You may never have thought you would be in a financial position where you would need to file for bankruptcy, but there might come a day when bankruptcy is the only option you really have. If you just filed for Chapter 7 with an attorney and want to get past this event in your life, here are some tips to help you.
1. Make Sure You Complete All Requirements for the Case
With a Chapter 7 bankruptcy case, you will typically only have to attend one court hearing, and this hearing will be with the bankruptcy trustee who takes over your case after you file. Meeting with the trustee in court is a requirement for anyone who files for Chapter 7, and you must make sure you attend this meeting. Of course, if you have a lawyer assisting you with your case, he or she will also be at the meeting, so you will not have to go alone.
Another requirement is completing a credit counseling course. To file for bankruptcy, you will have to complete the first credit counseling course, but there is a second one you must complete after you file all the paperwork for your case.
During the case, there may be times when your lawyer will ask you for documentation for your assets, debts, or finances. If this occurs, it is because the trustee is asking for these documents, and you must submit them to your lawyer if asked. Your lawyer will also tell you about any other requirements required for your case, and you should make sure you complete all of them.
2. Verify the Accuracy of the Discharge
While it will take up to a year for the trustee to discharge your case, you will need to verify the accuracy of the discharge when it eventually happens. A discharge refers to the debts the bankruptcy absorbed, and you can verify the accuracy of the discharge by looking up your credit report and by looking at your bankruptcy discharge papers. Any debt eligible for discharge should state that the debt was discharged on your credit report. If you obtain your credit report and discover that debts are not marked properly, you may need to contact your lawyer to settle the matters, or you could try settling them yourself.
To settle an error on your credit report, you should dispute the item on your report and send in the documentation from your bankruptcy case to prove that it is wrong. When the credit bureaus receive your request for a dispute, they will evaluate and research the situation and make the necessary changes on your credit report.
3. Begin Rebuilding Your Credit
Rebuilding your credit is another important thing you should do after bankruptcy, and you can start doing this almost immediately after receiving a discharge in your case. In fact, the best time to start rebuilding your credit is right after you file for bankruptcy. To start right away, you should avoid using any form of credit, and you should aim to pay all your bills on time.
Next, you might want to start looking for ways to add new lines of credit to your name, although this will be difficult. Each time you do this, it can help increase your credit score. However, if you do this, you should use the credit lines wisely and always pay the debts off on time.
Getting a car loan is another way you might be able to build your credit, as each payment you make will help rebuild your repayment history, which makes up a good portion of your credit score.
If you need advice about rebuilding your credit after bankruptcy or learning how to move on, talk lawyers at a firm like The Gil Law Firm.Share