{"id":593,"date":"2016-09-28T10:22:29","date_gmt":"2016-09-28T15:22:29","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=593"},"modified":"2016-09-23T10:38:57","modified_gmt":"2016-09-23T15:38:57","slug":"handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/","title":{"rendered":"Handling the Impact on Your Credit Score When Filing for Bankruptcy in Mankato, MN"},"content":{"rendered":"
\n
\n

Filing for bankruptcy <\/span>can be a saving grace and <\/span>vital step in helping businesses and families get<\/span> back on their feet financially. B<\/span>ecoming<\/span> bankrupt<\/span>, however, <\/span>is stigmatized in many ways. A large part of that stigma comes from how<\/span> bankruptcy<\/span> can affect credit. The fear of damaged credit or a credit<\/span> report<\/span> stamped with the implications of<\/span> <\/span>bankruptcy<\/span> is often a strong deterrent for those considering<\/span> filing for bankruptcy.<\/a><\/span> Our attorneys at Behm Law Group<\/span>, Ltd.<\/span> provide legal advice and assistance to help you through the effects that<\/span> bankruptcy in Mankato, MN,<\/span> can have on your credit.<\/span><\/p>\n

A bankruptcy filing <\/span>can stay on your credit report for several years after filing. While <\/span>a bankruptcy filing does impact your credit score, <\/span>there are other factors to consider when it comes to <\/span>bankruptcy and credit. A bankruptcy filing can <\/span>actually <\/span>be the starting point for rehabilitating your credit. To creditors, a bankruptcy filing is more a point of demarcation on your credit file. It shows creditors that before the bankruptcy filing your debt to equity ratio was skewed negatively such that the total of your debt far exceeded the value of your assets. It shows creditors that before the bankruptcy filing, your limited income was committed to and divided among many creditors. After a bankruptcy filing, your debt equity ratio will look much more favorable because the many creditors you had will no longer be relevant. New creditors will no longer have to compete with those old creditors with regard to your ability to make payments. After a bankruptcy, creditors know that they don\u2019t have to compete with many creditors and that you can\u2019t file for bankruptcy relief for several years. They are, therefore, more incentivized to work with you. <\/span><\/p>\n

Chapter 7<\/span><\/strong><\/p>\n

Filing for<\/span> Chapter 7 bankruptcy<\/span> will essentially <\/span>discharge<\/span> all <\/span>of <\/span>your debts that are not exempt from the process<\/span>, such as tax debt or child support debt,<\/span> or denied based on situational grounds<\/span>, such as debts that you may have incurred fraudulently<\/span>. <\/span>Chapter 7 <\/span>will remain on your credit report for a maximum of ten years. This may seem hopeless <\/span>with regard to<\/span> increasing your credit, but, as related above, you will likely <\/span>actually <\/span>be more attractive to future creditors. <\/span><\/p>\n

Chapter 13<\/span><\/strong><\/p>\n

Debts discharged <\/span>during the<\/span> Chapter 13 bankruptcy process<\/span> are shown on your credit report <\/span>no <\/span>differently from<\/span> Chapter 7.<\/span> <\/span> However, under the Fair Credit Reporting Act (FCRA), your creditors must denote those claims in such a way reflecting that you are no longer responsible for them. Your creditors must not list such claims as \u201cpast due\u201d or \u201cdelinquent\u201d or \u201caccount in collections\u201d or \u201caccount assigned to legal\u201d. Rather, they must list the claims as \u201caccount included in bankruptcy\u201d or \u201caccount discharged in bankruptcy\u201d or <\/span>other<\/span> similar language. If creditors fail to list the claims appropriately, a person can commence legal action against them under the FCRA.<\/span><\/p>\n<\/div>\n<\/div>\n

Dealing with how a<\/span> bankruptcy<\/span> can <\/span>impact<\/span> your c<\/span>redit report may seem daunting but given time <\/span>bankruptcy<\/span> can become an important step in recovering from debts and starting anew financially. Behm Law Group<\/span>, Ltd.<\/span> is here to help you every step of the way when<\/span> filing for bankruptcy in Mankato, MN.<\/span> Contact us at (507) 387-7200 today for more information.<\/span><\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Filing for bankruptcy can be a saving grace and vital step in helping businesses and families get back on their feet financially. Becoming bankrupt, however, is stigmatized in many ways. A large part of that stigma comes from how bankruptcy can affect credit. The fear of damaged credit or a credit report stamped with the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37],"tags":[],"aioseo_notices":[],"yoast_head":"\nBankruptcy | Behm Law Group | Mankato, MN |<\/title>\n<meta name=\"description\" content=\"Handling the impact of your credit score when filing for bankruptcy in Mankato, MN can seem daunting. Behm Law Group can help. Call 507-387-7200 today.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankruptcy | Behm Law Group | Mankato, MN |\" \/>\n<meta property=\"og:description\" content=\"Handling the impact of your credit score when filing for bankruptcy in Mankato, MN can seem daunting. Behm Law Group can help. Call 507-387-7200 today.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/\" \/>\n<meta property=\"og:site_name\" content=\"Behm Law Group, Bankruptcy Attorneys\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-28T15:22:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-09-23T15:38:57+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/\",\"name\":\"Bankruptcy | Behm Law Group | Mankato, MN |\",\"isPartOf\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\"},\"datePublished\":\"2016-09-28T15:22:29+00:00\",\"dateModified\":\"2016-09-23T15:38:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\"},\"description\":\"Handling the impact of your credit score when filing for bankruptcy in Mankato, MN can seem daunting. Behm Law Group can help. Call 507-387-7200 today.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Handling the Impact on Your Credit Score When Filing for Bankruptcy in Mankato, MN\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\",\"name\":\"Behm Law Group, Bankruptcy Attorneys\",\"description\":\"Bankruptcy News & Recent Cases\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bankruptcy | Behm Law Group | Mankato, MN |","description":"Handling the impact of your credit score when filing for bankruptcy in Mankato, MN can seem daunting. Behm Law Group can help. Call 507-387-7200 today.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/","og_locale":"en_US","og_type":"article","og_title":"Bankruptcy | Behm Law Group | Mankato, MN |","og_description":"Handling the impact of your credit score when filing for bankruptcy in Mankato, MN can seem daunting. Behm Law Group can help. Call 507-387-7200 today.","og_url":"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/","og_site_name":"Behm Law Group, Bankruptcy Attorneys","article_published_time":"2016-09-28T15:22:29+00:00","article_modified_time":"2016-09-23T15:38:57+00:00","author":"admin","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/","url":"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/","name":"Bankruptcy | Behm Law Group | Mankato, MN |","isPartOf":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website"},"datePublished":"2016-09-28T15:22:29+00:00","dateModified":"2016-09-23T15:38:57+00:00","author":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b"},"description":"Handling the impact of your credit score when filing for bankruptcy in Mankato, MN can seem daunting. Behm Law Group can help. Call 507-387-7200 today.","breadcrumb":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/handling-the-impact-on-your-credit-score-when-filing-for-bankruptcy-in-mankato-mn\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.mankatobankruptcy.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Handling the Impact on Your Credit Score When Filing for Bankruptcy in Mankato, MN"}]},{"@type":"WebSite","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website","url":"https:\/\/www.mankatobankruptcy.com\/blog\/","name":"Behm Law Group, Bankruptcy Attorneys","description":"Bankruptcy News & Recent Cases","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/593"}],"collection":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/comments?post=593"}],"version-history":[{"count":1,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/593\/revisions"}],"predecessor-version":[{"id":594,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/593\/revisions\/594"}],"wp:attachment":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/media?parent=593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/categories?post=593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/tags?post=593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}