Frequently Asked Bankruptcy Questions in Minnesota

While nobody ever thinks of filing for bankruptcy, it is something that happens to thousands of individuals and businesses. Therefore, if you are overly concerned about filing for Chapter 7 Bankruptcy, you need to do some research in respect to Bankruptcy Questions MN. Listed below, are some of the most frequently asked questions in regards to Chapter 7 in Minnesota:

1.       Will the harassments and threats from creditors cease the instant you have filed for Chapter 7 in Minnesota?

Once your bankruptcy attorney has filed for Chapter 7 in Minnesota, the harassments and threats will immediately come to an end. This is because you are now protected by the law. Should there be any claim about a debt that you owe, it will be forwarded to the Bankruptcy Minnesota Trustee assigned to your case.

2.       Will my colleagues, friends, neighbors and family members find out about my bankruptcy situation?

The instant you decide to file for Chapter 7 Bankruptcy, it automatically becomes public record. What this means is that, anyone can access these records and find out whether or not you recently filed for bankruptcy. But the good news is that only a handful of people go through these records and as such there are fewer chances that your friends and neighbors will find out that you have filed for Chapter 7. On the other hand, if you are a celebrity or a popular personality in Minnesota, odds are that the media will find out about your bankruptcy case.

3.        How long will it take before you can apply for a new credit card or a home loan?

One of the disadvantages of opting to file for a Chapter 7 is the fact that it affects your credit score. Whereas you may not be able to qualify for low mortgage interest rates, you can still apply for a credit card or home loan as soon as you have filed for bankruptcy. However, you need to be prepared to handle the high interest rates since you will be regarded as a high risk customer.

4.       How much does it cost to file for bankruptcy in Minnesota?

The amount it will cost you to file for Chapter 7 Bankruptcy will depend on several factors, for example, the form of bankruptcy you are filing. Nonetheless, the average cost of enlisting the services of a bankruptcy attorney in Minnesota is less than $3,000.