Bankruptcy is a dirty word in Minnesota
One of the biggest concerns individuals have with bankruptcy is the fact that it is a public filing. Most do not want to file bankruptcy in the first place and they certainly do not want their relatives, friends and neighbors to know that they filed. After all bankruptcy is a dirty word.When prospective clients come to my office to talk about bankruptcy some of their greatest concerns revolve around who will find out. Is it published in a newspaper? Are relatives, friends and neighbors told? Will my employer find out? Generally the answer is no to all of those questions.
After I discuss the truth about bankruptcy and try to dispel myths, I also discuss the hierarchy of needs. What is more important, continuing to struggle to pay back mounting debt or worrying that others may think less of you if they do find out? I usually point out the approximate 16,000 Minnesota Bankruptcy filings per year. The point being, most people know someone who has filed bankruptcy, they just don’t know it because the individual does not talk about it.
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