If you live in Minneapolis, Minnesota and have recently filed bankruptcy or are thinking of filing, you may be wondering how bankruptcy will impact your credit.
When you file bankruptcy your dischargeable debts should stop actively reporting on your credit and instead list you filed. This may happen right away or shortly after the discharge is granted. Credit cards, unsecured loans and medical debt typically will report the bankruptcy right after receiving notice of filing. Secured lenders will also likely stop reporting on your credit reports. This is because when you file, the automatic stay goes into effect and most creditors must cease collection efforts. Secured creditors do not want to violate any of your rights under the automatic stay, so they stop reporting to the credit bureaus. This includes secured property that you are keeping.
After your case has been discharged you should see all of your creditors report the bankruptcy was filed. If any of your discharged creditors do not and are still impacting your credit reports, you should be able to file a dispute with all credit bureaus to report you filed bankruptcy. At LifeBack Law we can provide you the information and tools necessary to do this in our 90 day credit repair program.
After the bankruptcy discharge is granted you are able to start rebuilding your credit. In our credit repair program we will provide information on improving your credit. For example, getting a secured card or taking mini courses.
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If you have any questions about filing bankruptcy or your credit, visit www.lifebacklaw.com to speak with an attorney today. You will be glad you did!
