Minnesota Bankruptcy Attorney

Is there life after bankruptcy?

Although your financial situation should be improved after filing for bankruptcy, that is not the end of the road in terms of fully resolving your finances. If poor habits led to your troubles in the first place, new ones will need to be formulated and followed to prevent future problems. A seasoned Minnesota bankruptcy lawyer from Heimerl & Lammers can help you to understand what needs to be done in order to achieve your bankruptcy goals.

If yours was a Chapter 7 bankruptcy, most of your debts will have been discharged but you will need to reestablish your credit from this point onward. If you filed for Chapter 13, you will need to operate on your court approved repayment plan for the next 3 to 5 years. This plan includes the amount you live on each month with the remainder going to pay off your debts. No matter the type of bankruptcy, our many years of experience has shown that it is vital to know and follow certain guidelines in your financial life.

What You Can Do

First and foremost is to establish and stick to a well thought out budget as the primary way to gain control of your finances. Without that, you may end up in further financial troubles. If you have retained your home, making your monthly mortgage payment on time will help to restore your credit. Following your budget may mean a change in the lifestyle you had before bankruptcy, but it will also help you to be fully free of unmanageable debts.

Pay your bills in accordance with your court agreement as this will show creditors you can be counted on. Obtain and correctly use a secured credit card, with the help of your attorney, as a key method in rebuilding your credit standing. It also helps to understand what the important factors are which affect a credit score. By knowing these, you can prevent actions that will decrease your score and focus in on those that will bring your rating up. Severely limit your credit accounts and shop around for the best terms and rates.

There are many other principles to life after bankruptcy which we stand ready to assist you with.

To find out how to correctly manage your finances after filing for bankruptcy, contact a Minnesota bankruptcy attorney today.