Dos and Don’ts After Filing Bankruptcy

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After your bankruptcy is finalized, you might finally release a sigh of relief and be excited that the whole ordeal is over. You are free of creditors, and out of debt, and you can start to rebuild your financial future.

Well, while this can be true, there are still things to do to recover from the bankruptcy. It’s essential to take the right steps coming out of bankruptcy to set yourself up for success. This involves taking action to complete the right tasks and avoiding steps that could hurt you financially.

What To Do After Bankruptcy

After bankruptcy, there are certain steps you should take. These can include:

  1.   Create a written budget and follow that budget: After filing for bankruptcy, you should create a budget to manage your finances. This will help you avoid overspending and ensure you can meet your financial obligations. Setting a budget – and most importantly, sticking to it – can help you avoid the pitfalls that led to your bankruptcy.
  2.   Pay your bills on time or early: Paying your bills on time is crucial to rebuilding your credit score after bankruptcy. Making regular, on-time payments shows creditors that you are financially responsible and can manage your debts.
  3.   Monitor your credit report: You should regularly check your credit report to ensure that all debts discharged during bankruptcy are accurately reflected. This will also help you monitor if there are any errors and will help you track your credit score. You can check your credit reports for free at
  4.   Consider credit counseling: Credit counseling can help you avoid some of the financial issues that led to your bankruptcy. A counselor may be able to help you create a financial plan, set up a budget, and work with you on ways to improve your credit score and borrowing power.
  5.   Stay in touch with your bankruptcy attorney: The finalization of your bankruptcy is not the end of your relationship with your attorney. Your bankruptcy attorney can provide guidance and support as you navigate life after bankruptcy. They can also answer questions and can help you address any ongoing issues with creditors.
  6. Post bankruptcy collections: If any of the debt eliminated in your bankruptcy still attempt to collect from you after the bankruptcy is filed or discharged, be sure to be in touch with your attorney. You may have the ability to bring claims against the offending creditors who are disregarding the bankruptcy court’s orders.

What Not To Do After Bankruptcy

After your bankruptcy is final, there are also things you do not want to do – or behaviors that could hurt your credit instead of helping you rebuild it. Some items to avoid are:

  1.   Taking on new debt: While you should try to get a new credit card and other lines of credit, you need to avoid racking up more debt. This can lead you down the same path that resulted in your bankruptcy.
  2.   Missing payments: Missing payments can harm your credit score and make it difficult to rebuild your credit. You need to show lenders that you can make all required payments on time.
  3.   Failing to save money: Not establishing savings can be a mistake. You want to put money aside to dip into for emergencies or unexpected expenses to help you avoid falling into debt.
  4.   Cosigning for loans: Cosigning for loans can put you at risk for new debts. This can be problematic after filing for bankruptcy. It’s best to avoid these absent a compelling reason. Don’t risk your financial future based on someone else making the payments you are actually legally responsible to ensure being made.
  5.   Giving up on getting loans: Filing for bankruptcy does not have to end your dream of owning a house or buying a new car. Work with your bankruptcy attorney and financial advisor to learn how to work towards securing new loans.

Let Us Help You

After filing for bankruptcy, it’s essential to take the right steps. Let our lawyers at The Law Offices of Alexzander C.J. Adams, P.C. help you figure out what to do – and what not to do – after bankruptcy. We work for you, the people, and not institutions. Contact us for a free case evaluation, or no-obligation consultation. We are dedicated to helping you overcome this small bump in the road and assisting you to get on with your life.


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