Ah the great state of Minnesota in the summer. Fishing, barbeques, fireworks, the sound of loons. I love it. But, if you are suffering from overwhelming debt in Minnesota, these things may not have the same meaning for you. It’s hard to enjoy Minnesota summers when all you can think about is your overwhelming debt.
2 Things Creditors Don’t Want You To Know About Filing Chapter 7
1. Future lenders/banks do not care at all if you pay your other debts.
What they are the most concerned about is are you going to pay them! Don’t believe me? Why is it that I have guests tell me all the time- “Wes, I am current on all my payments and my credit score is 725, but the bank will not lend me money”? The answer is the same fear you have. Typically, when a guest says this to me they see the freight train coming down the tracks and they know, because of some event coming up, they will not be able to keep up this house of cards much longer. Banks have the same fear.
By the way, chances are, that same bank will lend you money if you file bankruptcy and have no debt.
2. You will improve your credit profile by filing Chapter 7 Bankruptcy.
Why? Because you have no debt! People often think filing Chapter 7 Bankruptcy ruins your credit. In fact, just the opposite is true! Filing Chapter 7 Bankruptcy improves your credit because you have no debt!
It is not unusual for guests to have their credit scores increase after get a Chapter 7 Bankruptcy discharge.
Call today to speak with a Chapter 7 Bankruptcy Lawyer at Kain & Scott
When the time is right, or when you are ready, reach out to Minnesota’s oldest bankruptcy law firm. You’ll be glad you did!