1) Your credit will likely start reflecting the bankruptcy very soon after filing. With this, you typically will see an immediate drop in your credit score. Some creditors will stop reporting right away, while others will wait to report the bankruptcy until your discharge is ordered. Remember, at LifeBack Law, we offer a free 90 day credit repair program after discharge, so you are able to start rebuilding your credit.
2) Vehicle and home lenders will stop reporting on your credit reports. This is extremely common after bankruptcy. Lenders, even if you want to keep the secured assets, will stop reporting, so they do not violate your rights under federal bankruptcy law.
3) Creditors should stop trying to collect from you by about one month in. Your creditors will receive notice from the bankruptcy court which can take a few weeks and even up to a month. If it’s been longer than a month and you are still receiving collection efforts, please let your attorney know.
4) Expect solicitation emails and mail. Both credit counseling companies and creditors will start sending junk mail to you very soon after filing. Best advice is to ignore it and throw it away. At LifeBack Law we provide you the credit counseling course to take.
5) You should expect online access to shut down for all of your creditors. Again, your creditors do not want to violate your federal bankruptcy rights by trying to involuntarily collect from you. Some creditors will turn online access back on, if your attorney provides permission. Therefore, if you notice online access has stopped, make sure to reach out to your attorney.
No matter where you are in Minnesota, if you have any questions about bankruptcy, visit www.lifebacklaw.com to speak with an attorney. You will be glad you did!