6 Tasks you should complete post bankruptcy to prosper in life

By: on 2013-02-14
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Life after bankruptcy is not without any problems. You've discharged most of your debts through bankruptcy. You've submitted several papers and documents to the collection agencies. You have completed each step of bankruptcy with success. However, there are some fresh challenges, which you've to face in your post-bankruptcy life. There are some tasks that you need to complete to have a healthy financial life after bankruptcy.

Read along to know about 6 important tasks that you've to do by any means to shine in your financial life.

Shine in your financial life after completing 6 tasks

Check out the 6 tasks that you need to finish by all possible means to lead your post-bankruptcy life in prosperity.

Task no 1: Find out the debts that you were unable to discharge through bankruptcy

You might not have been able to discharge all your debts through bankruptcy. For instance: your educational debts, child support, alimony, family support, tax, etc. Now that you have discharged most of your debts, you've find out the debs that were not eliminated through bankruptcy. You've to take care of these debts now.

Task no 2: Keep your bankruptcy documents in a safe and secured place

Zombie debt collectors are likely to get in touch with you after bankruptcy. They'll emerge in your post-bankruptcy life and attempt to collect already discharged debt. You need to prove that the debt was included in bankruptcy and had been discharged successfully. Creditors often sell accounts to zombie debt collectors without checking if they had been discharged through bankruptcy. You need to be prepared for that.

Task no 3: Make proper arrangements in your bank

Automatic bill payments and online banking payments might have been temporarily suspended as you were in bankruptcy. You need to contact bank and check the arrangements.

Set up the automatic savings account in your bank too. You need to save money so as to avoid getting bankrupt yet again. Don’t forget to save for your retirement years too.

Task no 4: Take care of your lien balances

Liens survive through bankruptcy. They're not eliminated through bankruptcy. If you wish to keep a house with liens, then contact the lender and pay off the balance. Remember, if the lender doesn't receive payments, then your house can be foreclosed.

Task no 5: Become a member of a credit union

Credit unions offer loans to members at favorable rates. The interest rates are usually lower than what the traditional banks charge. If you're planning to obtain a loan in future, then join a credit union as soon as possible.

Task no 6: Review your insurance policy to avoid facing nasty problems

If you've surrendered any asset in bankruptcy and if it's still in your name, then review your insurance policy. Find out if you've the liability coverage for the property. This coverage will protect you if anyone gets hurt in your property. Keep it in mind that you don't lose the title of the property unless it is transferred to another one.

Finally, review your credit report to see if the discharged debts are showing zero balance. Bankruptcy will appear on your credit report for 7-10 years. You can't do anything to remove the negative mark from your report. However, you can certainly expect to see on your credit report that you owe nothing.

Last Updated on: Thu, 14 Feb 2013

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