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Know what you need to do after a bankruptcy

Most people never think that they will have to file for bankruptcy, but the ones who do have to realize that this isn’t an instant answer to the issues that they are facing. It is imperative that anyone who is filing understands some of the important things they need to do after he or she files.

One thing you have to do is keep copies of all the paperwork associated with the bankruptcy. There is a chance that a creditor might improperly report the status of a debt on your credit report. Having a copy of the paperwork can help ensure that you aren’t stuck trying to struggle to prove that a debt should have been discharged.

Because of the risk of improper reporting and other issues, you need to ensure that you check your credit report. You need to address issues as soon as you notice them on it. This also gives you a chance to look into the possibility of debts that you might have missed when you filed bankruptcy.

You need to learn how to live on the income you make instead of relying on credit. Start the process by making a budget so that you can see where your money is going. Once you have a budget set, you can adjust it as you see fit. If you are going through a Chapter 13 bankruptcy, this can help you ensure your expenses are covered while you are making the repayments to the trustee.

Filing for bankruptcy is the first step in trying to start a new financial journey. Taking the time to think about this can help ensure you are making the most of it.

Source: Credit.com, “5 Things to Do After Bankruptcy,” Gene Melchionne, accessed June 06, 2018

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