Life After Bankruptcy
Bankruptcy Attorney in Minneapolis MN & Surrounding Areas
It gets better. Once my clients make the decision to file for bankruptcy, they experience an immediate sense of relief. They can sleep at night. They can answer the phone worry-free.
That is the purpose of bankruptcy: to give honest, hardworking Americans and Minnesotans a fresh start on their finances.
After filing for bankruptcy, many people are concerned about rebuilding their credit scores and stabilizing their financial futures. There are several things that can be done to help, including:
- Take advantage of credit counseling classes: Individuals who file for bankruptcy must participate in these classes. However, do not consider them forced participation. Pay attention, ask questions and take notes. You might find some very helpful information here.
- Start a savings account: Many people try to save 10 percent of their take-home pay. This money can be used for big purchases, vacations or just kept in savings for an emergency, such as helath trouble or repairing property damage. Even if you cannot save 10 percent, try to put a little money away each paycheck.
- Get a secured credit card: Almost immediately after you file for bankruptcy, you will start to receive credit card offers in the mail. You don’t always have to say yes, but it is a good idea to get a card or two to help start rebuilding your credit score. The best method to use to rebuild your credit is to get a secured credit card form your bank. This card has a set limit based on money you provide, much like a check card or gift card. You cannot spend more than what is on the card. Build a good history here, and you are back on the right path.
- Get a free credit report: Many credit reporting companies allow you to get a free credit report each year. This is a great way to see if any lines of credit are associated with your name in error. A department store credit card that you did not open, for example, might be found here and canceled. Also, this is an effective way to track the improvement of your credit score and to see how different things affect your score.
At the St. Paul, Minnesota, Law Office of Becky A. Moshier, we work hard to ensure our clients understand both the costs and benefits of filing for bankruptcy. The most important thing to remember is that filing for bankruptcy gives you the ability to start a new financial life.
Contact me today to learn more about how filing can help you.