So what happens after you received your discharge from the bankruptcy court and your case has been closed? What changes and what stays the same? Here’s what to expect from your life after bankruptcy.
No More Creditor Phone Calls
The first thing you are going to notice, from the moment that your case is filed, is that you are no longer going to cringe every time the phone rings or worry about opening your mail. That’s because an automatic stay goes into effect the moment your case is filed and your creditors are prohibited by law from contacting you, harassing you, or filing lawsuits against you.
A Monthly Budget You Can Live With
You’ve probably been living from paycheck to paycheck for so long that a monthly budget that you can live with seems like a distant dream. Once you file bankruptcy and receive your discharge, the first thing you should do is draw up a reasonable monthly budget, one that includes your regular household bills and any debt that you have reaffirmed such as a car loan. Get into the habit of paying your bills on or before the due date and be sure to also include a weekly or monthly deposit into a savings account so that you’ll have something to draw on in case of unexpected emergencies.
Rebuilding Your Credit
On-time payments of your regular monthly household bills such as your utilities, phone, cable, etc. will help to rebuild your credit. If you reaffirmed on your car loan or mortgage, be sure and make your monthly payments on or before the due date. Most of our clients start receiving credit offers shortly after filing bankruptcy, consider any offer you receive carefully and read the fine print. A secured credit card might be the best option to start with, but whether you choose a secured or traditional credit card only charge a minimal amount each month and pay the balance off in full every month.
If you are struggling with overwhelming debt and want to know if bankruptcy is the solution to your financial situation, call (404) 800-9939 to schedule a free initial consultation with The Ballard Law Group at either our Lawrenceville or Atlanta locations.