Life After Bankruptcy in Riverside County
After Bankruptcy and upon discharge, you now have a fresh financial start and you need to take steps to confirm that your credit reports reflect this new beginning. Your initial goal should be to live within your budget, restart your savings and rebuild your credit. Life After Bankruptcy can be a wonderful new life so take full advantage your fresh start.
Check Credit Reports for Accuracy
Post Bankruptcy, usually 1-2 months after your discharge, obtain a new credit report. Confirm that each creditor that was discharged in your bankruptcy reported that you have a $0.00 balance or a closed account. If you’ve discovered any incorrect reporting then contact the Credit reporting agency in writing and include supporting documentation such as a copy of your discharge order. Upon receipt, the reporting agency should verify your information with the creditors within 30 days. If the creditors have failed to verify the accuracy of the balance, then the credit reporting agency must remove the incorrect reporting.
You should also contact the Creditor in writing so they are not reporting incorrect information to the agencies again, or worse, attempting collection efforts against you. If the Creditors fail to take action to correct the reporting errors then they may be liable for damages and you can pursue a claim against them in court.
Rebuild Your Credit
After your discharge, life after bankruptcy will likely result in your mailbox being filled with post bankruptcy credit card offers. Most credit repair agencies advise obtaining a new card and using one credit card for small purchases and repaying them right away to rebuild your credit. You can also finance a vehicle, and if you really want to take advantage of low interest rates, add a cosigner. People are also finding that they can qualify for homes as quickly as 2 years after bankruptcy.
Live Within Your Budget
The majority of our clients filed bankruptcy because of an unforeseen event such as a medical emergency, unemployment or bad real estate loans. With that now behind them they’re back on track, living within their means and using their credit cards only to rebuild credit. Post Bankruptcy, take proactive steps to make a budget, account for emergencies, savings and retirement. Then live within that budget after bankruptcy.
It’s the little things in life that often create the biggest impact.
Your local bankruptcy Attorney can help you today . My office represents clients who seek bankruptcy advice and look to discharge debt through various bankruptcy protections.