Is There Life After Bankruptcy?

Most people do their best to try to avoid bankruptcy. In fact, they do everything possible. Transferring credit card balances over and over. Borrowing from family members. Taking out personal loans. Drawing down retirement or college savings accounts. Shorting the IRS. Selling off prized possessions one by one, one after another.

Sound familiar?

At Prescott Pearson & Tande, PA, we're here to tell you that life after bankruptcy does exist, that it's probably better than you imagine and solid financial ground is not as far away as you think. Our attorneys have handled over 70,000 bankruptcy cases in Minnesota. This is all we do, in fact, and it's what we've been doing as well as anyone here for more than 40 years.

Taking It One Step at a Time

By the time most people file for bankruptcy, their credit can hardly get any worse. Too much debt and months of falling behind on payments will do that, to anyone. What bankruptcy does do is create room for your credit to start moving in the only direction that's left – up.

The first step in your new life after filing a bankruptcy is to attend the mandatory consumer credit counseling session. From there, it's a matter of making smart choices and not taking on more than you can handle.

Almost immediately after you receive a Chapter 7 bankruptcy discharge or start making payments on your Chapter 13 plan, you will also start receiving high-interest credit card offers. Consider a secured credit card with a low limit instead. If you continue to meet all of your monthly obligations or make all of scheduled Chapter 13 payments, you will probably be able to get a car loan with decent credit terms in six months to one year. In two to four years, you should be able to qualify for a home mortgage on decent terms as well.

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

Contact Us for a Free Initial Consultation

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

For answers to any other questions you have about life after bankruptcy or rebuilding your credit — don't hesitate to call or contact our lawyers online in the Twin Cities area for a free consultation.

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