These loans require your home as collateral. A bankruptcy stays on your credit report for 10 years, making it difficult to acquire credit, buy a home, get life insurance, or sometimes get a job. Each must be filed in a federal bankruptcy court. Again, before taking this step seek legal advice on the consequences and give the decision very careful consideration. Be very cautious with debt relief promises.
Consumer debt is at an all time high.
In your effort to get financially healthy, be alert for advertisements that offer quick fixes. Everyday, companies nationwide appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report. If you follow illegal advice and commit fraud, you may be subject to prosecution. The Minnesota Independent Insurance Agents Association represents over 4,500 independent insurance agents who work in communities through the state.