How Will Bankruptcy Impact Your Credit?

Minnesota's Bankruptcy Law Firm for More Than 40 Years

The single greatest mistake that many of our clients make at Prescott Pearson & Tande, PA, is to wait too long before filing bankruptcy. Many believe that a solution to their financial problems is just around the corner, somehow. Many also take desperate actions such as to borrow from relatives, transfer balances from one credit card to another, raid retirement accounts or sell off assets — all in a futile attempt to get a handle on overwhelming debt.

We Urge You Not to Delay if You Have Decided That Bankruptcy Is a Good Option for You

When we ask our clients why they waited so long, many say they did not want to ruin their credit by filing bankruptcy. They imagined their credit ratings would take a dive and never recover. They believed that a very low credit rating would make it impossible for them to buy homes, buy cars, obtain business loans or otherwise tap into credit as needed in the future.

A Successful Bankruptcy May Actually Help You Re-Establish Credit

The surprising truth, however, is that filing bankruptcy may be the best thing you can do for your credit score. With no more late payments on the books, most bankruptcy filers have the opportunity to re-establish credit within about two years from the date of their discharge. Continuing the battle against overwhelming debt could take much longer. Most of our clients have re-established credit to a normal level within two years and many have the opportunity to purchase homes at normal interest rates.

"This Is All We Do, and We Do It Well."

Call for a Free Consultation Today

  • Minneapolis-St. Paul Area: 651-968-8096
  • Minnesota Toll Free: 888-366-0827

To learn more about how bankruptcy will affect your credit when you file Chapter 7 or Chapter 13, call or contact our bankruptcy lawyers today. We offer free initial consultations, quality services at competitive rates and effective representation statewide.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.