If you’re still at the point where you’re just considering bankruptcy, then it may seem difficult to imagine what life after bankruptcy would be like. However, the truth is that you will bounce back from it. At The Law Offices of Paul Y. Lee, we want to help you through the process. We want to help you decide what type of bankruptcy is right for you and we are here to help – even after the bankruptcy. That’s why we’re providing three tips that we recommend you follow after your bankruptcy.
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Get a new credit report a few months after your bankruptcy
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Work on rebuilding your credit score
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Be sure to live within your means
Two months after your bankruptcy has been discharged, get a new credit report. You should see each creditor that was included in your bankruptcy reporting that you have a zero balance or that your account is closed. If you see incorrect information then you’ll need to contact that credit reporting agency in writing. Include information like your discharge order. They then have 30 days to verify that it’s accurate and to have the creditor remove it from your report.
You would also want to contact the creditor yourself. Do this in writing. The purpose is to make sure they understand and won’t continue to report incorrect info and they won’t start collections against you. If they don’t take the necessary action to remove the errors from your credit report then the reporting agency should remove it – but you could also go after the creditor in court and hold them liable for damages.
You can expect that when your bankruptcy is over, you’re going to get a lot of post-bankruptcy offers from credit card companies. You can get a new card and use it for small purchases, being sure to repay it every month. Financing a vehicle is another good way to build your credit – and you can add a cosigner if you want to improve your interest rate. We’ve seen people get approved for a home as soon as two years after their bankruptcy.
Most people we work with at The Law Offices of Paul Y. Lee have had issues like medical bills, bad real estate investments, or unemployment blindside them and leave them with no choice but to declare bankruptcy. After the bankruptcy, it’s time to create a budget, which includes info on savings, emergencies, and retirement. Then work to stay within the budget every month.
If you’re considering bankruptcy then your next call should be to The Law Offices of Paul Y. Lee. We offer a free consultation and can help walk you through the bankruptcy process. No matter how it feels today, your situation is temporary. We can help you find a permanent solution. Reach out to us today.
