Ed Shaw Law - Brainerd Attorney
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Coronavirus Impact and Assurance: Yes! We are still open for business!

As you are all aware, we are currently facing unique challenges due to the Coronavirus. While this is a serious crisis, it is important to keep it in perspective, and not allow it to prevent us from going about our business. We want to assure all of our clients that this office is prepared to serve your needs, regardless of what happens and how the virus affects Minnesota. In an effort to keep the office safe, we have stepped up prevention and sanitation measures in hopes to prevent disease transmission.

Because we are a paperless office, our entire staff is prepared to work from home if necessary. No matter what happens, we will continue to provide our clients with the highest quality legal services.  So far, not one client or staff member has become infected based on contact at this office and we will continue with safety protocols in an attempt to keep it that way. My office will continue to put the safety of our staff and you as our top priority. We do greatly appreciate your cooperation in conducting business in a safe fashion by utilizing current technology. Regardless of what happens, we will continue to take care of all of your legal needs.

Please rest assured, we will continue to take care of your legal needs in this challenging time, and your safety is our highest priority.

Please see our blog for more info on pandemic response.

Can I have good credit again after bankruptcy?

| Sep 7, 2020 | Bankruptcy

Whether you have recently completed a bankruptcy or are currently contemplating filing for bankruptcy protection, you may wonder what your financial future looks like after this experience.

While significant debt leads a person to a situation where they must seek help via a Chapter 7 or a Chapter 13 bankruptcy, they should know that rebuilding their credit and enjoying a positive financial life after a bankruptcy can happen.

Starting out after a bankruptcy

When fresh out of a bankruptcy, you may see an immediate jump in your credit score. As explained by Credit Karma, this reflects the fact that your debt-to-income ratio has improved as you are no longer saddled with the excessive debt that put you into a bankruptcy in the first place. At this stage, you may want to find ways to keep improving your score.

Obtaining even one new credit account may help a post-bankruptcy consumer. It may be wise and even necessary for this to be a secured form of credit, like a vehicle loan or a secured credit card. The goal with this account should be to show creditors that you have learned how to have, use and manage credit responsibly. This means you should make all payments on time. If you have a secured credit card, paying it off in full every month may benefit your credit score.

Co-signers may help

You may request a family member to co-sign on a new credit account. This may open up more credit opportunities for you than applying on your own.

This information is not intended to provide legal advice but is instead meant to help residents in Minnesota feel confident that they can have a bright financial future with a healthy credit score after previously filing for bankruptcy.