At the height of the Great Recession, many Minnesota residents filed for bankruptcy. Those numbers went down in recent years, but 2018 saw an increase from the previous year. According to data from the United States Bankruptcy Court District of Minnesota, 9,761 people filed for bankruptcy in 2018, which is a 1.54 percent increase from 2017.
Bankruptcy impacts many aspects of your life. One of the areas where it hits hardest is your credit score. Someone with a credit score of 780 prior to bankruptcy, which is excellent, would see it drop around 240 points. Someone with a score of 680 may only see it drop by 150 points.