Minnesota Credit Restoration Lawyer

Do you have a poor credit rating?

At times, people who are considering loan modifications, a short sale, debt consolidation, a deed in lieu of foreclosure and other debt relief solutions, do so as they have been lead to believe a common bankruptcy myth. The misconception is that by filing for Chapter 7 or 13 bankruptcies they will, in some way, ruin their good credit. Most of the individuals who come to Heimerl & Lammers for help already find themselves in dire need of credit restoration. A seasoned Minnesota bankruptcy attorney can show you how filing for bankruptcy can become the first positive step towards restoring your good credit, if the bankruptcy process is correctly followed.

Bankruptcy normally stays on your credit record for 7 to 10 years. Many times, however, within several years, you can rebuild your credit to the point where you are able to get approved for loans of many types, including for a home mortgage. That a bankruptcy is on your credit report does not mean that credit cannot be extended to you. Some of the main items a potential creditor reviews are how you have taken care of your finances after bankruptcy and a steady employment record. They also emphasize the amount of debt you have compared to the income you are earning. As bankruptcy provides for a discharge or large reduction of your debts, by completing bankruptcy proceedings your debt to income ratio can be significantly improved.

Credit Restoration Actions

Additional credit restoration actions that can be taken while filing for bankruptcy include:

• Using your attorney to fix misleading, out of date, incomplete or inaccurate information on your credit reports
• Learning how to properly prepare and follow a realistic budget that follows the rule of not spending more money than you make
• Establishing a rock-solid record of paying your bills on time and in full
• Obtaining a secured credit card which can be used to build faith with creditors that you will fulfill your financial obligations

We are a successful, growing firm with many years of experience assisting people and their families through tough financial situations. We take the view that any financial problem can be resolved and that the end result of bankruptcy, a fresh start, is well worth the effort.

Contact a Minnesota credit restoration lawyer to find out your options when faced with bad credit.