How Long Does It Take to Rebuild Credit After Bankruptcy?
March 14, 2016
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5 Important Things to Do After Bankruptcy

You are on the road to getting your financial life back together after filing for bankruptcy. However, the actions you take immediately after filing can help ensure that the bankruptcy is discharged and your affairs get back in order, or the bankruptcy plan is dismissed, and your life is back in financial ruin. Here are five important things to do after bankruptcy.

Make Your Payments

If the courts have ordered your to make any payments related to your bankruptcy, it is important that you do so. Failing to do so can get the bankruptcy petition dismissed. If this happens, you may have to wait up to two years to file again, depending on the state you reside in. If you are having trouble paying your payments, you will need to file papers explaining why this is happening and asking for a reduction if it is a hardship.

Advise the Court of Any Changes in Your Income

Another important factor is to advise the courts of any change in your income before your bankruptcy is discharged. Failing to disclose any changes in your income, or large financial gifts, can cause the courts to dismiss your bankruptcy. In some states, you may also be fined, as you are required to do this by law.

Advise the Court of Any Changes to Your Address

Always advise the courts of any changes to your address until your bankruptcy is discharged. If the courts can’t get a hold of you, your case may be dismissed.

Re-Establish Your Credit

After a bankruptcy, your credit score takes a hit. It may be hard to get a traditional credit card. As such, you may want to consider setting aside some money and getting a secured credit card. This allows you to re-establish your credit.

Check Your Credit Regularly

The last thing you want to do following a bankruptcy is to check your credit regularly. You want to ensure no discharged accounts are showing up on your credit report. If they do, you want to have them removed, which helps improve your score.

If you have any questions about bankruptcy, a bankruptcy attorney at the Law Offices of Bruce A Mayrand can help you. We will work with you and determine whether filing is ideal for you, what steps to take after filing, and how to get your financial life back on track once your claim is discharged. Contact us today!