Once your bankruptcy has been discharged, you’ll have the
chance to start fresh. At King & King, it’s true that we want to help you
move forward with your bankruptcy, but we also want to help you set yourself up
for future success. Here are three things we recommend you do once your
bankruptcy has been discharged.
Have an accurate credit
report
Two to three months after your bankruptcy has been
discharged, request a new credit report. Make sure that each and every creditor
who was discharged reported you with either a closed account or a balance of
$0.00. If you see that there are errors, then you’ll need to contact the credit
reporting agency in writing. When you do so, be sure to include evidence, like
your discharge order.
When the credit agency receives this correspondence, they
have 30 days to verify the information with the creditor in question. If the
creditor can’t verify that the balance they’re showing is accurate, then the
credit agency will remove the reporting. It’s also a good idea to contact the
creditor in writing as well.
Rebuild your credit
Many people are surprised to learn that once their
bankruptcy is discharged, they’re likely to get post-bankruptcy options from credit
card companies. The best way to use these cards to improve your credit is to
choose one card, use it for small purchases and repay it in full every month.
This can be an effective way to start rebuilding your credit.
If you’re in need of a car, consider getting vehicle
financing. Many financial companies will offer you credit even though you’ve
just been through a bankruptcy. However, they may charge higher interest rates.
To avoid this, you can add a cosigner. Rebuilding your credit can put you in a position
to buy a home in as early as two years after filing bankruptcy.
Create a budget
Most people who hire King & King file bankruptcy because
they’ve had something unforeseen come up, whether they lost their job, had
unexpected medical bills, a death in the family, or some other unforeseen
circumstance. Now that those issues are behind them, it’s time to get back on
track and live within their means. This means taking into account having
savings for emergencies, saving for retirement, and long term goals.
If you’re ready to declare bankruptcy, then we’re ready to
hear from you.
When you work with the right bankruptcy attorney, you can
trust that they’ll help you through the process from start to finish. That’s
exactly what you’ll get with the attorneys at King & King. When you have
your free initial consultation, we’ll be honest and upfront about your options
and will offer our advice on how you can best move forward. Call us at
404-524-6400 today for more information.
