You have received your discharge after your bankruptcy, and you are ready to begin again. These are some important things to do.
- Collect & Preserve All Paperwork From Your Case
You should have received a full copy of your bankruptcy petition from your attorney. This is a 40-50 page document of detailed financial information. This includes the fact about the debts and assets involved in your case. You will have a copy of notice of bankruptcy filing, and your discharge from the case. You may have credit counseling certificates as well. The petition, the notice of filing and the discharge are the most important documents. If you lost them you can pay and get them online at a minimal cost. Why do you need to keep them? Lenders may want to see them if you apply for credit at a later date. You also need them to make sure no one can try and collect on a debt that you filed bankruptcy on in your case.
- Check Your Credit Report Regularly
Credit reports from each of the three major credit reporting agencies can be obtained fro free once a year. It is important to see what your creditors are saying about you. Let the dust settle from your bankruptcy and in 6 months and begin to make sure that you have zero balance on the debts you filed on. This is so it isn’t reflected as outstanding debt. A bankruptcy can stay on your credit for 10 years by law so you need to monitor how it affects your credit moving forward.
- Start a Budget and Review it Regularly
It is important to know your assets and liabilities. You need a basic budget to keep
From having a similar problem down the road. Bankruptcy is like taking a class on
Financial management. Hopefully you have learned that credit is a big responsibility
And you need to be careful with the credit so as to avoid problems. Have goals for
yourself and your family.
- Start an Emergency Fund
This is a part of good budgeting. You can start saving for emergencies. This is money that you put aside after your regular expenses for a flat tire, car trouble or unexpected house hold issues that can arise. This is a smart measure so you don’t have to borrow when a need arises you didn’t expect.
- Think About New Credit