In our last article, we discussed the steps that individuals should take before filing for bankruptcy, including hiring an attorney experienced in the process. We continue this week with the next steps to take – both during and after bankruptcy filing. While this blog is intended for educational purposes, we always recommend that you consult directly with an attorney to ensure your case is not jeopardized.
Steps to Take During Your Case
A bankruptcy attorney will help their client to navigate through the process and do everything possible to guarantee a successful case. Here are some essential tips to remember throughout your case:
- Maintain all paperwork
- Allow the attorney to handle communications regarding debt collection
- Be completely honest and transparent
Steps to Take After Bankruptcy
The filing process is just the initial stepping stone on the path back to financial freedom. After the case is over, individuals need to make intelligent choices to remain on the right track and restore their credit. Though this can feel like an overwhelming process, there are some ways to ensure that financial recovery after bankruptcy goes as planned:
Attend a Debtor Education Class: Individuals are required to attend a debtor education course toward the end of their bankruptcy case. These classes are designed to educate regarding strategies for financial health post-bankruptcy. Depending on the specific scenario, the filing party may be required to submit proof of completion to the judge before the case is discharged. When choosing a course, make sure a court-approved provider administers it.
Make All Payments On Time: Each person’s situation will vary after the bankruptcy case is finished. It’s essential for those who go through the bankruptcy process to work closely with the court-appointed bankruptcy trustee and fulfill any established creditor payment plans. If any obligations were not discharged through the bankruptcy, typically income taxes or child support, these payments must be made diligently and on time.
Continue to Prepare Taxes: Many people don’t associate their tax situation with filing for bankruptcy. However, tax returns and payments are still a requirement that must be taken seriously. After the case is completed, a plan should be created to repay any outstanding tax debt.
Repair Your Credit Score: After debt discharge is complete, restoring a credit score can be a long and complicated process. However, with diligence and a plan, credit repair is entirely feasible. Some practical ways to repair a credit score after the bankruptcy process include:
- Pay all bills as designated and on time.
- Open a secured credit card.
- Report all utility bills.
- Monitor credit reports and ratings.
Work with an Experienced Bankruptcy Attorney
If you are overwhelmed with debt and need to find financial relief, this could be the best pathway to a new beginning. Richard V. Ellis has made it his mission to help Sarasota area residents successfully recover from the financial crisis. Our offices work hard to ensure the process is as easy and stress-free as possible. With decades of experience, our skilled attorneys have helped thousands of people to get back on their feet.
Call today to consult with Richard V. Ellis, Sarasota bankruptcy attorney. He will evaluate your situation and work with you to craft a strategy that works. Filing can be complicated, but you don’t have to go it alone. Call today to learn more.