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Getting the most out of your bankruptcy discharge

On Behalf of | Sep 20, 2022 | Bankruptcy | 0 comments

The decision to file for bankruptcy can be hard to make. However, it is sometimes a necessity and the ideal solution to your problems. The best part about it is that you will get the rare chance of rebuilding your finances and getting back on your feet.

When the dust settles, it is the best time to restrategize and focus on correcting the issues that got you here in the first place. Here are some helpful tips to make the most of your bankruptcy discharge.

Ensure your credit report is current

A month or so after filing for bankruptcy, you ought to ensure that creditors reported discharged debts accordingly. Get a recent credit report and ascertain that everything is as it should be and that debts discharged do not appear as outstanding.

Beware of anyone who calls claiming you still owe a discharged debt. It is likely a scam since debts discharged through bankruptcy cannot be claimed by anyone afterward, nor can they be sold to debt collection agencies.

Work on rebuilding your credit

Now that you have a clear picture of your credit, you need to work on your credit rating. Filing for bankruptcy will negatively affect your credit score – but the right moves will help you quickly rebuild. Stay current on all pending bills to improve your credit rating and consider getting a secured credit card to boost your rating even further. 

Get the proper guidance

Having the necessary information about the bankruptcy process will help you plan for life because you will know what to expect when everything concludes. Therefore, it is advisable to seek assistance if you are uncertain about how everything works. It will help you realize the benefits of the bankruptcy process.