After Filing for Bankruptcy are you Debt Free?
Filing for Chapter 7 bankruptcy or Chapter 13 debt reorganization will affect your credit. How it affects your credit depends on a number of individual factors. One is your credit status today. If your credit is good, bankruptcy will have a negative effect on your credit. If your credit is poor, now or in the near future, filing bankruptcy may be one of the best things you can do to improve your credit. There are two main reasons.
After filing bankruptcy you are debt free, making your ability to repay any new credit better after bankruptcy than before. There is no limit to the number of times you can file a Chapter 13, so long as pre-established percentages of debt have been repaid. However, you can file Chapter 7 bankruptcy only once every six years. For further information, please contact your Chisago County Bankruptcy Attorney.
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