Posted by Wesley Scott on February 25, 2020 at 3:41 PM
You see, the big banks factor in the cost of bankruptcies to their business model. These major banks know as of January 1 of each year how many accounts will be filed against. This is no surprise to these big banks. It is just a cost of doing business. Now I am not saying that a private creditor may not have a poor reaction to your bankruptcy filing. If your business poured concrete for little old lady and the way the concrete was poured has caused water to rush into her home, she may have a negative reaction to your bankruptcy case filing wherein you are saying that you will not fix the problem.
Have you ever wondered if creditors get upset if you file bankruptcy? Like what would their face look like if they opened a bankruptcy notice on your account? Would the creditor react with shock? Would the creditor cry? Would they laugh? What would the reaction of a creditor be if you filed bankruptcy on their account? Many of our Minnesota guests are surprised to hear that the vast majority of creditors are not shocked and have no reaction to you filing bankruptcy. Why?
But as to major medical providers or big banks, bankruptcy filings are just a cost of doing business and nothing more. They don’t get mad when they get your bankruptcy filing and they don’t cry when they get your bankruptcy filing. Instead, they process the bankruptcy notice along with the thousands of others they get each year without an ounce of emotion about it.
So if you are sitting at home and wondering what creditors think when you file bankruptcy, they don’t think much about it.
CONCLUSION
When the time is right, or when you are ready, reach out to Minnesota’s HIGHEST GOOGLE REVIEWED BANKRUPTCY LAW FIRM at www.kainscott.com. You will be so happy you did!
As an expert in bankruptcy law and financial matters, I can confidently address the concepts discussed in the article by Wesley Scott dated February 25, 2020. My extensive knowledge in this field enables me to provide insights and explanations on the dynamics between creditors and individuals filing for bankruptcy.
The article explores the hypothetical reactions of creditors when they receive a bankruptcy notice. It speculates on whether creditors would be shocked, cry, or laugh in response to such notifications. However, the author rightly points out that, in reality, major creditors, particularly big banks and medical providers, are not emotionally affected by bankruptcy filings. I can confirm that this assertion aligns with the common understanding in the field of bankruptcy law.
One crucial aspect highlighted in the article is the fact that major banks factor in the cost of bankruptcies into their business models. This is a testament to their financial preparedness and the acknowledgment that a certain number of accounts will be filed against each year. The statement that these banks know the anticipated number of filings as of January 1 each year indicates a strategic approach to managing the impact of bankruptcy cases on their operations.
The article also touches upon the potential varied reactions from private creditors, emphasizing that a business's relationship with a particular creditor might influence their response to a bankruptcy filing. For instance, the example given involves a concrete-pouring business facing potential backlash from a customer affected by the quality of work.
In conclusion, the article underscores the pragmatic approach of major financial institutions and medical providers to bankruptcy filings. It accurately depicts bankruptcy as a routine aspect of their business operations, devoid of emotional reactions. This aligns with the broader understanding that bankruptcy is a legal process designed to provide relief to individuals and entities in financial distress, and creditors are well aware of this.
If you are considering bankruptcy or have questions about the process, it is advisable to consult with a reputable bankruptcy law firm. The article mentions www.kainscott.com as Minnesota's highest Google-reviewed bankruptcy law firm, suggesting it as a reliable resource for individuals seeking assistance in navigating the complexities of bankruptcy law.
