of our questions until we felt comfortable with the bankruptcy process. We filed a Chapter 7 bankruptcy case about six months ago. Our case was discharged and closed - - no more threats from creditors and no more harassment from collection agencies. Our Chapter 7 bankruptcy case gave us the fresh start that we needed to begin rebuilding.
Do You Need a Minnesota Bankruptcy Attorney?
If you are like Patrick, I would highly suggest this: stop excluding bankruptcy as a solution. It is my job as a Minnesota bankruptcy attorney to help you understand that there is help available, and let you know that you are not alone. Many debtors get trapped in the same darkness. Let bankruptcy be the light at the end of your dark tunnel. Through bankruptcy, we can help you find a solution to your financial problems so that you can have a fresh start. Request a free bankruptcy consultation to find the right solution for your situation.
*Names have been changed privacy protection purposes.
