At the end of the bankruptcy process you will no longer be struggling with debt, you will be free from debilitating credit card or medical bills. Wage garnishments will have stopped long ago (as soon as your case was filed!). Law suits for unpaid debts will be wiped away. Creditors will no longer be calling incessantly or harassing you for payment. This is life after bankruptcy.
To make sure you get the most benefit from file for bankruptcy there are a few things we warn our clients not to do. The following is a checklist of After Bankruptcy “Don’ts” designed to help you get the most from your financial fresh start.
After Bankruptcy “Don’ts”
- Don’t assume all of your debts are erased: make sure you understand which of your debts are discharged (erased) in bankruptcy and which are not discharged. You are legally obligated to pay back your nondischargeable debts after bankruptcy.
- Don’t miss monthly bill payments when they become due:
- Know which debts you must pay back after bankruptcy and resume making those monthly payments.
- After bankruptcy pay all of your monthly bills on time every month.
- Don’t rack up new debt you cannot afford to pay back:
- Your Bankruptcy Discharge Order releases you from personal liability to pay back your discharged debts. You are debt free – do your best to stay that way.
- While obtaining a credit card after bankruptcy can help you begin to rebuild your credit, do not get a new credit card and make charges you cannot afford to pay back in-full and on-time each and every month.
- Don’t ignore your finances:
- Educate yourself on budgeting, how to save more money, ways to spend less, and consider investing to grow wealth over time.
- Many people file due to circumstances beyond their control, such as a job loss or massive medical bills; however, some people end up in bankruptcy from living beyond their means for too long. If you made unwise spending decisions in the past, move forward making wise financial decisions.
- Don’t beat yourself up. Your bankruptcy filing is behind you. We encourage you to let go of any lingering feelings of shame or guilt. Filing for bankruptcy was a financial decision that was right for you at the time. Move forward and live well with all of the benefits of your fresh financial start.
We hope you find this checklist of After Bankruptcy ” Don’ts” helpful! There are a few things we encourage our clients to do after bankruptcy as well. Read After Bankruptcy “To-Do’s” here.
Life After Bankruptcy
Imagine living without the stress of debt. That is life after bankruptcy. We understand that filing for bankruptcy is a difficult decision, but it may be the best financial decision for you.
Here at the Law Office of Barbara B. Braziel we will make sure you understand the benefits of bankruptcy and how filing with affect you and your family. We invite you learn more about our firm here and come meet with us for a free, no-obligation consultation.
Reach out to us by email at info@BrazielLaw.com or call (912) 351-9000.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.