Out of all of the questions we get asked, this is by far and away the single biggest question we get at Kain & Scott. Everyone, and rightly so, wants to know if I file bankruptcy how will this impact my ability to get future credit. And what you think happens, does not. If you live in Woodbury, Minnesota, or anywhere else in Minnesota, read on.
Here's how your credit will be affected when filing for Bankruptcy in Woodbury, Minnesota
First, getting rid of debt is always a net positive for your credit profile. Why? Because lenders do not want to see that you are burdened with debt owed to other people. That debt means you may not be able to make payment back to a future prospective lender. In other words, flip the question around. With the current debt you have now would a lender lend you money? Likely not. Even if they would you may need co-signors or pay much higher interest to offset their risk.
Second, while bankruptcy is on your credit report for 10 years (whether you file a Chapter 7 or Chapter 13 Bankruptcy), there are many ways to mitigate the bankruptcy on your credit report. To begin with, as stated above, no debt is better than debt. Period! Next, when you go through Kain & Scott’s FREE 90 Day Credit Repair Program we will remove judgments from the public record, assign you a Kain & Scott Credit Repair Specialist, help make sure your credit reports are accurate, give you a list of auto and home lenders that specialize in helping people who have filed bankruptcy plus teach you tricks to improve the terms of any loans like how to get a really great interest rate after bankruptcy.
CONCLUSION
When the time is right, or when you are ready, reach out to Kain & Scott at www.kainscott.com. You will be so glad you did.
