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"Small Town Attention....To BIG City Problems."

"Small Town Attention....

                 To BIG City Problems."

"Small Town Attention....To BIG City Problems."
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Call to schedule a consultation 763-398-1676

The length of time your bankruptcy case will take will depend on what type of bankruptcy you file, and the complexity of your situation. There are four different types of bankruptcy: Chapters 7 (Liquidation), Chapter 11 (Reorganization/Rehabilitation), Chapter 12 (Family Farmer), and Chapter 13 (Individual Reorganization). Kelsch Law Firm represents clients in all chapters, except for Chapter 12.

Will Bankruptcy Affect My Credit

In short, yes. Filing bankruptcy is a serious financial decision that will impact your credit score, but most people who file already have a compromised credit score from not paying bills, the additional demerit to the credit score is usually not a factor in the decision whether to file or not. Chapter 13 bankruptcty will remain on your credit report for up to 7 years; Chapter 7 for up to 10 years. However, a bankruptcy will impact your short-term (2-3 years) ability to purchase real estate. Although a perfect 850 credit score will be a long way off, it is possible to build credit back up to a respectable level in a relatively short period of time.

So you think you need to file personal bankruptcy. Take a deep breath. While bankruptcy in most cases should be a last resort, it can give you a fresh start financially, removing the burden of debt and allowing you to rehabilitate your credit score.

The two most common types of bankruptcy for individuals are Chapter 7 and Chapter 13.

Bill collectors can be notoriously pushy and rude. Thankfully, you do not have to tolerate their bullying. It is important to clearly understand both your rights and the rights of a collection agency in order to prevent illegal harassment. There are debt collection laws preventing creditors from harassing you – whether through annoying telephone calls, excessive letters, or unwanted personal visits to your home.


Informational Articles Disclaimer

This website features educational information based on general legal principles in Minnesota.  Specific legal advice is contingent upon the unique facts of each case.  Therefore, you should not rely only on this information for your particular legal issue.  Contact an attorney to obtain advice specific to your legal situation.  Read our full disclaimer.

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