You Have Filed For Chapter 7 Bankruptcy - Now What?

It's is not always possible to evade bankruptcy. Once you've filed and the process is behind you it's time to start figuring out where you go from here.

If you've filed for chapter 7 bankruptcy then you have the rare opportunity to start all over. This can be a very overwhelming prospect but is also the chance to make necessary changes to your finances and the way you handle your money.

Your first mission should be to get to know Experian, Equifax and Transunion. Those are the three major companies that provide credit reports. Obtain a report from each company and make sure they have the same things on them and that any debts that were discharged through bankruptcy are no longer listed there.

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As part of your new financial model you will want to check these reports on a regular basis and make sure that you don't see anything unusual.

Your next steps should involve building up your credit history. You are likely to have some debt that remains after bankruptcy such as student loans and child support. You need to make it your mission to make these payments on time or early every month. A solid payment history is good for credit.

You should also open a new bank account and work towards obtaining a credit card. In the event that you still have an existing credit card you should ask the credit card company to re-age your accounts. This means that they take a new look at your payment history and remove any past discretion assuming you've been paying on time for several months. From now on you only want to use 10% of your available credit. This will be more successful at building your credit score back up.

Now that you are working to rebuild your credit standing you want to put together a financial plan. Consider what happened that got you so far in debt in the first place and determine what you can do to keep that from happening again.

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