What Happens When Your Chapter 13 Case Ends?
When your Chapter 13 case ends, you'll receive a discharge from your debts. This means that you're no longer legally obligated to pay back those debts. However, it's important to note that your bankruptcy will remain on your credit report for seven years.
Once your case is over, you'll need to start rebuilding your credit. This can be a slow process, but there are a few things you can do to speed things up. First, make sure you're making all of your payments on time. This includes your mortgage, car payments, and any other debts that you didn't discharge in bankruptcy.
You should also start using credit responsibly. This means only charging what you can afford to pay off in full each month. You may want to start with a secured credit card, which requires you to make a deposit that acts as your credit limit. As you make on-time payments, your credit score will improve.
What to Do in the First Few Months After Your Case Ends.
In the first few months after your Chapter 13 case ends, there are a few things you should focus on. First, make sure you're staying on top of your finances. This means creating a budget and sticking to it. You should also set aside a rainy-day fund in case of unexpected expenses.
In addition to managing your finances, you should also focus on rebuilding your credit. As mentioned above, this can be a slow process, but keep making those on time payments.
Finally, don't forget to enjoy your newfound financial freedom. After months or even years of struggling with debt, you can finally relax and focus on the things that are important to you.
Here are some additional tips for rebuilding your credit after Chapter 13 bankruptcy:
- Get a copy of your credit report and review it for any errors.
- Dispute any errors that you find.
- Pay your bills on time, every time.
- Use credit responsibly.
- Be patient. It takes time to rebuild your credit.
- Consider getting a secured credit card.
Our Kansas City bankruptcy lawyer and law firm want you to succeed after filing for bankruptcy and we'll do everything in our power to make that happen. Give us a call at 816-842-6200 to speak with an attorney about your financial situation, or contact us online to schedule your free consultation.
