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10 Steps You Should Take Immediately After Filing for Bankruptcy 

Filing for bankruptcy is a big step that can change your financial future significantly. Knowing what steps to take after you get through the bankruptcy process can help you build your credit back, continue making payments, and avoid developing some of the same problems that resulted in a new filing for bankruptcy. Many people have recovered after bankruptcy and enjoyed a healthy financial future by taking the following steps. 

Monitor Your Credit Report

Once your bankruptcy is over, you may be concerned about your credit score. You can access a free credit report from AnnualCreditReport.com and compare activity from the three main credit bureaus – Experian, Equifax, and Transunion. Checking your credit report can help you ensure that all of the debt discharged in your bankruptcy is noted on the report. If the debt is still on your credit report that was discharged in the bankruptcy, you should dispute the line item with your creditor.

Organize and Save Your Bankruptcy Paperwork

Bankruptcy can involve a mountain of paperwork. After your bankruptcy, we recommend organizing and saving your bankruptcy paperwork. Your bankruptcy petition will be around 50 pages, and it will include your detailed financial information. You should also save your notice of bankruptcy filing that you received from the court, which states that deadlines affect your case. Finally, the court should have sent you a copy of your discharge order that the bankruptcy judge entered. You may need these documents later, as some lenders want to see a copy of your bankruptcy paperwork before they extend you new credit, especially with mortgage loans. 

Avoid Being Scammed by Credit-Repair Companies

It can be tempting to work with a credit repair company to improve your credit score. However, doing so can hurt you financially. Many credit repair companies are scam artists who will take advantage of you and charge you extremely high interest. Some of the signs that you may be scammed by a credit repair company include the following:

  • You pay upfront for credit repair before the company performs any service
  •  The company does not tell you your rights
  • The company advises you to dispute information that is accurate but negative on your credit report
  • The company asks that you do not contact credit reporting agencies
  • The company tells you to lie on your application for credit or alone
  • The company claims it can create a new identity for you for free

Some of these practices are illegal, so if you follow through on them, you could face criminal charges.

Keep a Stable Job and Residence

Consistency is essential after your bankruptcy has been finalized. Try to keep a stable job and a consistent home residence to show creditors that you are reliable. Many creditors will consider your employment history and income before providing you with credit accounts. They will want to know whether you make enough money to repay your loan. Having gaps on your resume can make you seem like a risky borrower. Living at the same residence for over a year can show that you are more reliable, especially if you have been paying your rent or mortgage consistently and on time. 

Check Your Credit Reports Regularly

Checking your credit report once after your bankruptcy has been finalized is not enough. You should check your credit reports regularly. You may want to wait three to six months after your bankruptcy case has been finalized before you begin a cycle of reviewing your credit reports. You want to ensure that all the discharged debt from your bankruptcy has been reported with a zero balance so it does not count against your credit score. You may want to check your score every few months and ensure everything is accurate. Bankruptcies can stay on your credit report for up to 10 years, so monitoring how your bankruptcy impacts your credit score is crucial.

Prepare a Budget and Review it Regularly

Now that your debt has been discharged, it is a perfect time to begin budgeting and saving. By creating a basic budget to understand your expenses and reviewing where you stand, we can help you pay your bills on time and save money. The bankruptcy process can help show us that credit is a part of modern life, but it comes with a huge responsibility. Once you have created a budget, you can practice being disciplined and staying within your budget. You can also begin creating goals for the future.

Start Saving for an Emergency Fund

After you have established your budget, you can begin saving your emergency fund. As your emergency fund grows, you may want to set aside some of that money for a retirement fund or college tuition savings account. Having an emergency fund will help you if you experience a financial emergency. Instead of using credit cards, you can use the money in your emergency fund.

Consider Taking Out New Credit

You may be feeling like you do not want to take out credit cards again after going through bankruptcy. It is important that you not go overboard with credit cards, but strategically taking out some debt can help you rebuild your credit score. You may want to start with a credit card with a small credit limit. Monitor your charges carefully and budget to pay more than your monthly minimum. Ideally, you should pay the total amount every month.

Make Payments on Time

Once your debt has been discharged, you should focus on making all your payments on time. If you make payments on time for months and eventually years, your credit score will increase more quickly than if you miss payments.

Gradually Increase Your Credit Mix

As time goes on, and you can budget and pay the monthly minimum or more on your credit card, you may want to start increasing your credit mix. Taking out another loan or another credit card can help show the credit bureau that you can handle that responsibly. 

See What Our Clients Have To Say

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Roger C.

I reached out to BLC to help assist with a chapter 7 business bankruptcy and they provided excellent guidance, advice, and support through the entire process. In my case an adversarial action was filed by one of the creditors and attorney Ahren Tiller and his staff provided sound ...arguments which prevailed. Couldn’t have found a more experienced and supportive team to represent me in a tricky situation. I would highly recommend them to anyone making the difficult but sometime necessary decision to find financial relief. Read more
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Justin R.

Like many others before and during the pandemic, life happenings caused me to be in a financial situation to warrant bankruptcy. The BLC was super professional all the way through the entire process. Right after I paid for my Bankruptcy, I got sick and had to have surgery and recovery. Then we ...were in full Pandemic mode. They were gracious to delay my filing until I was recovered and ready to file. I could not ask for more. The process was over all quick and painless for a simple Bankruptcy like mine. I feel a weight has been lifted and I can rebuild. Thank you for all your arduous work and patience, Gabriel, Ahren, and their teams are knowledgeable and efficient. Read more
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Katey Huntley

Responsive, friendly, kind, extremely easy to work with! So knowledgeable and made this entire process painless. Very grateful!

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Lynn Molina

Gabriel Hanna, Esq and the staff at BLC helped me in a very difficult time. I appreciate all the help and care they gave my case.

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Linda Cramer

I can’t say enough of how much this bankruptcy law firm helped me with my financial situation. They were all so helpful, efficient and made the difficult time and process as quick and easy as possible. I would recommend them to anyone I know and am glad to give my public recommendation as well. T...hey truly deserve a five star plus rating. Read more
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Andrea N.

I am very happy with my experience with BLC. Bankruptcy is not something anyone wants to go through, however everyone at BLC made my experience pleasant and easy. The process was explained thoroughly and I had an easy time reaching out and connecting with my attorney. Anika Renaud-Kim was my attorney ...and she was nothing short of amazing! She was very patient and generous with her time. Ms. Renaud-Kim definitely made me feel at ease and comfortable through the entire process. Read more
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Lidia Paramore

they did a great job for me, helped me anytime I needed something, my Lawyer Gabriel Hanna is the best, gave lots of confidence all the time..thanks BLC I will.always recommend you, I’m very grateful for your service!!!

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Rachael C.

When searching for information I had called a few different firms and received consults. BLC was the only one who didn’t shy away and provided answers and information during the consult. Once I agreed to move forward, they were supportive, informative, and eased my anxiety through the whole process.... I can’t recommend them enough. Read more
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Emily Martinez

AmazingI had many questions and uncertainties and the carefully explained it all and made it easy to understand. They facilitated a fast and easy process making this scary difficult thing simple

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Legal Disclaimer: The Bankruptcy Law Center is a California Licensed law firm with attorneys licensed in the state of CA, NY. Attorney Ahren Tiller is responsible for this advertisement. Bankruptcy Law Center’s principal office is located at 1230 Columbia st. Suite 850 San Diego, CA 92101. Prior results listed on this site do not depict or in any way infer a prediction or outcome.We are a debt relief agency proudly providing options to people with financial problems. View our Privacy Policy

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