3 Ways To Plan Your Recovery From Bankruptcy

If you are in the process of going through bankruptcy, you need to be thinking about the future as you go through the bankruptcy process. Going through bankruptcy is not just about forgiving your debts; it is a chance for you to start your financial life over and make better financial choices.

Monitor Your Credit Report

Your debt should be forgiven during the bankruptcy process. However, the debt forgiveness process doesn't always go as it should, which is why you should check your credit report on a regular basis.

If you notice any debts that are still showing up on your credit report that should have been discharged, contact your bankruptcy law attorney. They will help you clean up your credit report

Apply for a Secured Credit Card

You don't want to get into the credit card debt game after you have had all of your debt forgiven. However, there is no denying that credit cards are an important tool for rebuilding your credit history. That is why you may want to see if you can get a secured credit card, which is specifically designed for individuals who have gone through and experienced bankruptcy. Secured credit cards require you to put down a deposit on the credit card to ensure that you can cover the balance.

A secured credit card should only be used to pay for set expenses that you can pay off at the end of the month. For example, you could use the card to pay your phone bill every month.

Keep yourself out of trouble and have your attorney review any new credit card you consider signing up for. You want to stay out of financial trouble.

Keep Your Bankruptcy Paperwork Handy

When you are done with the bankruptcy process, you don't want to throw away your bankruptcy paperwork. You should make a few copies of the paperwork and keep it somewhere that is easy to access.

That way, if a creditor comes after you are claiming that you still own money, you can use your bankruptcy paperwork, or have your bankruptcy lawyer use that paperwork, to prove that you have settled your debt.

If you plan on applying for a loan in the future, you may also need to provide the lender with copies and information about your bankruptcy.

As you go through your bankruptcy, have a plan in place for monitoring your credit report once the process is complete. If you ever notice any issues with your credit report in regard to your bankruptcy, work with your bankruptcy attorney to clear things up. Get yourself a secured credit card and start working on rebuilding your credit the right way this time.