If you find yourself in financial trouble, struggling to make ends meet and choosing between bills to pay, you may consider bankruptcy to help alleviate the weight of your financial burdens. As you consider the process, like many others you may also find yourself wondering what life after Chapter 7 or 13 bankruptcy discharge is like.


From what I’ve seen time and again in over 20 years of experience working with clients as a Minnesota bankruptcy attorney, the benefits are well worth the peace of mind. Watching individuals and families receive a fresh start, stay in their homes, and lose the stress of trying to keep up with overwhelming debt – it’s a joy! Whether you file Chapter 7 or Chapter 13, life after receiving your bankruptcy discharge is reinfused with hope.


Debts Are Gone!

That is the whole aim of filing for bankruptcy, to be discharged of your debts so that you can begin anew financially. Many people find that they have significantly less stress after bankruptcy or none altogether! While it may not solve your every financial worry, if keeping up with debt was a big focus of your life, you can bet you’ll feel like a new person after bankruptcy!


You Can Do More

Often folks will worry about what will happen to their credit or their ability to get a loan after their debts are discharged through bankruptcy. The reality is, bankruptcy often improves your credit because it eliminates the ability to miss payments and a high debt-to-income ratio – both of which are negative factors on a credit score. While it still may take time and a little more work to rebuild your credit, the limitations can also help you start to form new habits and live within your means.


Your Dollars Can Do More, Too!

Many people are able to bounce back relatively easily after bankruptcy because they lose the debt that was holding them back which allows their money to go further. No more questioning whether you can pay your credit card and the electric bill this month, or if you can afford groceries this week! Life after bankruptcy discharge is a breath of fresh air for many.


Pursuing Loans, Credit Cards, and Mortgages

A common misconception is that your credit will be ruined after bankruptcy and you will never be able to utilize credit again. As I mentioned above, that just isn’t the case; it’s a misconception! It can require you to jump through more hoops such as paying a deposit to secure a credit card or a waiting period of proving your new financial stability before being able to get a mortgage loan or auto loan.


Bankruptcy doesn’t deserve the stigma many give it because it is actually a tool to help propel you into a more stable and manageable financial lifestyle. For these and other questions or concerns, feel free to contact me for a free initial consultation to discuss how bankruptcy could serve you! You can reach me at 651-454-0007.