Having debt can be a stressful, overwhelming event. It can make it feel like you’re drowning and like you’ll never be able to get in front of it. However, bankruptcy is a positive event that can help clear out that debt and help you get your life back.
When you pursue bankruptcy, you are required to list all of your creditors and all of your debt. This includes debt that you may be current on. For example, you have a credit card that you have been current on and you have routinely paid the balance down, so you would like to keep the card after the bankruptcy. However, when we exclude a card or a debt, we are showing preferential treatment that the other creditors are not receiving. When we file a bankruptcy, we are telling the court that all creditors and debt have been listed.
In addition to that, even if a creditor is not listed, they will still most likely be notified of the bankruptcy through a credit report. For example, if you forget about a credit card that you opened a long time ago, the creditor will still most likely be made aware of the bankruptcy. The creditor will then likely close the account.
It can be a very scary thing to think about not having a credit card after filing for bankruptcy, but with our firm, we offer a free credit repair program that will help walk you through the steps on building your credit and opening cards that will help you achieve that goal. Bankruptcy is the time to start fresh and get rid of all of that old debt.
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
Of course, everyone’s circumstance is different, so if you have any questions, please don’t hesitate to reach out for a free consultation. We are available to go over your options and help you through this process. Visit www.lifebacklaw.com to speak with an attorney!
