Are you ready to wipe the slate clean and embark on a road to a brighter financial future? Upon receiving a discharge of bankruptcy debts, there are a couple of things you’ll need to take care and be aware of to ensure long term success in your financial journey.
You can begin by ensuring that all of your bankruptcy paperwork is kept in a safe place. Remember that this paperwork is the proof that your debts have been discharged due to your bankruptcy. Should a creditor attempt to take action against you because of an unpaid debt, showing them a copy of the discharge order will serve as proof that you do not owe the lender any money. If you misplace your paperwork, you’ll likely have to visit the bankruptcy court and pay a fee to have the record searched for and certified.
Often times even after a bankruptcy discharge creditors and debt collectors will continue their collection efforts. It is also very common for creditors and debt collectors to incorrectly report your debts to the credit bureaus or refuse to update the information in your credit report as required by law. You can obtain a free copy of your report by visiting annualcreditreport.com or by calling 1-877-322-8228. After your bankruptcy, your credit report should show each account that was included in your bankruptcy as having a zero balance with the notation that it was discharged in bankruptcy. Anything else may negatively impact your credit score. That’s the reason we recommend that our clients review their credit report 60-90 after the bankruptcy discharge. If you find a mistake in your credit report you may be entitled to receive up to $1,000.00 in damages.
Keep in mind that not all of your debts will be discharged in your bankruptcy case, so it’s important to ensure that these debts continue to be in good standing. Debts like child support, student loans, and taxes are among the examples and they should be listed so you can keep track of what still needs to be paid.
Liens are also among these non-dischargeable debts. Should you decide to keep your vehicle or your home, make sure you know what you owe and continue making those payments. Remember that if you fall behind on these payments, a creditor does have the right to repossess your home or vehicle. Contact the lender to let them know of your financial situation.
This information is provided by Miami bankruptcy lawyer Alonso, Perez & Santos, LLP. Our areas of practice include bankruptcy, debt harassment, credit card defense, foreclosure defense, immigration law, insurance litigation, business start-ups, and more. Call 305-676-7545 to speak with one of our Miami insurance attorneys and receive a free consultation. We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.